12737. Plainfield Bank (Plainfield, NJ)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 11, 1847
Location
Plainfield, New Jersey (40.634, -74.407)

Metadata

Model
gpt-5-mini
Short Digest
4b7f0a0e808b6622

Response Measures

None

Description

The New Jersey Legislature repealed the charter and appointed receivers in February 1847; the bank's redemption of notes was suspended and receivers proceeded to wind up the institution. There is mention of crowds and holders seeking redemption, but articles show a legislative closure and receivership rather than a depositor-initiated run causing suspension. Subsequent reports through 1847–1848 describe receivers winding up and reopening books for claimants, indicating permanent closure under receivership rather than resumption of normal banking operations.

Events (2)
1. February 11, 1847 Receivership
Newspaper Excerpt
The Legislature of New Jersey have passed a bill repealing the charter of the Plainfield Bank, and have appointed receivers to take charge of the assets and liquidate the affairs of the bank. The receivers of the Plainfield Bank of New Jersey have made a statement, by which it appears that they have come into possession of means which are supposed to be sufficient to cover all the liabilities of that institution. (Feb. 11–22, 1847 reports).  (Example: Joseph C. Hornblower, John S. Darcy, Daniel Dodd, Jr., and Joel Dunn, are appointed Receivers.)
Source
newspapers
2. February 11, 1847 Suspension
Cause
Government Action
Cause Details
New Jersey Legislature passed a bill repealing the bank's charter and appointed receivers; redemption of notes was suspended by receivers.
Newspaper Excerpt
The Bill to abolish the charter of the Plainfield Bank passed both Houses, received the Governor's signature and became a law in less than two hours after it was introduced.
Source
newspapers

Newspaper Articles (21)
1. February 12, 1847 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, February 12, 1847

Click image to open full size in new tab

Article Text

Plainfield Bank. Correspondence of The Tribune. TRENTON. Feb. 11, 1847. The Bill to abolish the charter of the Plainfield Bank passed both Houses, received the Governor's signature and became a law in less than two hours after it was introduced. A part of the Receivers left in the evening train and probably reached Plainfield before midnight. Their object was to prevent the flight of the funds of the Bank, which were ample yesterday morning when the Committee left Plainfield. This rapid course of Legislation was considered necossery to protect the interests of the holders of its bills and other creditors of the Bank. A private Express is said to have started for the Bank as soon as the Bill passed. No doubt Moses Y. Beach's associates had a spy to Trenton to give them early information. X. Y.Z. From the Newark Daily Advertiser. The accounts as given by the officers to the committee have not yet been reported but are about as follows : ASSETS. LIABILITIES. Circulation. $9,000 $115,000 Specie, 6,500 100,000 Specie Funds Capital Stock 85,000 Notes Receivable Depositors and inte100,000 rest accounts about Other Assets, 2,000 $200,500 $217,000 200,500 Excess of liabilities, $16,500 This statement does not indicate a very rotten institution," but the Committee were not satisfied that the assets really belonged to the bank. It is also understood that not a single share of the stock was owned in the State, and that the Directors who are required by the charter to own 5 shares at least, just before their appointment had five shares assigned them, which were afterward surrendered to the owner again. Two of the Receivers took a private conveyance at Rahway in the night for Plainfield, and are now probably in possession of the funds unless removed before they arrived. We have received a slip from The Sun complaining of the proceedings of the Legislature N.8 unfair and asserting that the Bank was in a sound condition. On the subject of & redemption of the notes, it says: If the funds thus unconstitutionally taken possession of and now in the hands of the Receivers, were transferred to the Bank. its officers. we are assured, would pledge themselves to redeem every dollar of its notes in circulation. and prevent all loss to any parties what. over. giving abundant security to that effect. If the Legislature refuse this offer and continue to hold in their hands all the means of the Bank. on them must test the responsibility of all the consequences, If the bills should not be fully redeemed. We know of no possible loss which can accur to the community, unless the means of the Bank thus improperly seized, are as improperly squandered by the Receivers. Meantime. the redemption of the notes having been suspended by the Receivers, the latter are calling in the assets of the Bank at Plainfield, and will soon commence taking up the notes in circulation. This naturally causes delay in the redemption of the notes. but if properly managed by the Receivers, every dollar in circulation will be redeemed in specie.

