Bank of Pennsylvania (Philadelphia, PA)

Episode Information

Episode UID
7469312890494
Episode Type
Run → Suspension → Reopening
Bank Type
state
Bank ID
746931289 hash
Start Date
February 5, 1841
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
dc397da9456471ad

Response Measures

None

Description

The bank was closed by a governor-ordered injunction to protect state deposits during a run, but successfully resumed operations in April 1843.

Events (4)
1. February 5, 1841 Run
Cause
Local Banks
Cause Details
Failure of the Second Bank of the United States (the 'Monster') triggered a general panic and runs on other Philadelphia banks.
Newspaper Excerpt
The panic is complete, & the runupon the other banks is prodigious. It has just been reported that the... Bank of Pennsylvania [has followed the example of the Monster]
Source
newspapers
2. January 29, 1842 Run
Cause
Local Banks
Cause Details
The failure of the Girard Bank on January 27, 1842, caused panic and a run on the Bank of Pennsylvania.
Measures
The bank remained open until the usual closing hour and met all demands on Saturday.
Newspaper Excerpt
The Bank of Pennsylvania sustained a severe run from its note holders and depositors; but, up to the hour of closing the Bank, all the demands were fully met.
Source
newspapers
3. January 31, 1842 Suspension
Cause
Government Action
Cause Details
Governor Porter ordered an injunction and the bank to close to secure $800,000 in state deposits intended for interest payments.
Newspaper Excerpt
The Pennsylvania Bank, which was run upon on Saturday, did not open its doors yesterday. This course was pursued in consequence of the action of the Governor... for an injunction
Source
newspapers
4. April 17, 1843 Reopening
Newspaper Excerpt
The Bank of Pennsylvania resumed specie payments yesterday for all its liabilities... The resumption by the Bank of Pennsylvania is fully successful, and seems to afford general satisfaction. We are told that of the $2,100,000 which the Bank owed in February, 1842, $1,400,000 was paid before the year 1843 came in. Of the amount of indebtedness, $867,000 was paid on account of the commonwealth. The money market is without change. The rates for good paper are from 5 to 6 per cent, per annum. We never knew money to be more abundant. The Banks cannot get enough of the right kind of paper to discount. The Moyameasing Bank resumed last week on all her liabilities for Relief notes. Specie continues plenty. Country paper is Emewhat worse. The rates yesterday for the Banks named were as follows: Chambersburg, York, Carlisle, Gettysburg and Middletown held; Harrisburg 41; Susquehenna County 15; Wyoming Bank Sa9. The whole debt of Arkansas amounts to $3,660,000, of which ouly $2,676,000 were issued. These bonds were isfor banking purposes, and the loans made by the Banks mostly to planters, secured by mortgages of their planations. As the Banks willingly receive State Bonds in discharge of the mortgages, the debt is in a fair way of being gradually extinguished. The import of specie into Boston from January 1. 1843, the 22d inst., inclusive, was $3,949,739 in gold, and $89,520 in silver. The export during the same period was $46,146 in gold, and $157,491 in silver.
Source
newspapers

Newspaper Articles (19)
1. October 15, 1840 The Hawk-Eye and Iowa Patriot Burlington, IA
Article from The Hawk-Eye and Iowa Patriot, October 15, 1840

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and worn through the streets, the man being followed by a troop of hurrahing Vanites. This insult to the ladies and to every American heart, was treated by it the whigs with that contempt which merited. From the fact of his appearing at his hotel we leave the public to judge whether there is not ground for the belief that Allen suggested or approved of it. Mo. Republican. BANK.-Resumption of Specie Payments.-The Philadelphia Inquirer of Saturday say: We learn. with pleasure, that an arrangement is now in progress between the U.S. Bank and other Banks of Philadelphia, which is likely to have a considerable effect in reviving public confidence. In order to facilitate and render certain a general resumption of specie the Philadelphia loan the U. S. Bank payments, fered to Bank $1,000,000; has ofof a the Bank Pennsylvania has made the similar offer, and a proposition to was yesterday the Farmers' and same rectors effect of before Mechanics' the Dibank. The U. S. bank is indebted to each of the others. both in bank notes held by them and balances. The plan is, smaller banks to return payto the extent for the on demand, of notes $1,000,and to receive in able 000 each, exchange if post in a year, or longer, neThis will, of course, notes, cessary. payable bank, and reduce great the liabilities of the U. S. ly assist her in the resumption of specie payments. It is believed that the other of Philadelphia will also particiin this generous work, in about a sist pate banks bringing condition and of thus things well asearnestly desired by all who wish to so and character of PhiladelThe details of the have not, as yet, been phia. the business thoroughly arrangement arranged, but we believe it is contemplated to effect a reduction of the immediate liabilof the larger bank, to the extent of millions. The Eastern great to ities four have or professed five willingness resumption, banks assist Pennsylvania in the work of it is to be hoped that, if necessary, will now act in the spirit The best ex- of and they professions. understanding institutions of their ists among the moneyed the Philadelphia at the present time, and Cur prospect is certainly encouraging. money market continues easy. The keenness with which the Presi- the dential contest is carried on, all over Union, says the St. Louis Gazette, New may be judged from the excitement in are York. The people, on both sides, collecting en masse. Meeting after meetBennet says: ing is the order of both, day and night. The political excitement of the country closincreases every day. The week just to has added masses of fresh elements thousand ing conflagration, just like a fire the cords of dry hickory thrown upon a in Broadway. Mr Webster's remarkable, curious, has oriShaksperian at Patchogue, and asionished ginal and bewildered every body, and the democracy almost insane his hufrantic made with vexation. His wit, set the his flashes of sarcasm have mor, Custom House beside themselves-given of the fresh dash of vinegar to the poet a Post-and called forth the strongest'e down. of Silas Wright to sober them excitaYork was never in an the country rewide so ble forts New condition-nor such far and crazy. Distinguished of men Queen the good old language and turn to call their opponents "come Bess, flog them if they will and threaten arm's to length"--while leading return reinto officers of the government sink a and threaten to as the the forehead of the foe, ligious compliment, in General Har- little in stone David did to big Goliah. thing ( General Jackson, every abroad, runrison, of man or beast, is singing the shape races, speaking writing, highest ring and electioneering. The have alsongs, lowest of both parties lost their most and the lost their senses-and some sobriety. JONSING ON BANKING SAM two old friends, Sam Jonsing Com- and The Gumbo, met last night at the their disPete Bank. The burden of and mercial appeared to be upon banking, throwing course of which we published as has nea part light upon this subject which new ver been touched by Gouge.

