Union Bank (New Orleans, LA)

Episode Information

Episode UID
5774106190694
Episode Type
Run โ†’ Suspension โ†’ Reopening
Bank Type
state
Bank ID
577410619 hash
Start Date
October 14, 1857
Location
New Orleans, Louisiana (29.955, -90.075)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a9a048325147ba49

Response Measures

None

Description

Run triggered by telegraphed reports about other 'Union' banks causing depositor confusion; exact resumption date not stated explicitly.

Events (3)
1. October 14, 1857 Run
Cause
Local Banks
Cause Details
Telegraphic dispatches that other banks named 'Union Bank' (Augusta, New York) had suspended led depositors to rush this Union Bank without distinguishing which institution was meant.
Measures
Paid out to last dollar; kept doors open to accommodate public; met calls promptly until suspension.
Newspaper Excerpt
Between 12 and 1 o'clock a run commenced on the Union Bank ... Holders of bills did not stop, it appears, to Inquire what Union Bank, whether of New York or Louisiana, and immediately started for Canal street, the location of our Union Bank.
Source
newspapers
2. October 14, 1857 Suspension
Cause
Local Banks
Cause Details
Heavy run (sparked by telegraphed suspensions elsewhere) forced the Union Bank to suspend specie payments.
Newspaper Excerpt
The Union Bank has suspended.
Source
newspapers
3. November 6, 1857 Reopening
Newspaper Excerpt
The suspended Banks are preparing for resumption. The Union Bank is largely in line ... it will take its stand as specie paying before many days.
Source
newspapers

Newspaper Articles (16)
1. October 15, 1857 New Orleans Daily Crescent New Orleans, LA
Article from New Orleans Daily Crescent, October 15, 1857

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THE COMMERCIAL DEPARTMENT. Hebo Orleans Money Market. CRESCENT OFFICE, No. 70 street, Wednesday Evening, Oct. 14, 1857.5 The events of to-day in financial circles illustrate the great power of confdence-shake that or Impair its structure and the entire commercial fabric falls through. Although there has been a great want of confidence existing to-day, yet it does not indicate that our community is bankrupted. At an early hour in the day the telegraph brought advices that the Banks in the city of New York had resolved on a general suspension. This, however, was expected, and would have been the signal that all anxiety regarding that city was removed. Subsequent to the receipt of this intelligence, it was intimated that some of the free Banks, in their exchanges this morning, could not make their balances good. This was followed by a report that a majority of the old Banks declined the notes of three of the free Banks. Of course, as soon as this was made known, the public naturally became excited, and reasoned thus, if the Banks cannot confide in each other. then the involuntary creditors cannot be expected to retain confidence." Between 12 and 1 o'clock a run commenced on the Union Bank, aggravated no doubt, by a telegraphic dispatch, that the Union Bank of Augusta, Ga., had suspended. as well as the Union Bank of New York. Holders of bills did not stop, it appears, to Inquire what Union Bank, whether of New York or Louisiana, and immediately started for Canal street, the location of our Union Bank. It required very little to extend the rush, and all those having R few dollars of the Mechanics' and Traders' Bank also presented them for payment. The feeling began to spread, and extended to the Bank of New Orleans, which immediately closed doors, say about balf-past 2P. M. In the meantime, the Union paid out to its last dollar. The Mechanics' and Traders closed about half past 2. The Southern Bank did not appear to have many calls, the public, perhaps, being aware that it was all prepared. It closed at the usual hour. The Citizens' Bank, from its very large and extensive business, its great popularity seemed to be the general target. Towards 3 o'clock A decided run appeared to be determined on, and people began to congregate, some with checks for the ordinary business of the day, some with a few notes, among them people who are easily alarmed, but the majority of the crowd outside was composed of people who merely were attracted by a run on a Bank, many of which had intrinsically no more interest in the Bank, or the credit of our city, than the man in the moon. The promptness and alacrity with which all calls were met diminished the excitement, and after 5 o'clock the Bank closed, its doors having been kept open to that hour to accommodate the public. The Canal Bank was also open till & late hour, but no calls were made. When we reflect on what we have witnessed to-day, we are astonished what little substance; or we might say, from what a shadow astounding events arise, and create a panic. It was hoped when the advices were received to-day of the intended suspension of the Banks of the city of New York," we might consider that the tenters on which our community have apparently been feeling for three weeks were ended and knowing that the worst was actually about being realized, it was hoped we might calmly reflect on our position, and at least devise measures to move onward. But might as well undertake to turn the current of the Mississippi river towards the Rocky Mountains, as to check a panie when it gets fairly started. We are not advised what course the discarded Banks will pursue to-morrow. As the troubles are only temporary, it is presumed they will open as usual, and pay their obligations as they can. A general suspension of the Banks we do not anticipate, and, we believe, that some of our Banks cannot be broken, let the worst come to the worst. We learn that last the Secretary of the Treasury has ordered $200,000 of gold here in the Mint, to be used in the purchase of silver coin and bullion, which, we suppose, if not already transferred, will be to-morrow. We hope that discretionary instructions as to the amount[will be issued, increasing a fund for specie investments to at least one million of dollars. There is nothing to be said this evening in exchange. But among the reports to-day was one saying that R large amount of gold was brought from Havana by the Granada, to be invested in sterling exchange. Whether it is 50 or not, we could not ascertain. There was no paper market to-day. An up-town Bank, we learn, discounted nearly $100,000, which was freely accepted, we presume, by the discountees. The Bank of New Orleans will be opened to-morrow and transact business as usual. We believe that in the course of fifteen or twenty days, matters will be arranged so that it will continue. The discrediting of its notes, as well as the notes of the other free Bauks, cannot be regarded as of ulterior injury. The press has come 80 sudden that it strikes every individual with fright. There are no causes for real alarm. The circulation is amply secured, and the porte feuille of the Bank, $2,000,000, is considered as good as any other. If, however, our citizens think that the country is ruined by this unexpected and uncalled for panic, it is useless for us to dilate on their misconceptions. The position of the Bank of New Orleans on Saturday was as follows Assets. Liabilities. Specie $700,955 Circulation $363,040 501,118 Bills receivable 1,951,793 Deposits 146,394 83,862 Exchange Due distant Banks For security of the circulation, there is lodged in the hands of the Auditor of the State, city and State bonds to the amount of $821,0.0. The New York Courier and Enquirer, of the 7th inst., says : FINANCIAL-The cheering aspect of affairs, which was ap parent in the early part of Monday, was not sustained during the day, in consequence of its leaking out that the bank state. ment would show 8 further decrease of loans instead of an increase, as promised. And the publication of the weekly statement during the week of $1,855,934 in loans, and 8 decrease of $1,926,682 in specie, coupled with the declaration of the Journal of Commerce, that many depositors have drawn out the coin and hoarded it, made yesterday a day of senseless panic as has ever been witnessed in this or any other country. Every sane and reasonable man knows, that in reality, there is no earthly cause for the existing state of things, except a foolish and wicked panic utterly destructive to confidence and this panic is daily increased by some senseless newspaper paragraph. When the public discovered that the banks were still curtailing instead of extending their discounts, as we promised, the feeling became general, that what was threatened by the Herald on Saturday was official, instead of being the senseless ravings of one who never publishes the same opinions in regard to our banking institutions two days in succession. They apply to this latitude at this time with great force, for it Unidual