2. February 12, 1847 The New York Herald New York, NY
Article from The New York Herald, February 12, 1847

Click image to open full size in new tab

Article Text

MONEY MARKET. Thursday, Feb. 11-6 P. M. The European advices have had no material influence upon the stock market. Prices were very firm to day, and the transactions limited. Canton, Harlem, Morris Canal, Reading, North American Trust, and Mohawk closed firm at yesterday's prices. Norwich and Worces. ter went up 1/6; Farmers' Loan, 1/; and Penna. 5's, 1/4 Long Island declined 1/4. At the second board there were very few sales, and the market closed very firm at prices current in the morn' ing. Quotations for fancy stocks have not varied much within the past week, and the bulls and bears appear to have a drawn game of it. It is apparently impossible to get them up or down, but the chances are decidedly in favor of an advance. There is certainly foundation for an improvement in most of the fancies, particularly rail road stocks. It cannot be otherwise than that the im. mense amounts of specie almost daily reaching our shores, will have such an influence upon our currency as to inflate prices of all kinds of property, and give a great impetus to all kinds of business. The Legislature of New Jersey have passed a bill repealing the charter of the Plainfield Bank, and have ap pointed receivers to take charge of the assets and liquidate the affairs of the bank. The agencies in this city are, therefore, suspended; and bill holders must look to the receivers at the banking house at Plainfield for any information they may want. The commissiopers of the New York and New Haven Railroad have given notice that the first instalment on the stock of this company of five dollars per cent, is pay. able on the 22d inst; ten dollars more on the 22d of March, and another ten dollars on the 22d of April. This will make an aggregate of twenty-five dollars per share. This road is designed to connect with the Harlem, at Williams' Bridge, from whence it is to be continued through Stamford Norwalk and Bridgeport, to New Haven. At Bridgeport it will intersect the Housatonic, which opens to it all the country to Albany, thence to Buffalo. At New Haven it will join the Hartford road -and that connects with the road running into Vermont -and through Boston into Maine. The grades to this road no where exceed forty feet to the mile-the curves are easy-there will be but a single bridge of any great cost, or requiring a draw-that over the Housatonic. We annex an official statement, showing the condition of each bank in New Jersey on the 1st of January, 1847, compared with the corresponding period in 1846. It will be observed that there has been an increase in every de. partment but circulation.

3. February 13, 1847 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, February 13, 1847

Click image to open full size in new tab

Article Text

The Plainfield Bank. To THE PUBLIC.-W have already given in de Jail the recent summary. uncalled for and exceedingly bereb, as well as illegal proceedings of the Legislature of New.Jersey in reference to the Platofield Bank, in which we are deeply interested as stockholders That these proceedings were summary, uncalled for and barsh, no member of that Legislature, not even excepting those most forward in procuring and getting them up. entertains N singia doubt, so far as We have beard. The course taken was such as was most caloulated of all others to ensure . greater or less loss by many bill-bolders unacquainted with the technicalities of the law. The proceedings were illegal by usurping a power excredly guaranteed to the institution, that of closing its effairs by its own officers so long as it was in state of perfect solvency and soundness. This matter might be investigated legally by the officers and stockholders of the Bank. and the proceedings would doubtless be set aside, but the litigation thus involved would only cause farther loss and suspense to the bill holders. But leaving this subject and waving all our legal and moral rights, which have been trampled upon with impunity, we turn our attention only to the entire security of bill-holders from loss. To further this object, we have already taken measures to cooperate with the Receivers who are appointed by the Legislature, and render them all possible assistance in the fall and just redemption of every dollar in circulation. But we cannot act as principals in the matter-that power is taken from the Bank and from us as its agents, and transferred to the Receivers, whose course will probably be to realize the assets of the Bank with as little delay as possible, and so often as any amount secumulates in their bands, to declare dividends secord. ingly, and thus in the course of a few months-sa soon as its affairs can fairly be closed-the whole amount of each note will be placed within reach of every bill holder. Though immediate redemption is prohibited by the Receivers, we caution and request all persona holding any bills of the bank not to sacritice them in any way, because we assure them that they WILL be made good to the last dollar. For these purposes-co&peratiful with the Receivers and the final redemption of every demand against the Plainfield Bank-we shall hold in readiness every energy, every exertion, and every means in our power, entrely regardless of losses to ourselves. in such arrangements we feel that eader the circum staylors, and under the unexampled persecution which has followed us, we are justly entitled to the sympathy of the community generally. Had common justice toward the Bank and those interested been observed, the redemption of the notes would never have been suspendM. Y. BEACH & SONS, ed for a single hour. New-York, February 12, 1847.