2. November 14, 1840 Lexington Union Lexington, MS
Article from Lexington Union, November 14, 1840

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over is in progress between the United banks negotiation Bank of Pennsy Ivania and other which the States Philadelphi., by the stipulations of pay of to return, to the former, notes latter agree demand, to the amount of $1,000,000 post able on and to receive in exchange therefor, longer each, having twelve months to run, or These should notes the United States Bank require. that by institutiona indulge the delusive hope, to shuffle of the cards, they will be enabled genthis revive public confidence, and bring about a eral and permanent resumpteon of specie pay. ments in that city. Such a negotiation may facilitate an apheme- lia resumption, by diminishing the present ral of the mammoth Bank: but their permit of bilities resumption must (depend on the revival haye public nent confidence. This confidence, they congrossly and wantonly abused, and the are, public once sequently no loss unworthy of it, than mind is prepared to best W it. When the United States Bank, by fraud from and the corruption, obtained its present charter Biddle State of Pennsy Ivania, its President Mr. State asserted that it was more powerful underits it had been under a National one it retaine all and acquired additional powers al charter and means, yel, than notwithstanding its origin- chara by is new charter, it has, by a system of policy rather han an umbridled recklessness, skill, engulfed Prelif in and ruin : and is begging it bankrup:cy terized financial by inextricuble assistance which the han of those very institutions and would at fain have 118 believe, it can regulate United Let such as contend that the behold govern. States Bank regulated the State banks, roin it their mighty regulator sinking under the State Brought upon *itself, and supplicating boast has banks for aid; and say, if they can longer this is regulating powers. By say they, bas in fact, a United States Bank is charter, but your great more only of not, its State True, had financial it prieti, Mr. Biddle, boasted that it charter. high under its present, than its former and with power it cannot 11 ith the same mean", the State additional If ther, power, curb and regulate have done how IS it possible that it could banks, under its national charler which, according so, to its President, confered less power. The idea is verrily preposterous. CONFLAGRATION.--On the morning of the of 29th the the Empress and the Monarch, two boats that track the III consumed by fire " New ters, most ultime, were jestic Between Orleans Western three upon bocom of the Missisippi Empress the and four o'clock in the morning, the to extilldiscovered to be on fire, all efforts cut was the flames proving aboitive, she was suffered to float into the drifing to the opposite shore she loose guish and conveyed stream, soon and the to the Monarch. Both vessels were the fire in flames. The loss sustained by burning wraped of the Empress is estimated at $30,900. she was The Monarch was valued at $40,000 however insured to the amount of $25,000. COMK! Tuev COME!! The number the True naturalized in New York, during to months foreigners of September and October, amounts nations 1,406. Thus are the oppressed of all man flocking to this asy I am of liberty, where a which enjoy unrestrained, the rights accountable with nature's may Gol endowed him, being others. only for the infringement of like rights in " Open your ears, for which of you will stop the vent of hearing when a prophet speaks!" The Editor of the Yazoo Whig, speaking of the Administra'i ion party, says, in his accustom- as ed hetic m inner, " They never can rally have a party pro; on the same ground which they lately occupiel." There shall he false prophets anys the good and verily this is one of them. There ye bands book, stands upon the same ground a atriotic who, unlike their political enemies, possess of unity unity of purpose, and unity ac Thus united in one body by the tion. of principle, and golden ever con- lig. aments of republican principles, they acious of the rectitudo of those principles, willstand their ground as firm and redoutable ne the Spartan band at Thermops Ise. And there of no traitor who can betray them into the hands their enemies. CHEERING TO A PORTION OF THE Fair.-The of New Orleans Picnyune say$ that the number while males in that city, exceeds the number of white females 10,292. This istruly checring to those of the fair, whose have hymenial hopes are growing dim, but who lost all susceptibility of the tender passion.- callnot To h we say, hie thither while it is yet ed to day. It is said that in some paris of the ceantry the of fair have taken nn active part in the cau'e Gen. Harrison. This is no more than mighthave been reasonably expected; forshould they succeed there in the PIP notion of the petticoat candidate, will be but one step to Gynaeocracy for sphere, which, some of those designed for a more delicate seem devoutedly to wish. A BANK MAN.-I is said of that two Downing, Ranks of street

3. February 18, 1841 Staunton Spectator, and General Advertiser Staunton, VA
Article from Staunton Spectator, and General Advertiser, February 18, 1841

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THE PHILADELPHIA BANKS. Correspondence of the National In'elligencer. PHILADELPUIA, Feb. 5.-Evening. The United States Bank has again suspended specie payments, and it is not considered probable that the others will be able to continue specie payments, and it is unwise in them to strive against their fate. Upwards of six millions of dollars in specie and specie funds have been drawn from the U. S. Bank since the 15th of January, and the excitement at this moment in this city is intense and 11niversal. The panic is complete, & the runupon the other banks is prodigious. It has just been reported that the Girard, Moyamensing, and Manufacturers and Mechanics' Bank, and the Bank of Penn Township have followed the example of the Monster ; also, the Northern Liberties Bank, and Bank of Pennsylvania. And the report is true.