2. October 15, 1857 Wheeling Daily Intelligencer Wheeling, WV
Article from Wheeling Daily Intelligencer, October 15, 1857

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BANKING MATTERS. NRW ORLEANS, Oct. 14.-The branch mint has purchased from the banks 200,000 in silver bullion, paying gold affording them some relief.The Union Bank has suspended. A heavy run on all free banks. Great excitement prevails. ALBANY, Oct. 14-The city banks have resolved on a general suspension and will take the notes of all the Country Banks at par. The Banks at Trenton have suspended. There is no excitement. BOSTON 14th.-At a meeting of the bank Presidents this evening a general suspension of speciฤ™ payments was voted. HARTFORD 14th.-All our banks have suspended except the Connecticut River Bank. No excitement. NEW YORK, 14th.-A run is now going on upon the Seamens' Savings Bank. BUFFALO 14th.-The meeting of Bank President's held this morning was unharmonious in its action and adjourned till this evening when it is believed a general suspension will be the result. NEW YORK, 14th, P. M.-Wall street comparatively quiet. There has been a moderate run on the various Savings Banks, but all demands were promptly met by the Institutions in this city, but three in Brooklyn were obliged to close. At last accounts the officers of the N. Y. Savings Banks were holding consultation upon their further course. They propose to put 10 per cent. on deposits in the Bank of America and Commercial Bank, and continue paying specie. The Manhattan Bank is said to be doing the same.

3. October 16, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, October 16, 1857

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RUN ON THE NEW ORLEANS BANKS. NEW ORLEANS. Oct. 14.-Great excitement prevails here. The Union Bank has suspended, and there is a run on all the free banks. NEW ORLEANS, Oct. 15.-The run continues on the Citizens' and Canal Banks, but is lighter on the rest. Business is paralyzed. No doubts are expressed of James Robb's or the Southern Bank. These are the only free banks left.