4. February 13, 1847 The Daily Union Washington, DC
Article from The Daily Union, February 13, 1847

Click image to open full size in new tab

Article Text

EDITOR'S CORRESPONDENCE. From our New York Correspondent. New YORK, February 12, 1847. The money columa of the Tribune says, this morning The Boott Cotton Mills, and the Amoskeng Manufacturing Co. have each declared a semi-annual dividend of 5 per cent." Equivalent to 10 per cent. per annum. Possibly the maninfacturers-like the lady in the French comedy-have no objection to this sort of ruin. More evidences of "ruin" are found in the fact that the steamer Sarah Sands brings beyond $600,000 in specie, and the New World packet-ship $200,000 more. It is said that the Cambria, now on her way, has on board $1,500,000 in specie. Who does not see in all this the dark approach of that "ruin" with which the "British" tariff was sure to overwhehn us? Once more-and again I quote from the columns of the most high tariff of federal papers, the most inveterate of panic papers-oven the Tribune: Hunt's Merchant's Magazine for February has an extended account of the commerce of this port, from which the following has been compiled Exports for 1845. Exports for 1846. Flour 469,520 1,193,428 Corn 304,492 1,489,456 Wheat 300,651 1,477,356 Surely, with a business in our great staples of nearly fourtimes what was done in a very successful and prosperous year, under "the best possible" tariff, the interests of the country must be suffering immensely-only nobody can find it out. "The exports from this port for the first week of February were $723,110, of which $582,885 were in American vessels. The arrivals were 22, of which 16 were American and the clearances were 35, of which 25 were American. The contracts for the New York and New Haven railroad have been made, and the work will proceed rapidly. The road connects with the Harlem at a point near Williams's Bridge, and runs through a densely-populated country. This willgive us, in all the year round, a rapid conveyance by land to Albany, saving the rough and uncertain travel on the sound. It ought to be a profitable route. For two days the office of the Sun newspaper has been besieged, and the side-walks blocked up by an eager and excited crowd, some holders of "Plainfield," (alias bills on the Plainfield Bank, owned by Mr. Beach,) but the majority spectators, concerned only to redress the wrongs of those who have been "stuck" on the depreciated notes. So great is the feeling even up to the moment of writing, that the mayor and chief of police have had a strong body of police in and around the Sun office, and another stronger in readiness (atthe chief's office) to act in case of necessity. Last evening it is said that two uniform companies were placed under orders. As yet, however, no infraction of the law hastaken place, although there can be no doubt that nothing but the overpowering demonstration of the police authorities prevented this. The bank having been very summarily "burst up" by the New Jersey legislature, charter broken, and the institution placed in the hands of receivers, the notes have not been redeemed since yesterday, either at the office in this city or in Plainfield. A large amount of the bills was in circulation, mostly among the poorer classes; and the loss will be severely felt, unless they are redeemed at par or near it, as is said by Mr. Beach's friends will be the case, and as I hope. I speak with some feeling in the matter, for among ZED. the "stuck" is your correspondent.