4. January 31, 1842 The New York Herald New York, NY
Article from The New York Herald, January 31, 1842

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SUNDAY EDITION OF THE HERALD.-The Sunday dition of the Herald, published yesterday, surpassed all the rest of its cotemporaries in the fullness, accuracy, and extent of its news. It was the only paper that gave a full report of Judge Kent's charge-it was the only paper that gave an account of the fresh bank run on the Bank of Pennsylvania in Philadelphia-and the failure of another bank in Baltimore-it was also the only paper that gave the best news from Washington, and the defeat of the Bankrupt Repeal Bill in the Senate. Thus we go.

5. February 2, 1842 The New York Herald New York, NY
Article from The New York Herald, February 2, 1842

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may our grooers, and other smalt Dueiness men, refuse to-day to take any paper but of the city banks. Exchange on New York is selling at 65. and if the "league" arrangement goes into full effect, less than a week will see this rate considerably reduced. This must necessarily be so, for the banks will not dare to discount much for fear of suite on their is. sues, as well as tear of compulsory measures on the score of resumption. Our currency will therefore become scarce and more valuable. The Bank of Penneylvania is not open and the State interest is not paid-at least not the American holders of the stock, though rumor says that the packet which sails today from your city carries out the amount requisite to meet the interest on the stock held in Europe--the Bank of Pennsylvania having purchased bills on England for the purpose previous to failure. The balance of the interest fund in the keeping of the bank it is said is composed almost entirely of Girard Bank notes and the relief issues of the State. Rather a poor show this for the payment of the interest within the current year, without a resort to loans, which is not very probable. Governor Porter yesterday made a requisition upon such of the banks of the city and county as have not complied with the law, to pay the balance of the 5 per cent loan required under their charter, according to the act of assembly, to aid in meeting the balance of the interest due 1st February. As there are are but a small amount coming from the banks, it is not likely that they will soon have to pay -there not being enough to enable the State to pay the interest. Atan adjourned meeting of the delegates from the several banke, held last evening, at the Philadelphia Bank, I learn that the arrangements between the city and county banke, as to the issue of notes, &c., are nearly completed, and that in the meantime the paper of all these institutic n3 will be received on deposite or in payment of debts by each of he banks. The Girard, the Pennsylvania, the United States, and the Schuylkilt Banks, of course, are not included. All the others have come into the arrangement, and have deposited the requisite amount of security. All the trustees have not yet been named, nor will the banks immediately pay out their own notes, for the reason that one or two of the banks, having destroyed all their old ones, require a little time to prepare new. All these ar. rangements have reference to a full resumption of specie payments on the 1st of August next. Another meeting is to be held this afternoon. The motion to appoint a receiver for the Bank of Penn. sylvania to day being resisted by the bank, was further deferred until to morrow. The transactions in stocks to-day were to a medium amount at an improvement in prices. State fives sold at 50; Pennsylvania Bank notes 20 per cent discount; Bank 46, Girard 30. A resolution has been introduced into the Legislature, requiring the banks to pay coin for their is sues instanter.

6. February 3, 1842 Martinsburg Gazette Martinsburg, WV
Article from Martinsburg Gazette, February 3, 1842

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LARGE BANK FAILURE. Bank explosions are of such frequent occurrence now-a-days, that they have almost ceased to be wondered at. Last week, the Girard Bank in Philadelphia, one of the largest institutions in Pennsylvania, gave up the ghost. This Bank was chartered in 1832, and its capital was subsequently increased by an act of the Legislature, to $5,000,000. The panic and alarm created by the failure of the Girard Bank, had extended to nearly all the Banks of the city, and on Saturday, the Bank of Pennsylvania sustained a severe run from its note holders and depositors; but, up to the hour of clos ing the Bank, all the demands were fully met. The following card was published in the Phila delphia Inquirer of Thursday last: NOTICE TO THE PUBLIC. GIRARD BANK, Jan 27, 1842. The Directors of the Girard Bank having failed in their efforts to make a satisfactory arrangement for the immediate redemption of its issues, find themselves under the painful necessity of closing the Bank for the present. The total liabilities of the Bank at this time, exclusive of its capital stock, amounts to $1,433,692 9 Consisting as follows: Of circulation known to be in the hands of other 500,000.00 Banks, 273,395 00 in the hands of the public, 251,195 05 Of deposites, Of balances due to Banks and Bankers, 409,102 88