4. October 16, 1857 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, October 16, 1857

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NEW ORLEANS, Oct 15-M The Citizens'. Louisiana. State Bank of Louisiana, and the Canal Bank. all refused this morning to take notes of the free banks. A run commenced early on the free banks, and before 3 o'elock the Unio h a id Mechanies' and Traders' Banks, of N. Orleans, sus pended specie payment. The Southern Bank had no run. Itis considered good. The free bank of Jas. Robb is considered safe. Its circulation is distant. A heavy run was made on the Citizens Bank. It kept open, paying specie, until 6 o'clock. Chartered banks are standing by each other. Large deposits were made in all chartered Banks, and in the Southern Bank, it is said, considerably more than was drawn. The excitement is good humored. The bank of Jas. Robb also kept open until 6 P.M. No doubt expressed of it or the Southern Bank, the only free banks left. NEW York, 15-p. M. Affairs are unsettled. It is supposed the run will continue to-morrow. Great contidence is expressed in all banks now standing. Large deposits were made to-day.No failures-affairs are more cheerful than in the morning.

5. October 16, 1857 New Orleans Daily Crescent New Orleans, LA
Article from New Orleans Daily Crescent, October 16, 1857

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New Orleans Money Market. CRESCENT OFFICE, No. 70 Camp street, Thursday Evening, Oct. 15, 1857. The Infernal panic which was started yesterday in our mids without any just cause, without reason, without a shadow ( foundation, reached and attained its culminating point to-day Whatever the consequences may be, we have the sincere gratit cation of announcing that the following Banks stood the ru and promptly complied with every demand until the usual her of closing, say Citizens' Bank, the Canal Bank, the Bank Louisiana, the Louisiana State Bank, the Southern Bank, the Bank of James Robb. The NewOrleans Savings Institution, street, was dense crowded at an early hour. It met all obligations according contract, and by 12 o'clock there was not a person present. Th was cheering. The Mechanics' and Traders' Bank opened, as went on in its regular business, with the exception of redeemin its circulation. So did the Union. The Bank of New Orlea was enjoined at the suit of one of its Directors. This is singnir very singular, and shows a want of nerve and sagacity in management. We desire to hear no more of such finances. a Bank's own Directors have no faith in its management, th surely it is time to close. There has been entirely too mu haste in this movement. At a quarter past 2 o'clock yesterd the Bank closed its doors. A short time afterwards it was p tested at the request of one of its Directors on a note of five hu dred dollars. In the name of God, is this the kind of harmo that ought to prevail among twelve managers of a Bank WI is the public to understand from it? Fortunately for the go of our commercial community this spirit does not prevail amo the majority of our Bank Directors. If it did, we might 1 adien to the prosperity of our city. We learn that the Mechanics' and Traders' Bank and t Union Bank will go on as usual with their business. The Pro ident of the Union Bank is absent. If, however, some for R creditors will push matters to extremes, jeopardizing t interests of the whole, then on them be the consequence. T Banks in question will recover, if allowed to proceed. The e t culation of the two together does not reach $900,000, and t porte fewilles are considered good. To suppose that the occurrences of the past two days . et tend to destroy confidence in the future is not warranted. y X consider the crisis is now past ; that the worst has been realize n and although we may expect a tight money market for son days longer, yet the decided action of the New York Banks 1 evil or for good, has tended to relieve the general anxiety, a d the telegraphic advices, received to-day, if they are to credited, give us to understand that an improvement has alrea taken place in New York. All the Banks in that city have 1 suspended. We learn from Mobile that the Banks in that et have BO thought of suspending. This augurs well, but it wor of have been highly gratifying to us to have had it to state that re our own Banks had manfully stood up to the pressure. as There was also a run on the Bank of Commerce, of which t sa patriarchal Jacob Barker is chief manager. It met the r on fearlessly, and paid with the same promptitude as the Bank e Louisiana. There were no other important movements duri the day. er Of course there is not much to be said of the paper mark st There were some shaves, the greatest of which was a $50 Ba of Louisiana note ing sold to a broker on Canal street at $ 50. and a $5 note of the Southern Bank of Alabama being 80 for $3. We aliude to these merely to show what a pauie will i There was nothing done in exchange. The telegraph advis of sales of sterling in New York this morning at 105, but this on a reduced standard of currency or value. It will be some ti of W before we have any similar quotation to note in this mark CWe, however. confidently believe we shall get to work again two or three days, unless our moneyed institutions get into ad snarl among themselves, which we fervently hope they v avoid. erThe following is the memorial of the Banks of the city Philadelphia to the Legislature of At a meeting of the Board of Presidents of the Banks of city of Philadelphia, held on the 3d day of October, 1857, in following preamble and resolutions were unanimously adopt and directed to be forwarded to the Honorable the Senate a the House of Representatives of Pennsylvania. Whereas, The banks of this city, in consequence of the effe of the sudden and universal severity of the financial crisis wh has overtaken the country, have been reluctantly compelled suspend the payment of specie for the notes and obligatio 18notwithstanding every effort has been made by them to av such necessity and whereas, the mercautile, manufacturi as agricultural and all other classes of our citizens are greatly e 17 barrassed by the existing condition of things, towards whi under existing circumstances, it is not in the power of the bar Pto afford such relief as the exigencies of the community requi in consequence of heir laboring under the forfeitures and per les ties of the act of 1850 and other acts and, whereas, it is esdesire of the banks to resume the payment of specie at esearliest practical period, and to do what they can towards storing the currency to asound and healthy condition. and in a meantime assist the business portion of the community. wh all objects cannot be carried out unless the Legislative forfeitu and penalties are temporarily suspended. Therefore, Resolved, That in order to enable the banks of this city, H, of this Commonwealth, to resume the payment of specie at ion earliest practicable period, and in the meantime render such sistance as may be within the power of the banks to the mere iz: tile and business community, it is essential that the penalties ow forfeitures imposed by the act of 1850, and other acts be 1 porarily suspended. are Resolved. That in the event of the failure of the banks to tain from the Legislature relief from the forfeitures and per ties under which they at present labor, their remains no alter tive for them but that of going into liquidation, a measnre wh they are most desirous to avoid, on account of its disastrous LE fluence on the community and the banks. ess Signed by order of the Board of Presidents. J. B. MITCHELL, Chairma mp 1y JOHN JORDAN, JR., Secretary. Philadelphia, Oct. 3, 1857. C. Some days since it was reported that the banking house of 15 E. Culver, Louisville, had suspended payment. It appe however, before the suspension, the following guarantee made for the benefit of depositors. Y. The guaranty which we publish below confirms the er om confidence existing on the part of the depositors with our fell citizen, William E. Colver. We have heard of no apprehen of a run upon this bank but this guaranty, procured in a 8 time by a friend of Mr. Culver, makes assurance doubly sur RT LOUISVILLE, October 1, 185 ing We, the undersigned, agree to guaranty the depositor in William E. Culver, in the payment in full of their dema y against said Culver, on account of money deposited with hir We have entire confidence in his ability to meet all dema REAMES THOMPSON, AMES GUTHRIE,