5. February 13, 1847 The New York Herald New York, NY
Article from The New York Herald, February 13, 1847

Click image to open full size in new tab

Article Text

THE rL AINF LU BANK o PUBLIC THE We have already given in detail the ecent summer I, uncalle d for and exc feedingly barsh, as as illegal well pre sceedings of the Legis attre of New Jersey e refe ce to se Planfield Bank, in which we are deeply inte ested as JCC ho ders. hat there pr. ceedings were summ ry, uncalled for. and no harsh, in mber of that Legislature, not even exc pring those It rward 141 procuring and getting them up, eatertains single doubt, so far as we have heard. The cou se taken was such as was most salculated of all o hers to COSTIC . greater or less less by many bill-holders unacquainted with th technicality es of the law. The proceedings were illegal by usurping a power sacred13 guaran end to the institution, that of closing ICB affairs by its owe officers so long as it was in a state of perfect solvency and s unduess. This matter might be investigated legally by the officers and stock holders of the bank, and the proceedin. would coubtles be set aside. but the litigation thus involved would only cause further loss and suspense to the bill holders. But leaving this su'ject, and waiving all our legal and moral r ghts, which have been trampled upon with impusity, we turn ou at ention on y to the entire security of bill-hold ets from loss To urther this object, we have already taken measures to co-operate with the receivers who are apoointed by the Legislature, and render them all possible assistance In the full and just redempt on of every dollar in circulation. But we e as principals i the matter-that power is tal en from the Bank and US as its agents, and trans ferred he Receivers, whose cou se will probably be to re: Ze the a se s of the Bank with as little delay as possibie, and so often as any am unt accumulates in their hand. to declare divid nd. an cordingly, and thas 11 the course of a lew months US 8001 as 31 fairs can be fairly closed whole am uat of each note will be place within reach of every bill holde. Th M+ immediate redemption is prohibiced by the Rece. vers W caut on and request all persons hoding an bills of the 32 k not to sacrifiee them in any way, because we assure hem th a they will be made good to the-last dollar. For these purposes- co-operation wish the Receivers nd thfinal redem time of every demand against the Plainfield back- we shall hold is read ness every energy, every exertion. a d r y ry means in our power, entirely regardless of losse to curse VER. to such arrangements, we feel that, under the circumst inces and under the unexampled Persecution which has folwed us. we are justy antitled to the sympathy of the community generally. Had common justice towards the B nk and those in erested been observed the redemption of the notes would never have been sus endra for single hour. M. Y. EEACH & SONS. New York. Feb. 12. 1847. fe13 11*th

6. February 15, 1847 Richmond Daily Whig Richmond, VA
Article from Richmond Daily Whig, February 15, 1847

Click image to open full size in new tab

Article Text

PLAINFIELD BANK, &c.-The New Jersey Legislature, on Wednesday, unanimously passed an act, repealing the actincorporating the Plainfield Bank Joseph C. Horn. blower. John S. Darcy, Daniel Dedd, Jr., and Joel Dunn, are appointed Receivers. The actis to take effect immediately. The bills of the Plainfield Bank are not redeemed this morning. and a great crowd has collected around the Sun office. not in the best humor. As Mr. Beach, of the Sun, is understood to be the principal proprietor of the Leigh, as well as the Plainfield, the latter is not in favor, though the bills were redeemed this morning at the Sun office in other out of town money. Some weeks since Mr. Beach took a trip to the West In. dies and Mexico, accompanied by his daughters, and has not yet returned. The business is in charge of hissonsN. Y Jour of Com.