7. February 3, 1842 The New York Herald New York, NY
Article from The New York Herald, February 3, 1842

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Philadelphia. (Correspondence of the Herald.] PHILADELPHIA, Feb.2d,1842. All here to-day is quiet. There is no run, but a great lack of confidence in all descriptions of paper currency circulating among No one holds it a moment longer than he can in any useful way get rid of it. The practice of paying debts, 80 long in disuse, is becoming eomewhat tashionable, for the fear entertained by holders, that the Bank will break. Large amounts have been paid for this reason, that creditors had long given up as lost. The "league" of City and County Banks is believed to be nearly or quite perfected, and, it is announced, will go into operation on Monday. Each Bank contributes $75,000 to the Safety Fund. The following Banks have selected each its Trustee as follows:Bank of North America, John Richardson: Philadelphia, Samuel F. Smith; Commercial, James Dundas; Mechanics', J. B, Mitchell ; Penn Township, D. B Hiaman ; Southwark, Thos. Sparks; Western, J. Patterson; Farmers' and Mechanics', J. P.Hutchinson; ; No:thern Liberties, David Kirkpatrick; Manufacturers' and Mechanics', Thomas H. Craig; Moyamensing, Joseph Solons. Nothing is said upon the subject of the payment of the State Interest, and the matter is in more doubt now, and apparently more remote, than it was six months ago. The Bank has beyond all doubt used much of it to pay its own debts, and the resources of the State Treasury are in no condition to make it up. Governor Porter has returned to Harrisburg. The transactions in Stocks to day are to a medium amount, at a considerable falling off in the price of all bank stocks City and State Funds have advanced-the latter to day is worth $50 on the hundred-the former $104. U.S. Bank notes are at a discount of 50 per ccnt on coin; Girard 23 to 30 Pennsylvania 10 to 15; Towanda is not worth more than 25 cents on the dollar. The President of the Philadelphia Bank to day resigned his place, and Samuel F. Smith was elected to fill it. There is an old adage that " rats will desert a sinking ship." It is to be hoped that it does not apply in this case, though I confess I have my fears. Mr. Read, unlike some other bank officers, has a character to lose, and evidently does not wish risk itin presiding over a broken bank. A string of two or three hundred persons have to day been parading through our principal streets, drawing after them a beautiful fire engine, intended for the Kinsington Fire Company. This morning, through the intervention of A De Kalb Law, Esq, the subscribers' jadgment, ereditors of the Bank of Pennsylvania, presented the following petition to the Judges of the Supreme Court It is thought that the step will stop the appointment of 2 Receiver. To THE HONORABLE JUDGES OF THE SUPREME COURT OF THE COMMORWEALTH OF PENNSYLVANIA. The petition of the undersigned citizens, residing with in the City and County of Philadelphia, respectfully sets forth: That we are judgment creditors of the Bank of Penn. sylvania to an amount in the aggregate of not quite ) five hundred dollars, and we observe, by the public papers, that an injunction upon that Bank has been is. sued by your Honors, and that you are about to appoint a Receiver to take charge of its property and effects. ) We would, with due respect say to your Henors, that, according to existing laws, we have a priority over other creditors, and the proceedings you are about to make, being unprecedented in this Commenwealth, we are not aware of its consequences, and are fearfal that it will impair our legalrights. And we would also with due respect say to your Honors, that though we are humble individuals, nd our claims small, yet we are as much entitled to your protection as more prominent persons with larger claims, and while we will low with respect to the mandat so your Honorable Court, whatever they may be, we hum bly hope that nothing will be done by you to unsettle disturb existing legal rights, or to retard the operation of existing laws. PHILADELPHIA. Feb. 2, 1942. ANDREW MILLER, Signed, WILLIAM C. PARKER. ALEXANDER BROWNE. THOMAS BROMLEY.

8. February 3, 1842 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, February 3, 1842

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BANK AFFAIRS. PHILADELPHIA, Feb. 1.-The Pennsylvania Bank, which was run upon on Saturday, did not open its doors yesterday. This course was pursued in consequence of the action of the Governor, who, to provide for the safety of the public moneys deposited in that institution, as well as to promote the general benefit of those interested in the Bank, had directed the Attorney General to apply to the Supreme Court for an injunetion to restrain the President and Directors from paying out, assigning or transferring the assests of the Bank, and also for the appointment of a receiver. The application was founded upon the affidavit of Job Mann, Esq., Treasurer of the State, shewing that up wards of $800,000 were deposited in said Bank, for the payment of the interest on the State Debt falling due to-day. In anticipation of this movement, the following notice was sent by Gov. Porter to the Bank: Merchants' Hotel, 31st January, 1842, 7 o'clock, Monday morning. President and Directors of the Bank of Pennsy'vania. Gentlemen:-I directed the Attorney General on Saturday evening, to adopt proper legal measures to secure the Public Moneys deposited in the Bank of Pennsylvania, as well as the interests of all who are in any way creditors or debtors of that institution That officer will apply to the Supreme Court, at the earliest possible moment this morning, for an Injunction, and the appointment of a Receiver to take charge of all the assets of the Bank. You are now apprized of that fact, and directed not to open your doors this morning nor pay out any of your money or transfer any of your assets, for any purpose whatever. When the same are placed in the custody of the law, the rights of all parRespectfully, ties will be fully guaranteed. DAVID R. PORTER On receipt of this notification, the subjoined resolu tion was adopted: Resolved, That in pursuance of the direction of the Governor, the Bank is hereby closed. JOSEPH TROTTER, President. Monday morning, 9 o'clock, Jan. 21, 1842. The Bank of Pennsylvania being enjoined, up. on which, it was presumed there would otherwise have been a severe drain, a sharp run was commenced upon a neighboring institution, the Moyamensing Bank, which was continued all day, and was met with great readiness and cheerfulness. To accommodate the public, the Bank was kept open for a considerable time after the usual hour for closing with an under standing that it should remain so long as calls were made. This Bank closed at a late hour in the after noon, and had evidently created a much better feeling than had existed in the morning. INJUNCTION GRANTED.-Yesterday, in the Supreme Court, on application of Ovid F. Johnson, Esq., for the Commonwealth, an injunction was granted against the Bank of Pennsylvania, restraining it from issuing, transferring, or assigning any of its assets. Application was also made for the appointment of a Receiver, which upon a rule was argued at 2 clock, when the Court decided to hold the matter over until this morning, in the mean time giving the Bank an op portunity to file its answer, or suggest a suitable person to be appointed as the Receiver. REQUISITION OF THE Goverson.-The Governor yesterday made a requisition upon all the city and county banks for the balance of the loan of five per cent. of the amount of their respective capitals, as provided for by the law of May 1841. To be paid over this morning in specie or its equivalent. BANK ARRANGEMENT-The adjourned meeting of Bank Officers was held lasteveningat the Philadelphia Bank. We learn that the arrangement between the City and County Banks, as to the issue of notes, are nearly completed; and that in the meantime the paper of each of the Institutions will be universally received on deposite or in payment of debts. The Pennsylvania and Girard Banks not included. The arrangements thus far have been made in view of a resumption of specie payments, on the 1st of August next.-Pennsylzanieru. NEW ORLEANS, Jan. 22-We learn that the Merchants' Bank was, yesterday, seized upon a writ of fieri facias, in favor of the U. S. against the U.S. Bank of Pennsylvania, as the property of said Bank: and that whatever debtsare due by the other Banks of the city to that institution were garnished in favor of the U. S.The fieri facias was issued upon the judgment obtained in the matter of the French Bill.-Bee. I On "board the Columbus there are about 550 men and boys; and more than 200 of these have signed the pledge of total abstinence from all intoxicating two hundred of the crew have the of drinks lumbia Over signed pledge total abstinence. of the Par. CoAt the head of the list is the name of Foxhall A. ker, the captain of the frigate.-Boston Post.