6. October 16, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 16, 1857

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THE BANKS IN NEW-ORLEANS. New-Orleans, Wednesday Oct. 14-A. M. The Union Bank has just suspended. There is & heavy run upon all the Free Banks. There is a great deal of excitement. The Branch Mint has purchased from the banks $200,000 in silver. It is paying out gold, and 80 affording some relief. SECOND DISPATCH-P. M. Affairs are yet very unsettled, and it is supposed that the run upon the banks will continue to-morrow. Great confidence is felt in all the banks now standing, and large sums were deposited in them to-day. No failures are reported to day. Appearances are more cheerful than in the morning. There are rumors that the Bank of New-Orleans will open in the morning. Its notes are taken by the Citizens' and Southern Banks and by James Robb & Co. The banking house of James Robb & Co., with others, kept open till 6 o'clock, and not & doubt is ex. pressed as to it or the Southern, the only Free Bank left standing. THIRD DISPATCH. Thursday, Oct. 15-A.M. The run on the Citizens' and Canal Banks continues heavy, but is to a less extent on the rest. There is much excitement, and business is paralyzed. FOURTH DISPATCH. The Citizens' Bank, the Bank of the State of Louisiana, the Bank of Louisiana and the Canal Bank all refused this morning to take the notes of the free banks. The run on the free banks commenced early in the day, and before 3 o'clock the Union, the Merchants' and Traders' and the Bank of New-Orleans suspended specie payments. There was no run on the Southern (free) Bank, and it is considered perfectly good. The bank of James Robb & Co. (free) is considered safe. Its circulation is distant and heavy. The Citizens' Bank held its doors open, paying specie until 6p. m. The chartered banks are standing by each other, and large deposits are being made with them and the Southern Bank. It is said the sums being deposited with them are larger than those drawn out. Although there is considerable excitement, good humor prevails. We have no failures to report to-day.

7. October 17, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, October 17, 1857

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NEW ORLEANS, Oct. 14.-The crisis reached its height to-day and a portion of the banks resolved to suspend. their names are the following:Union Bank, Bank of New Orleans, and the Mechanics' and Traders' Bank. The following banks continued to pay specie all day:-The Canal Bank, State Bank, Bank of Louisiana, Citizens' Bank, and Bank of James Robb. The last named, and also the Citizens' kept open till dark, meeting all demands as fast as presented. The panic has now quite subsided and there is little doubt but that the banks which paid specie throughout the day will be able to continue doing so.