7. February 23, 1847 The Daily Union Washington, DC
Article from The Daily Union, February 23, 1847

Click image to open full size in new tab

Article Text

EDITOR'S CORRESPONDENCE. From our New York Correspondent. NEW YORK, February 22, 1847. The steamer's news has rather disheartened holders of grain and flour, and the papers here seem to think these staples have reached their height this season. This is, at the least, a premature conclusion. The news from all parts indicates that, between this and the next crop, there will be the widest scarcity ever known; and that the present lawful state of things in Ireland, is but an example of the future in the populous regions of Belgium, south of France, and Prussia. Immense as are our supplies, they cannot bear the demand which must be made on them, without a rise in prices. In my judgment, flour has not yet commanded in our markets its highest rates. Time will show. The following petition is in circulation here, and has obtained many signers among our best citizens: "To the Senate and House of Representatives of the United States in Congress assembled "The undersigned citizens of the city of New York, respectfully and earnestly entreat your honorable bodies to appropriate the sum of five millions of dollars for the immediate relief of the people of Ireland and Scotland, from the calamity of famine." The receivers of the Plainfield Bank of New Jersey have made a statement, by which it appears that they have come into possession of means which are supposed to be sufficient to cover all the liabilities of that institution. There is "balm in Gilead" for your correspondent, to whom his "Plainfield V," has become a positive affliction. There was some practice with the telegraph between this and Boston on Saturday last. About 4, p. m., it announced the steamer arrived, and was going on to give her news, when, suddenly, the communication ceased, and was not resumed until a late hour-say 8 or 9, p. m. If this was meant as: a flour or cotton operation, it failed--at least so far as thiscit is concerned; for long before the first hour, transactions had ceased for the day, and so suspicious was the public mind of reported preparations of the speculators to express the news in advance of the telegraph, that dealers had been, for several days, on the look out, and shy of heavy transactions. The movement for the relief of Ireland widens and strengthens every day. Every day some new power is added to it. The organization of the German Lutheran churches is now devoted to the pious work. The city is being districted. This evening a "young men's movement" will be started, at the Clinton Hall, by the Mercantile Library Association. Bravo! The storm of yesterday was a sad drawback upon the collections in the churches for the relief of the starving people of Ireland. One church heard from-Grace-shows a result which goes to prove that even the most fashionable and comme il faut congregation in town have hearts as sound as the soundest-and were willing to brave the driving snow and sleet for the sake of humanity. The collec. tion there was between $1,800 and $2,000. Truly a deed of Grace: Friend Greeley is a little restive under the result of the recent election in New Orleans, and scolds about "impudent swindle," "Texas iniquity," "democracy," and so on. Up to a late hour this morning the whole amount necessary for the Hudson River Railroad had not been taken; but there is good reason to believe that it will be before five this afternoon, when the books will close. The charter will not be lost, for the sake of $250,000 worth of stock in the road. Yesterday was a dreary, cold, damp day, the ground being covered with a mixture of snow and sleet, in a constant state of thaw very penetrating to soles and uppers, and ex(ceedingly disagreeable for walking. To-day, since an early hour, it has been nothing but snow, snow, snow, and it is now some inches on the level. It will not remain long, unless the weather sharpens up. In the mean time, the sleighers are making the most of the chance, and the streets are ringing with their bells. Through all the storm the soldiers are out celebrating Washington's birth-day, and as I write they are marching past with their music, their drums sounding as if muffled, and their fifes squeaking asthmatically. Up to 2 o'clock the eastern mail had not arrived-owing, it is thought, to the thickness of the weather on the sound. The Cleopatra, due yesterday morning, did not get in till 10 this forenoon.

8. March 4, 1847 Jeffersonian Republican Stroudsburg, East Stroudsburg, Milford, PA
Article from Jeffersonian Republican, March 4, 1847

Click image to open full size in new tab

Article Text

It will be seen by the following official 'Card' that the Receivers of the Plainfield Bank have come into possession of means which are likely to be sufficient to cover all its liabilities; A CARD. The Receivers of the Bank of Plainfield feel it due to the holders of bills of that Bank, and an act of justice to the firm of M. Y. Beach & Sons, to say that they are now in possession of assets consisting of real estate, money, stocks in other corporations, and principally in notes and bills receivable to an amount which they believe more than sufficient to redeem at par the whole amount of bills of that Bank now in circulation. But the Receivers have not yet been able to ascertain, with entire certainty, the amount of bills in circulation, nor can they foresee what losses may be incurred in the collection of debts, nor on the sales of stocks they now hold. Unless this should be much greater than they anticipate, bill holders they think, will eventually be paid in full. Jos. C. HORNBLOWER, JOHN S. DARCY, DANIEL DODD, jr. Receivers.