9. February 7, 1842 Lynchburg Virginian Lynchburg, VA
Article from Lynchburg Virginian, February 7, 1842

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Domeotic Entelligence. TROUBLE AT THE BANK OF PENNSYL VANIA. The Bank of Pennsylvania has been run upon to-day both by holders of notes as well as by depositors. Vague ruinofs have been in circulation for some days, growing out of general distrust, and to day it has reached this Bank. Up to the hour of going to prese, people contimued to press forward calmly. without excitement, w ward the desk of the paying teller. who has had a busy day of it The doors of the Bank have also been crowd. ed by a large gathering of people, but everybody acts with calmense and men speak with looks and tones ominous of wide spread and fresh disasters. 21 P.M.-The Banks now refuse the notes of the Bank of Pennsylvania. Uptill noon they were generally received at their counters. The crowd is increas ing around the Bank, and as the rumor extends the excitement is extending. The Banking room is crowded to excess. and two tellers are engaged in redeeming the notes. One of the worst features connected with the trouble in this institution, is it holding the $800,000, with which to pay the interest on the state debt falling due on Tuesday! Three o'clock. The Bank continued to redeem its notes up to this hour. the time for closing. Gov Porter has been present in the Bank for some time. The crowd of people is immense, but no disturbance has taken place. They have redeemed their notes mostly in Moyamensing -Phil. Goz. Jan. 29

10. February 8, 1842 The Middlebury People's Press Middlebury, VT
Article from The Middlebury People's Press, February 8, 1842

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THE GIRARD BANK of Philadelphia has closed its doors. This has caused great excitement. It was the largest Bank in the city, and one of the greatest in the Union. The next day in consequence of a rumorathat the directors were carrying the property out of the back door, a mob assembled in the alley in the rear. The mayor was present and prevented it by his mild interferance. `Philadelphia is now almost without a currency. The Bank of Pennsylvania has been closed by an injnnction, and all the other banks are hard run. The brokers, and all men of business stand aghast.

11. February 10, 1842 Staunton Spectator, and General Advertiser Staunton, VA
Article from Staunton Spectator, and General Advertiser, February 10, 1842

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The Bank of Pennsylvania, at Philadelphia, has been closed by an injunction issued from the Supreme Court, at the instance of Gov. Porter. It was in this Bank the funds of the State were deposited to meet the interest falling due on the State debt the 1st of February-and as a severe run had been made upon it, after the failure of the Girard Bank, and some fears were felt of its ability to stand it, Gov. Porter repaired to Philadelphia, and took the step above indicated.

12. February 10, 1842 The Ohio Democrat New Philadelphia, OH
Article from The Ohio Democrat, February 10, 1842

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From the Philadelphia Times, Feb. 1. RUN ON THE BANKS YESTERDAY. The body politic still continues to be affi ed with a fever excitement. high prescribed of Bank by the various The various remedies fidoctors of statemente, explanations all seems to increase aland nancial that, fever. instead of laying the Yesterday the excitement seemed to break out in a fresh place, and 'runs' were commerci upon the Moyamensing and Pennsylvania Banks. The persons who wished to run the latter bank were stopped short by the following announcement. MERCHANTS HOTEL, 31st January, 1842 7 o'clock, Monday morning. President and Directors of the Bank of Pennsylvania. GENTLEMEN: 1 directed the Attorney General, on Saturday evening, to adopt proper legal measures To secure the public monies dein the as well poeited Bank who of Pennsylvania, in creditthe interests of all are any way ors or debtors of that institution. That officer will apply to the Supreme Court, at the earliest possible momont this morning, for an injunction and the appointment of a receiver to take charge of all the assets of the bank. You are now apprised of that fact, and not to open your doore this morning nor pay out any or any your assets whatever. same is for of your any purpose money transfer When of the in the rights of all placed parties custody will be fully of the guaranteed. Law, the Respectfully, DAVID R. PORTER. Resolved, That in pursuance of the direc. tion of the Governor, the Bank is hereby closed. JOSEPH TROTTER, President. Monday morning 9 o'clock, 31st Jan. 1842. The injunction on the Bank was granted at 10 A.M. esterday, by the Supreme Court. The rule returnable on Monday next, requires it to show cause why a receiver should not be appointed forthwith. Notwithstanding this announcement, the of was on an un'study of architecture extent. large carried crowd Blood to in heard A front the entire day, apparently in the char of engaged the bank examrning during architectural acter of its lofty pillars. It is generally believed, however, that the bank of Pennsylvania 18 sound, aud able to pay the interest on the State Debt, a's well as all its liabilities. The payment of the interest will now be delayeda few days but it will be paid; and we would not/advise holders of Penesylvania Bank notes'raphly to sacrifice its paper. We think all will be right in that quarter; and when we sayso, who are not apt 10 think better of any than it deserves, the public may repose insiderable confidence in the observation. The run on the Moyameneing Bank was commenced with great energy and earnestness. The folks did go at the business with a good deal sorts in the bank out were with of and vigor, going and again, All of the practised going whole much apparent SUC cesa during day. As any particular individual entered the banking room, [which has the facility of allow ing twelve poreons and a little dog to be in its precincts at one time, he was surprised by the appearance of six special officers lining the outside of one counter, and six simi, lar individuals lining the outside of the opposite counter! In the emall space between these healthy-faced individuale, a'good humored looking gentleman, with a very respectable corporation was observed walking to and fro, and waving his hands to the throng outside as he exclaimed"Tem vot has money will pleese walk in and get it, and tem vot has'nt got any will please valk out.' The run was carried on with great spirit during the whole day. The bank remained open from nine until six longer usual in order to for than o'clock, afford three every hours facility the redemption of its notes. 'I say, Jemes' asked a bystander of a friend Jemes, what does this here 'keeping eap, open night' mean-eh? Can open till six at you tell.' Why Siming-did you never know an individual what was sick with consumption, have an uncommon healthy spell just before death? Put that in your pipe, Siming. .I will, Jemes. The other banks-transacted their business with their usual quietness, which reminds us of a saying of Confucius, that in the course of a long life he had frequently known men 10 sleep very soundly over a slumbering volcano Where will the excitement break out to-day. We'e rather leave the question to Echo, a Echo is expected to answer most all unanswere able questions. IMPoRTANT-Resumption!-By a reference