8. October 17, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, October 17, 1857

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NFW ORLEANS BANKS. NEW ORLEANS, Oct. 16.-The Bank of New Orleans, the Union Bank and the Mechanics' and Traders' Bank have suspended. Cotton 91/2810 ets.

9. October 20, 1857 Arkansas True Democrat Little Rock, AR
Article from Arkansas True Democrat, October 20, 1857

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Financial Matters St. Louis, Oct. 12.-Dean, King & Collins, and Kirby & Co., have suspended-a million each. A. J. McCray, dry goods merchant, has failed. New York, Oct. 12.-Corning & Co., bankers, have suspended. The banks will not increase their discounts until they have gained large accessions of specie, as increased loans, with diminishing specie, would be suicidal. The past week was the most severe ever experienced here. Enormous Defalcation. A recent examination of the financial department of the city corporation shows the disappearance, in the past five years, of eight to ten millions of dollars, for which no account is rendered. New Orleans, Wednesday, October 14. The Union Bank has just suspended. There is a heavy run on all Free Banks and great excitement. The Branch Mint has purchased of the Banks $200,000 in silver and bullion and are paying gold, thus affording some relief. New York, Wednesday, October 14. The banks of the following cities have suspended specie payments to-day: New York, Albany, Brooklyn, Boston, Hartford, Trenton, Portland and a general suspension throughout New England is anticipated. Buffalo follows to-morrow. Wall street is comparatively quiet. There is a moderate run of the Savings Bank of this city, which WAS promptly met, but those in Brooklyn were obliged to close. The officers of the New York Savings Banks are in consultation, and propose paying the per cent. on deposits. The Bank of America and Chemical Bank continue specie payments. The Manhattan is said to be doing the same. Other Banks will probably follow in making partial payments. Nearly two million in specie were paid out yesterday, exclusive of that paid by Savings Banks. Gold is selling at 4 and 5 per cent. premium. The Brokers' Board passed a resolution to receive certified checks for stock, which rose 9 Ther cent, and at Second Board was still firm Mechanics' Bank Directors held a meeting and expressed entire confidence in the New York Banks, and paid dollar for dollar.

10. October 21, 1857 Semi-Weekly Standard Raleigh, NC
Article from Semi-Weekly Standard, October 21, 1857

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Bank Suspensions. NEW ORLEANS.-The Bank of Orleans, Union, Mechanices' and Traders' Banks have suspended. Cotton nine and a half to ten cts. Sr. LOUIS.-A heavy run is being made on the Bank of the State of Missouri. The ability of the Banks to hold out is doubted by some. NASHVILLE.-The Bank of Tennessee has suspended. 'The Legislature is engaged in considering the legalization of the policy.

11. October 28, 1857 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, October 28, 1857

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The excitement occasioned by the recent suspension in New Orleans of the Mechanics' and Traders' Bank, the Union Bank, and the Bank of New Orleans is said to have been a panic of the wildest kind. A certain class of individuals speculated largely upon the prevailing fright. One man, with $120 in silver purchased $380 in notes. Another bought $90 with $38 in specie, and another bought a check on Robb the banker for $37 with $3 cash. These are but a few of many instances, but they are sufficient to give an idea of the speculations carried on. The people descended like an avalanche upon the Citizen's Bank, fighting and shouting like madmen. The police had to fight their way through the crowd, and. it was only by the greatest exertions that they succeeded in clearing the Bank. Anxiety, fright, and the wildest despair, were visible in the faces of the people. During the greater part of the day, the whole vicinity was so densely crowded that no vehicles could get by. The Bank closed at three o'clock, having paid out some $1,500,000. TOBACCO DUTIES IN ENGLAND AND FRANCE.-By official documents published by the French Government, it appears that the tobacco revenues for the first six months of 1857 were nearly $17, 000, 000. During the same period, the British Government derived a revenue from the same article of $12,188, 040. If the importations of tobacco into both countries should continue to be the same for the remainder of the year the aggregate amount of revenue derived from tobacco, almost wholly of American growth, by the Governments of Great Britain and France, would reach, for the year 1857, the sum of $58,376,080; or for France $34,000,000 and for Great Britain $24,376,080.