9. March 5, 1847 Richmond Daily Whig Richmond, VA
Article from Richmond Daily Whig, March 5, 1847

Click image to open full size in new tab

Article Text

RICHMOND, March 6, 1846. # Cattle Market. Beef, scale weight, 2 75 to $3 50; Sheep, 2 to $4, quality consi- dered; Hogs scarce, and in demand at $6 50. Correspondence ofthe Phila. North American. NEW YORK, Monday, March 2, 4½ o'clock, P. M. The freight market is rather stiffer and more active. A ship was taken for Liverpool at 8s 26d; another at 7s 6d for Flour. To Ireland three or four vessels have been taken at 35a26d. Yesterday a vessel or two was taken at 24d for Ireland, and one ship which was chartered at 7s was re- chartered to day at 8s. The Flour market s very firm, and very little pure Ge- nesee can be found below $7,12½. The sales are about 2500 brls at $7 for Oswego and Michigan, and $7a7.12½ for Genesee. To arrive after opening of canal 5000 or 6000 brls sold at $6a6,12½ and 5000 do on private terms. Sales of 500 brls fancy Ohio at $7,37½a7,50. Southern is held at $6,62½ 16,75. The demand is better for Meal, and 12,000 brls Jersey and Brandywine have been sold at $5 for future delivery, and $5,12½ on the spot. Corn is quiet, and the tendency, especially for white, is downward. Good yellow will not bring over 98 cts and white is 94½95. I notice sale 25,000 bushels at these fig- ures; 10,000 do to arrive from up river, and 20,000 in May and June, at 75 cts. Sales 3000 bushels Jersey red Wheat at 140a150 cts, mostly for milling. Very little white here. Sales 5000 bushels Oats to arrive, at 41 cts Northern are 50 cts on the spot. Sales 1000 Jersey at 46 cents. Rye to arrive is 88a90 cts. The Pork market is very quiet and nominally $12,50 and 14,75. Beef is firm at 88,75.9.25 and $11a12, with moderate sales. Sales of 50 bbls and 18 tcs Pickled Hams at 9 cts. Lard is scarcely so firm; small kegs at 10¼ cents. Rice is quiet. A small parcel of prime brought $5.- The high freights keep buyers out of market. The excitement in relation to the New Hope and Dela- ware Bridge Bank which followed the explosion of the Plainfield and Lehigh Banks has sent in over two thirds of the circulation of that institution, which has been prompt- ly redeemed, and there is no doubt that the Bank is ready to redeem the outstanding circulation whenever present- ed. The run which has been sustained by the Bank shows its strength. The instalments on the Stock of the Hudson Railroad have been all paid and the charter is secured. The work will now go rapidly forward as soon as the contracts are made. In money there is no material difference, but if any thing the market is less tight. In Sterling bills there is little or nothing doing. Good bills are nominally 5a5½ per ct.

10. August 19, 1847 The New York Herald New York, NY
Article from The New York Herald, August 19, 1847

Click image to open full size in new tab

Article Text

This exhibits a decrease this year compared with last of $154,381 28, a very trifling per cent of the aggregate receipts, but still sufficient to show that the new tariff does not work 80 well in Boston as it has here. The falling off was confined entirely to the first quarter this year, and the increase in the second quarter and in the month of July, gives us some hope for the future. The Receivers of the Plainfield Bank are proceeding with all despatch to wind up that affairs of the institu tion. Creditors are allowed to bring in their claims until the 25th of September, and the Chancellor cannot make a dividend on the bills until that time, nor can the receivers inform the public what are the prospects for the redemption of the bills. They are making collections from the assets In their hands with all possible rapidity; and any creditor or person interested in any way in the institution, by calling at the office of the Recrivers in Newark, N. J., can receive any information which they may desire. The receipts of the Georgia Railroad Company for the month of July, 1847. compared with those for the corresponding month in 1846, were &S annexed:GEORGIA RAILROAD