13. February 11, 1842 Carroll Free Press Carrollton, OH
Article from Carroll Free Press, February 11, 1842

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From the Morning Chronicle. Closing of the Bank of Pennsylvania by an injunction from Governer Porter. -The Ledger of Tuesday last after speaking of the alarm and distrust exis ting in Philadelphia says; the proceedings of yesterday were but a continuation of the scenes of the former week. The Pennsylvania Bank, upon which the run was commenced on Saturday. followed in the wake of the Girard. and did not open lis doors-a course which was probably expedited by an injune tion placed upon it in the morning at the instance of the Governor of the State, in order to secure the public mo neys deposited in it: MERCHANTS' HOTEL, Jan 31, 1842. 7 o'clock, Monday morning To the President and Directors of the Bank of Pennsylvania: GENTLEMEN: I directed the Attorney Genera', on Saturday evening, to adopt proper legal measures to secure the Public Moneys deposited in the Bank of Pennsyivania, as well the interest of all who are in any way creditors or debtors of that institution. That officer will apply to the Supreme Court, at the earli. est possible moment this morning, for an injunction, and the appointment of a Receiver to take charge of all the as sets of the Banks. You are now apprized of that fact. and directed notto open your doors this morning, nor pay out any of your money, or transfer any of your assets for any purpose whatever. When the same are placed in the custo dy of the law, the rights of all parties will be fully guarantied. Respectfully, DAVID R. PORTER.

14. February 15, 1842 Indiana State Sentinel Indianapolis, IN
Article from Indiana State Sentinel, February 15, 1842

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Annals of Bank Swindling. PENNSYLVANIA is now reaping the bitter fruits of Bank connection and Bank suspension. The Philadelphia correspondent of the Journal of Commerce, under date of Jan. 27, says: "Such a day of confusion and inactivity in all business I never before have witnessed in this city. All seem to have folded their arms and now appear to be awaiting the worst. which by universal consent seems to be admitted is yet to come." On the 31st, the Bank of Pennsylvania was closed by the direction of Governor Porter, in order to save the State Deposits, and secure other creditors. The amount of the State Deposite was about $800, 000, and the State stock about one million. Therun on this bank was commenced by the other city banks, who succeeded in abstracting from its vaults about $850,000; and was the result of a conspiracy which they had entered into for the purpose of breaking it down, and preventing the payment of the interest on the State debt, for which the $800,000 had been deposited. The Branch of the Bank of Pa. at Harrisburgh had also closed its doors, and refused to pay over to the clerk of the House of Representatives $2000 which had been deposited for safe keeping for the payment of postage. Thus is the State honor prostrated by her connection with Banks.

15. February 26, 1842 Lexington Union Lexington, MS
Article from Lexington Union, February 26, 1842

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the shady side of the Court-house in the heart of the day, and can "hump" ourselves to the mill of evenings. PHILADELPHIA BANKS.-T'here is great trouble among the banks at Philadelphia. A runwas made on the Philadelphia Bank on the 31st ult. A12 o'clock P. M. the other bank refused its notes. But the b. nk con inued o r deem its notes up to 3 o'clock, the hour for closing. Gov. Porter was present in the bank for some time. The crowd was immense but no disturbance took place. They redeemed their notes mostly in Moyamensing. On Thursday the bank did Lot op 11 its doors. This course was pursued in consequence of the action of the Gov. who, 10 provide for the safety of the public moneys d posited in that ins.i. tation as well as those interes ted in the bank, had directed the Attorney General to apply to the Supreme Court for an injunction to train the President and Directors from paying ou, assiguia gor transf rig the a set of the bank, and also for the appointment of a receiver. The application was founded upon the affid vit of Job Mann, Esq, Tiesurer of the State, showing that upwards of $800,000 were d. posited in said bank, for he payment of the int rest on the State Deb, falling due On the 1st inst. The Bank of Pentsylvania being enjoined, upon which it was presumed there would be oth rwise have bee severe drain, a sharp run was commenced upon a neighboring i. stitution the Moyamensing Bank, which was continued all day, and was met with great readiness and cleerfulness. To accommodate the public, the bank was kept upon for a considerable time af. ter the usual hour for closing with an understanding that it should remain so aslorg as calls were 11 ade. On the eveni g of the 31st. an adjourned mee ing of ba k officers was held at the Philadelpnia Bank. The arrangements between the city and county banks are nearly completed; and in the me n im the papertfeach of the in-titutions will be u. liverially received on depo ite, or in paym nts of debts. The Pennsylvania and Gi rard Banks not included. Tie arrangements thus far have been made III view of a resumpt on of specie payments on the first of Au ust next.-Picayune. EXCITEMENT IN PHILADELPHIA.The Ledger of 28th ult. says:-"Notwithstanding the announcement made ve-terday by the a-hiere