12. October 28, 1857 The Spirit of Democracy Woodsfield, OH
Article from The Spirit of Democracy, October 28, 1857

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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;

13. October 28, 1857 The Independent Harrisonburg, LA
Article from The Independent, October 28, 1857

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THE PANIC.-Considerable uneasiness and anxietyareprevalent in our parish in regard to the state of the New Orleans Banks, notwithstanding their notes are readily taken and received at their full par value. Yet inquiries are constantly being made, and the bills passed off almost as soon as received. Rumor, no doubt, is playing its usual part, but it is not at all unreasonable to give attention to the reports that are now quite common, as it is almost impossible to gather any thing from the only medium of intelligence-the New Orleans press. We have carefully scanned their last Saturday's issue, and the following paragraphs are the only ones that throw any light upon the state of affairs there: The Delta savs: The great gun of the day is the Southern Bank which has often been considered a weak institution, and yet in this crisis it is stronger than any Bank in the United States, not even excepting the Bank of Louisiana. * It cannot be broken this heat. The Mechanics and Traders', the Union Bank and Bank of New Orleans will resume next week.The Bank of New Orleans was paying its fives and tens to individuals. The bank of James Robb is also strong. We are all right, go ahead one and all. The Crescent has the following: The chief talk last evening was that the Canal bank had resumed the drawing of sight Exchange * * The Canal bank also takes on NewYork. foreign exchange in payment of discounted paper or liabilities due the bank. So cotton factors can go to selling to day, as there is an outlet for some exchange, and we sincerely hope in a few days some relief will offer, and our great trade commence moving. Our community will, however, for a short period miss the Achilles of the banks, the Citizens' It will however, rise ere long, and assume its great influence in the monetary world.

14. November 2, 1857 The New York Herald New York, NY
Article from The New York Herald, November 2, 1857

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Enquirer, contains the following provisions relative to the banks, so called, in which the State deposits are made:"If either of said banks shall at any time refuse to redeem its bills or notes in gold or silver coin, no further deposits of public money shall be made therein, but such deposits shall be made in the other two or one of them, if they or either continue to redeem their bills or notes in specie; and if neither so continue, or if the treasurer shall at any time have a good cause to believe that injury will be sustained by the State from having its money deposited in the said bank, or any of them, he shall make a written communication to the Governor on the subject, and thereafter shall keepthe public money in such specie paying bank or such other place as the Governor may direct until further provision be made by law. The Examiner says that the Governor has directed the funds to be lodged, as received, as a "special deposit" in he banks of Richmond, with this exception, that notes deposited with either bank, payable by itself or any of ts branches, go in as a general deposit, and will be pay able by that bank in specie. The Bank of Virginia, at Fredericksburg, and the Farmers' Bank of Virginia, at Fredericksburg, continue to pay, and entertain no thought of suspension. NORTH CAROLINA BONDS. Information has been telegraphed to New York, by the State Treasurer of North Carolina, says the Petersburg Intelligencer, that the State bonds falling due on the 1st of January next will be paid on demand, in Raleigh, in the - case care. The Courier thinks bondholders will not VA be apt to avan " chemselves of the offer, for the reason that. at present, it costs from 6 to 10 per cent to tonvert North Cartolina funds into New York specie funds, and this is a loss o which few bondholders will submit, especially when these coupons are made payable in New York, according to the tenor of the securities. In answer to the above the Raleigh Register Bays:-The language of the above paragraph is calculated to give rise to misapprehension. The Trensurer of this State a few days since, gave notice of his willingness to anticipate the payments due the 1st of January, by making payments now, in Raleigh, in the currency of the State. There WILB no sort of intention to alter the obligation of making pay. ments in New York, but the Treasurer left it optional with the bondholders to be paid in State or Cape Fear Bank money now. or in New York funds the 1st of January. As the New York banks have suspended specie payment, there will not be such a per centage now in that city against North Carolina circulation. THE NEW ORLEANS MONEY MARKET. [From the New Orleans Delta, Oct. 25.] The change to-day in commercial and financial circles, though not attended with anything of a real important nature. nevertheless gave indications of an increase in confidence which has been so terribly abused during the past ten days. The weekly statement of the banks as made to the Board of Currency this morning, shows a very great improvement over last week. In fact, considering what we have undergone, it is a real subject of congratulation that our banks present so favorable an exhibit, particularly the Bank of Louisiana and the Canal Bank, against which the shafts of malice, envy and disappointment have been pointed. The Southern Bank also presents a formidable array of the stoff. The Bank of New Orleans is in line, and the Citizens' is coming on famously. The statement exhibits the following variations for the week $309,870 A decrease in circulation of 171,161 A decrease in deposits 380,184 An increase in exchange of 844,282 A decrease in loans of 116,998 A decrease in distant balances 204,599 An increase in specie of Exchange moved to-day, though at low figures. The State Bank was drawing sight on New York at 1 per cent discount. and the Canal Bank five days sight at 1% per cent. discount Sterling was sold at 93 a 95. Street sight on New York at 4 per cent discount. There were very few calls for specie on the banks. The Bank of James Robb, particularly, was not called on for any more than usual. It is prepared to meet all its circulation and satisfy its depositors. All that is required now is that people will leave off talking and go to work. Everything willcome out straight. It is no use to think the banks are going to suspend-and that idea may as well be abadoned at once. The Union Bank is in line, and the Mechanics and Traders' also; they will both be running next week. Work 1 work mer. chants-all is right. OPINION OF AN OLD FINANCIER. [From the New Orleans Delta, Oct. 23.] Attorney General Moise may promise the banks an easy time, in case they volunteer to play second fiddle to the New York banks and suspend, if be sees fit to do 80: gentiemen of the State Senate may back the idea, and Gov. Wicklife may endorse it: but, nevertheless, we can see no temporary advantage to be gained by a voluntary surrender and general suspension, which would compensate for our permanent loss of reputation as a great commercial metropolis, and the implied acknowledgement tothe world that we were financially subordinate to, and dependent upon, New York; that when the latter, our superior, had failed, it was idle and impertinent in us to think of stand ing: that when the river was dry, it was A preposterous idea in the brook which flowed into it to think of preserving a brimming channel. But amid the chaos of opinion and "theory in regard to the crisis, it is refreshing and edifying to encounter the views of an experienced and practical Anancier-one who like the veteran Jacob Barker, has faced many a panic, lived through many a storm, and recovered from many a shipwreck. We regard his views as eminently worthy of consideration. and take pleasure in briefly condensing the substance of them as uttered in an unsolicited and conver sational way Mr. Jacob Barker considers the present financial de range ment a perfect godsend to the banks, factors and cotton growers: but for which such facilities would have been wanted as would have induced an early shipment of the whole cotton crop. The present unequalled money pressure in all parts of Europe, independent of all in fiuence from this side of the Atlantic, would have render eG sales out of the question, and it would have been macri ficed B1 or below sixpence sterling per pound, causing such an amount of exchange to be returned under protest as would have ruined the banks, the factors and planters. As it is the cotton cannot go forward faster than required for consumption, which must proceed on a limited scale, or R revolution would be the immediate result. Hence, a shilling sterling per pound may not only be anticipated but obtained, if the planters will be true to themselves and to each other; a price which will reinstate the banks. and all others concerned. with a metallic currency-which the people of the United States determined to meintain,