16. April 19, 1843 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, April 19, 1843

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Public Stock Exchange, Aprilis. 86 3,000 Ky 6's S6 $5,000 U. S. 6's '62 s6m 1102 2,000 do do N. Y. 6'6'62 87 3,000 do de do do nw 87 2,000 1,000 $30d <30d 1032 103# 69 1,000 do de 1,000 Ohio 6's, '60 87 saw 2,000 do do. 6,000 do do suw 69 3,000 do do Monday 87 5,000 do do $15d 68; 3,000 do do tw 87 1,000 do do $15d 68 1,000 do do 87 4,000 do do s14d 68 1,000 do do tw 87 1,000 do do cash 08 .tw 68 5,000 do do s10d S6 1,000 do do 158.68 25 do Me'ics Bk As. 76 1,000 do do 47 150 do L. R SECOND BOARD. '60 15d 68 $1,000 U. S. 6's, 62. 111 $1,000 Ohio 6s, $60 110 5,000 do s3d 69 1.000 do do baw 69 4,000 N.Y.6s,62.910 103 1,000 do do 18 $30.87 25 shares Harlem R 1,000 Kv 6's 142 25 Farmers' Loan $15.87 1,000 do do S7 9,000 do do Commercial and Money Matters. TUESDAY, M. There was a fair business done at the Board to-day at State full prices. Ohio is very firm. Kentucky improved 1. 76 went up the Exchanges are in very limited supply, and rates Foreign firm. Sterling 6a61; Francs 5.42} a 5.40. We are below the Circular of Mr. James G. King, call- Exgive meeting of those interested in the Merchants' involving a property. This is a highly important matter, will no change two millions of property and AS the affairs advisable doubt ing undergo a legal investigation, it would be of for all the stock and bond-holders to watch the operations inthe Trustee closely. We therefore advise all who are It is terested to attend the meeting called in this Circular. highly important that the affairs of the Company should be of into proper hands, and not be left to the management to put few, whose interest in the Company may be secondary that elsewhere. It will be noticed that the meeting is called to-day. CIRCULAR. NEW-YORK, April 13, 1813. Sir: Under a mortgage given to me by the Merchants' Exchange Company, to secure the payment of certain bonds I issued by them, and upon which the interest is in arrears, have, upon my demand, been put in possession of the properby of the said Company, in order to protect the rights of the holders of the said bonds ; and I desire, in the management of so large 3 concern, to have the benefit of an Advisory by the parties in interest see fit. I you. as holder of Committee, thererore appointed request said securities, No. if they 89 Mer- to attend a meeting to be held for that purpose at chants' Exchange, (in the third story of said building cornot of William-street and Exchange Place,) on Wednesday 19th just., at 12 o'clock, M. Refpectfully yours, JAMES G. KING. (Signed) Comptreller Flag will make, it is supposed a dividend of cents per dollar on the notes of the Commercial Bank. Buffalo, payable in May. Letters from New-Orleans state that specie continues to flow in freely, and the effect is felt in the produce market.Cotton is 1 to le above the lowest point of the season, and holders were never known to be so firm. Nearly all the stock is fair and below. Good fair is quick at 83c. Nearly all the Cotton reported on hand is sold. A broker in Philadelphia writes that he has advices from one of the pursuers of Shipman, which induce him to believe that Jacob is by this time in his clotches. Samuel E. Foote, Esq. has been appointed Secretary of of the Ohio Life Insurance and Trust Company, in place Samuel R. Miller, resigned in consequence of ill health. Messrs. Oakley and Rvan, Illinois Commissioners to negotiate the loan authorized by the last Legislature, have left for the East. A sale of stocks and loaas of various kinds, amounting at their par value to $976,422, is to take place in Philadelphia this week. They are a part of the assignment made May 1. 1841, to secure the $5,000,000 of post notes which the other Basks of Philadelphia took in exchange for the circulating it notes of the United States Bank which they held when exploded. The Cincinnati Gazette of the 13th says Our Banks are doing nothing but receiving and paying deposits and renewlag notes-the sluggish remainder of their discount lines.The circulation is made up of Indiana notes, and those of a few of the more distant of the Ohio Banks. Exchange on the East is scarce. Bicknell's Philadelphia Reporter says: Money continues abandant at low rates. Good paper may be negotiated at 5 and 6 cent. per annum. The Bank of Pennsylvania renamed specie payments yesterday for all its liabilities The only Philadelphia Banks now in suspension are the Movamensing Bank, Schuylkill Bank-which, however, paid its notes and depositors-Girard Bank. and Bank of the United States. At one time the notes of the Bank of Pennsylvania seld at a depreciation 33 great as 35 a 40 per cent. The Moyamensing Bank notes are now at 12 to 2 per cent. disconat. The Bank of the United States notes at 46 a 47 discount. Country Bank paper is not quite so good in Phila. d-lphia, owing, it is probable, to a greater abutdance than usual being in market. The notes of several of the interior in Banks of Pennsylvania have. within a few days. declined value. Chambersburg, York, Gettysburg and Carlisle 31 a 34 discount, Harrisburg and Northumberland 1 a 11 Lawcaster County Bank 11 a 17.

17. April 20, 1843 Virginia Free Press Charles Town, WV
Article from Virginia Free Press, April 20, 1843

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The old Bank of Pennsylvania, in the city of Philadelphia, which institution suspended payment some time since, gives public notice that it would resume regular business operations on Monday last."

18. April 26, 1843 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, April 26, 1843

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and Money Matters. TUESDAY, P. M. Atboth Boards to-day the sales of State Securities exended $200,000. Prices were generally firm, and Ohio firs went to 75, a farther improvement of 1 per cent.Rate Fives went up 1. Kentucky fell off 1 per cent.; 1a. inco Foreign Exchange is very firm and Bills scarce. Sterling Fa7; Francs 5.371 a 5.35. The Yates County Bank has redeemed fifty thousand del. of its circulation since the run commenced. Its friends wenthat they will not let it stop. Thampson's Bank Note Reporter says: We last week cared that fifty dollar notes of the Bank of Buffalo, pericly new, had made their appearance in this city. Since to seen more of them. They never come directly but are palmed to some up Wall-street, have off town' be bro- reNo broker will buy them unless guaranteed to noed in by the Comptroller. This discovery has made the of other broken Safety Fand Banks a drug in the marD. D. to the our as joies bel. We place Bank of their Buffalo, in for, list, be accution to the public not to touch notes. We line. the Comptroller will very soon stop redeeming them. Tx notes of the Commercial Bank of Buffalo are 35 to 374 percent. discount." The Bank of Louisville and the Northern Bank of Kenarky hare voted to accept the late law of the Legislature, stated an act to amend the charters of the Banks of KenThe says: are loans contemplated to with as little as ady. insed sill be the made Lexington Intelligencer delay be possible. made under The We this districts law inbefore desiguated will be attended to as soon as the acthe Bank of Louisville is known." At a meeting of the stockholders of the Mechanics Bank of Mw-Haven, it was decided. by a large majority, to reare the capital stock of said Bank and resume the payment dividends, according to the law passed at the last session (the Legislature. The Bank Commissioners, as one of their last official acts, usejust taken an account of the specie now in the Banks of Iston, the result of which shows that they are in a very sifying condition. The gross amount of specie in all of in at the close of business on the 21st inst., was $100,000; while the estimated circulation was only about 1,690,600, or but little more than half the amount of specie hand. At a meeting of the stockholders of the Milbury Bank, it was decided that the Directors so shape their aras to autumn, instructed at the derwise agements less., wind up its regular affairs meeting in the of the stockhold- unless will in October next. It is thought that the stockholders realize from 50 to 60 per cent. on their capital invested. Bicknell's Philadelphia Reporter of to-day says: The resumption by the Bank of Pennsylvania is fully successful, and seems to afford general satisfaction. We are told that of the $2,100,000 which the Bank owed in February, 1842, $1,400,000 was paid before the year 1813 came in. Of the amount of indebtedness, $867,000 was paid on account of the commonwealth. The money market is without change. The rates for good paper are from 5 to 6 per cent, per annum. We never knew money to be more abundant. The Banks cannot get enough of the right kind of paper to discount. The Moyameasing Bank resumed last week on all her liabilities for Relief notes. Specie continues plenty. Country paper is Emewhat worse. The rates yesterday for the Banks named were as follows: Chambersburg, York, Carlisle, Gettysburg and Middletown held; Harrisburg 41; Susquehenna County 15; Wyoming Bank Sa9. The whole debt of Arkansas amounts to $3,660,000, of which ouly $2,676,000 were issued. These bonds were isfor banking purposes, and the loans made by the Banks mostly to planters, secured by mortgages of their planations. As the Banks willingly receive State Bonds in discharge of the mortgages, the debt is in a fair way of being gradually extinguished. The import of specie into Boston from January 1. 1843, the 22d inst., inclusive, was $3,949,739 in gold, and $89,520 in silver. The export during the same period was $46,146 in gold, and $157,491 in silver.

19. November 8, 1843 The New York Herald New York, NY
Article from The New York Herald, November 8, 1843

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MONEY MARKET. Tuesday, Nov. 7-6 P. M. The stock market, after the depression which has chsracterised it for some weeks, has resumed the buoyancy incident upon the improving state of public confidence here and in Europe. Sales were large, and prices in advance: Stonington Harlem 1. Long Island t. Kentucky t. Farmers' Loan fell 1. There were sales of New York State 5's, of 1850, at 13 advance, 35 days accumulated interest. At Boston, 5's of that city sold at 4 per cent ad. vance. At the New Board there was a good and improving business. The Bank of Pennsy lvania has been again galvanized, and is going on doing business. Public opinion is rather weak as yet. It is not best for the Philadelphia financiera to overburden it. The capital of the concern was $2,500,000. What it is now depends upon the credulity of the public. In another column will be found the advertisement of the Commissioners of Illinois, in relation to the books now open at the American Exchange Bank in this city, for the registering of the remaining Canal bonds. The books will be closed on the 20th inst. after which the bonds not subscribed will be classed as" deferred bonds." We recently made some remarks in relation to the con' nection of the Marlem railroad with the Albany, and the importance to the city of New York of a connection with the 1,200 miles of profitable railrords running to and from Boston. There are no two cities in the world so closely situated and of such relative importance to each other, as New York and Boston, without a railroad connection at the present day. It appears, however, that returning public confidence is operating with the abundance of money again to stimulate useful enterprise. The most direct way of communicating with Boston by railroad is over Long Island. From Boston through Worcester to Norwich are two railroads, and from Boston through Providence to Stonington are two others. These four roads, forming an oval figure with Boston at one extremity, nearly meeting on Long Island Sound, cost near $11,000,000. From the point of their union on the Sound, it is 24 miles across to the terminus of the Long Island railroad. Hence, when the latter is in operation it will take the whole business of the four roads, and its total cost will be $1,618,000; hence, if that business pays 1 per cent only en the cost, $11,000,000,of the four roads, it will yield the Long Island near 7 per cent on its cost. To complete the Long Island from Brooklyn to Green. port, there remain to be finished 49 miles, of which 40 are already graded, and the remaining 9 miles are in rapid progress. The contracts for finishing the road are all made, at the following rates:$31,500 For grading complete to Greenport, " Mud sills and ties, 24,500 " Iron rails 3700 tons, at $52 per ton, which is the cost, after paying $25 per ton duty, the 192,500 whole is already purchase in England, " Spikes 6,000 " Chairs 2,700 " Workmanship for laying rails 16,000 $275 200 There has been paid on the above contract for materials, cash 35,000 $240,200 14000 Allowing for contingenci es, 10 per cent $254,200 And there remains the full amount that will be required to finish the road, ready to convey passengers through to Boston. Of this amount, the contractors have agreed to