15. November 7, 1857 New Orleans Daily Crescent New Orleans, LA
Article from New Orleans Daily Crescent, November 7, 1857

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New Orleans Daily Grescent. THE COMMERCIAL DEPARTMENT. Flew Orleans Money Market. CRESCENT OFFICE, No. 70 Camp street, } Friday Evening, Nov. 6, 1857. The tone of the markets, both commercial and financial, is good. Of course it is hardly expected that after such a crisis as we have passed through, that affairs can at once resume the position they were in sixty days since. But the week is closing very favorably. The position of the Banks is improving, and they were never in a stronger position than at this moment-that is, the five Banks which have maistained specie payments. The suspended Banks are preparing for resumption. The Union Bank is largely in line, but in consequence of the pressure, a large amount of its portofolio, now falling due, has to be renewed, which will prevent its resuming forthwith. The managers are, however, preparing the way, and it will take its stand as specie paying before many days. In fact, the small notes of the Bank have always been paid on presentation-that is, since the day or two after the panic, which forced it into its present position. There was nothing done in the way of discounts to-day by the Banks more than renewals. The mandators are moving very cautiously. The general feature of the market is good, very good, and though the pressure will continue for a short time longer, It will not be oppressive. There was nothing doing among the note brokers, and from appearances it might be supposed that our community was getting along very well without selling securities at the rate of 3@5 per cent. per month. There are no failures, excepting now and then a small matter, which will all be arranged in due season. 0 In Exchange there has been a further improvement to-day in sight funds on New York. The sales being at 3ยฝ, 3%@4 per cent. discount. There was also a round amount of A1 one days sight taken at 4. This is a "let up," being the first time sale N reported for some days. The Banks sold checks at 2@2ยฝ dis., P and some private drawers conclued to go to work, being tired of inactivity, and sold at the same rates. Sterling was in more reor quest. and sales were made at 92@95 for good clear bills. Nothe ing transpiring is bills of lading, dealers are entirely backward about purchasing. We do not know how it is, but cotton at 10 @10% cts., and the usual margin, with the Liverpool market at & about 9d or 83/2d, ought to be considered pretty safe. However, this suspense will not last long. Francs were sold in some i. amount at 6.25@6.05, which is something gained, as there has n been no sales of note this week before. The Superintendent of the Branch Mint of this city has received instructions, according to advertisement, to purchase silver bullion at the standard price of 1 22ยฝ cents per ounce, payable in silver coinage. This, though a limited concession on the part of the department at Washington, nevertheless will be of some es advantage, as no merchant, trader or dealer will object to taking y the new American coinage, and it will even purchase cotton, and we think it will pay any notes in Bank or elsewhere. All lwe have to say, if any one refuses silver, they can wait till gold becomes more plenty. In Stocks we note the sale of 40 shares Commercial Water D Works at 49. The 70 shares Canal Bank was, we learn, sold at 100, showing that it holds its own remarkably well. A dividend will be made next mouth. A sale of Bank of Louisiana was made at 120. Other stocks quiet, and bonds not inquired for. ga We, of course, omit our usual weekly tables of quotations, but expect to resume them next week. In uncurrent money there are some movements, and we reel insert our usual tables:

16. December 22, 1857 New Orleans Daily Crescent New Orleans, LA
Article from New Orleans Daily Crescent, December 22, 1857

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New Orleans Money Market. CRESCENT OFFICE, No. 70 Camp, street, Monday Evening, Dec. 21, 1857. 5 The general money market to-day opened very quietly There was very little paper offering on the street though the offerings in bank were large, we learn that the discounts were free, but the best of security is required. The Exchange market was heavy. The banks were selling checks on New York at ยฝ per cent. discount. On the street there was no change from Saturday's figures, say 1@1% discount. Sixty days sight was taken at 3%@4 per cent. discount. Sterling opened heavi'y, and closed in the same way. We quote bills with shipping documents at 1021/203% ; clear good to A 1 bills at 103%@104 and 1043/2 though sales were made on Saturday at 105 to dealers, we did not learn of any sales at that figure to-day. Francs dull at 5.70@5.55. There were no transactions in stocks to-day. The Europa's mails were received to-day. We learn that many orders for cotton are countermanded. Many complaints are made, we may say iterated and reiterated, regarding the contraction of the banks, or as it is termed the want of disposition and willingness to grant dis counts and expand (possibly on the high pressure principle.) A great share of the public do not understand the mysteries of finance, and probably our commercial community, as well as the agricultural, will be surprised when we inform them that the eight banks of this city have now under discount and invested in exchange nearly fifty per cent. more than what they actually own, or what has been committed to the care and management of the several Board of Directors, directly or fiducially. The capital of these eight banks paid up is fifteen millions one hundred thousand dollars, with some surplus, is all that the banks can really and actually control. They have under discount and loan $17,818,222, and bills of exchange running to maturity to the amount of $3,256,929. Total, $21,345,151. Exchange balances or accounts may be deemed in the same category as paper discounted. The banks have nearly ten millions in coin in vault, and they owe depositors $11,000,000, which may be called for at any moment, and nearly $4,500,000 of notes in circulation. It is overlooked by the community that the depositors have something to say about the use-of their money or deposits. For instance, the State of Louisiana has on deposit in the State Bank about 750,000 dollars. Has this bank any right to discount or loan out this money The Citizens' Bank has the trust funds of the city on deposit. We think it will readily be acknowledged that the city has no money to loan, and that its deposits in bank cannot well be used for discounting, commer cial or other paper. To what extent it will be deemed good policy for our banks to discount on a line of deposits, one-half of which go in one day and drawn out the next, is not a mooted question, but is one that can be decided at once in the negative that deposits are not a safe reliance. We can point to the action of depositors in October with the Citizens' Bank, the Mechanics and Traders', the Canal, the Union Bank and the Bank of New Orleans-In fact to all the banks. The cry was gold, gold, coming from city depositors more than other sources. The mercantile community, including every merchant, trader dealer in every branch of business are refusing to sell on credit, even for the very best security, or what is termed good paper which will be paid at maturity. If sellers of merchandise have come to this determination to refuse the usual paper, how can it be expected that the banks will receive or discount the same paper, or paper of the very same character, which has been declined for merchandise or refused in the course of trade It is useless to refer to other cities for a mode of doing business, particularly where banks have been and are still under suspension. The banks of this city are restricted in all their movements by a supervisory statute, which is now receiving the highest praises throughout the country. It must not be overlooked that the free banking law of this State is very stringent in its provisions. Independent of the coin required to be in the vaults of the bank to meet deposits, an amount sufficient to meet circulation has also to be kept on hand, notwithstanding dollar for dollar is deposited in the hands of the State authorities to secure direclation. Some allusion has been made on the street the position of the Southern Bank on Saturday last, which returned in coin $374,918, when the law required it only to have $83,000. Even the law, as onerous as it is, will not shield the bank, nor any bank, from being called on at any moment for specie to the full amount of deposits and circulation. Thus the circulation of this bank was $152,195, and deposits $249,548. Total, $410,243. In addition to this, there is deposited in the Auditor's office $407.040 in bonds, Though It cannot be expected that an immediate demand for deposits and circulation could be made, yet the law implies as much, and during the unsettled condition of financial affairs in all parts of the world, it is incumbent on all banks to be watchful and guarded and as the majority of our banks, particularly the four old banks, have already loaned out more than they own, we think it will be some time hence before there can be any expansion of discounts. By the European mail, received to-day, we learn the result of