11. August 21, 1847 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, August 21, 1847

Click image to open full size in new tab

Article Text

The Receivers of the Plainfield Bank desire to say, In reply to The Tribune's and other similar in quiries, that they are proceeding with all dispatch to wind up the affairs of the institution Creditors are allowed to bring in their claims until the 25th of September, and of course the Chancellor cannot "make & dividend on the bills" until that time, nor can the Receivers inform the public "what are the prospects for the redemption of the bills." They are making collections from the as. sets in their hands with all possible rapidity and any creditor or person interested in any way in the institution, by calling at the office of the Receivers in this city, can receive any information which they may destre, in detail. Newark Advertiser. We think the Receivers might by this time tell the bill holders something as to the value of the property they are daily compelled to sacrifice. There surely oughs to be assets to pay in full all the bills of the Bank: and if there are not, the public will expect the Receivers to tell why. The State of New Jersey saw fit to stop the Bank, as was alleged, for the sake of the bill. holders: and abe and her Receivers must bear the re. sponsibility they have voluntarily assumed. If the bills age not ultimately redeemed in full, somebody must be In fault; and we shall insist that the State shall bear a large share of the blame unless ber Receivers shall show that It justly rests elsewhere. New Jersey chartered the Bank: New Jersey stopped it; it becomes her to inform the plundered thousands why she stopped it, and what benefit they are to derive from her course. Let us have plain, clear story, and as early as possible.

12. November 12, 1847 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, November 12, 1847

Click image to open full size in new tab

Article Text

COMMERCIAL AND MONEY MATTERS. For Sales of Stocks. &c. see Fourth Page. THURSDAY, P. M. The downward tendency of the Fancies has been resumed, and prices fell off. Treasury Notes were also lower than at any time since the loan was taken.Sales at the Second Board at 1/2 premium. In Bills there is no movement of importance.The supply is ample, and the rate for first-class bills91@ % Very few bills excepting Bank bills are selling. Freights continue very dull, and heavy freight has been taken for Liverpool in the packets at 20a, and to transient ships at 18a-Cotton is Id, Grain nominally 5d @ dd. and Flour 18d, with little or none offering. Some of the shipowners have been obliged to buy produce to fill up with. The Chancellor of New Jersey has ordered the books of the Plainfield Bank to be reopened for the issu. ing of certificates for the bills of that institution handed in to the Receivers. Thompson of 64 Wall-st. buys the notes at 40 cents on the dollar. We understand that the Money market is exceedingly stringent in Boston. The Banks are doing lit. tle or nothing in the way of discounts, and good paper in the street sells at 12 to 18 per cent. A very large jobbing house, Mesers. Kimball, Jewett & Co. failed there yesterday for upward of $200,000. Letters from London say that the great bill-discounting houses which are unquestioned have very large same of money on band which they dare not use.Overend, Gurney & Co. are said to have a million sterling lying idle. At Philadelphia money is not very difficult to be obtained. From 10 to 12 per cent. may be called the rate of discount on the best commercial paper. At Baltimore the demand for money is on the increase. Exchange on New-York has advanced to 1 per cent premium. Money, however, can be obtained for short loans on undoubted securities at fair rates.The Banks generally continue to afford facilities to the trading community to & liberal extent. The Auditors appointed to make distribution of the funds in the hands of the Trustees, under deed of assignment made by the Bank of the United States, May 1, 1841, have reported a farther dividend of 16 per cent upon the balance of principal and interest to June 15. 1847, on the post notes provided for by that assignment. The notes entitled to the benefit of this assignment are all dated in December, 1840, and each is numbered with one of the numbers, in 8 series from 7,543 to 9,644, both inclusive. There were 8,121 half eagles coined at the Dahlonega (Ga.) Branch Mint in the month of October, amounting to $40,605. The following are the comparative returns of the value of imports and exports, cash duties, amount of tonnage and number of arrivals and clearances at Philadelphia for the third quarter of 1846, and for the third quarter in 1847:

13. November 18, 1847 Jeffersonian Republican Stroudsburg, East Stroudsburg, Milford, PA
Article from Jeffersonian Republican, November 18, 1847

Click image to open full size in new tab

Article Text

has The Plainfiled Bank. An order has been issued by the Chancellor of New Jersey, directing the receivers of the Plainfield Bank 10 re-open their books, that the balance of the bill holders may come in for their share of the assets. edi behavouts bod

14. December 28, 1847 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, December 28, 1847

Click image to open full size in new tab

Article Text

Gov. Young-Plaindete Bank-New-JerseyM. Y. Beach & Sons, &cc. We published, some days since, a statement that Gov. Young had hesitated to surrender two of the jounger Beaches on & to quisition from New. Jersey. based on a charge of embezzlement or swindling in the matter of the Plainfield Bank; and to-day we give place to a card from Means. Beach & Sona, designed to viodicate their characters from the imputations which the fact that New-Jereey has made an earnest (though for the present ineffectual) call for them is calculated to give rise to. Oar readers will carefully scratinize its asseverations in the light of the fact already known, and form an impartial judgment. Whether any of the Mesars. Beaches have really been guilty of offences against the laws of New Jersey or not, we do not believe that Gov. Young has acted or will act in the premises without due deliberation and a decided conviction that the ground taken by him is that which the Constitution dictates. The position taken years ago by Gov. Seward, that citizens of New-York are not to be surreudered upon requisitions from the Executives of other States unless some offence is charged which is a crime against the laws of this State, has become a part of our settled public law. Of course no Governor of New York will henceforth surrender any citizen without careful inquiry and mature deliberation. Offences against laws or institutes condemning acts which are but locally regarded as crimeswill not be considered 58 subjecting the offender to extradition. If this be deemed wrong, the fault is not Gov. Young's -Perhaps we do not understand this Plainfield business very well; but we urgently advise the persons called for by New Jersey, if consciously innocent, to step across the Jersey Ferry, surrender themselves to the proper authorities. and stand trial. They can easily get bail and the very best of counsel-counsel who never yet suffered an innocent man to be convicted when employed and well paid to defend bim. With such advocates as the New-York Bar ffords, and cash to pick and choose among them, it is idle to suppose that any local prejadice or transitory excitement could prevail to the defeat of justice and the criminal conviction of honest men. Why not avoid the danger by meeting it half way? Another point: The Mesers. Beaches complain bitterly of harsh usage from New Jersey, her LegisIsture, Receivers, &c. &c.-with regard to which we express no opinion. It is manifest that the luckless bill-holders of the Plainfield at the time of its suppression have bad the worst of the matter so far, however serious the grievances of New. Jersey or the Mesars Beaches. It is admitted, we believe, that this Bank belonged (with the exception of a mere tritle of its stock. if any) to the Messrs Beaches-that its debts, its assets. were theirs : that its large circulation had been set afort and its proceeds had been realized by them, ao far so they were not in the viunts of the Bank when New Jersey closed it Now, why might not the Messrs Beacheshave justredeemed the outstanding notes, out of their ample property, and then demanded of the Receivers the surrender of their asmeta? The Bank's debta being paid, who but the bankers hid a shadow of a cision on these assets? What pretext could have remained for the continuance of the Receivers' functions and salaries --

15. January 3, 1848 The New York Herald New York, NY
Article from The New York Herald, January 3, 1848

Click image to open full size in new tab

Article Text

BANK STATEMENTS. We have received a statement from the receivers of the Plainfield Bank, in reply to that published by the Messrs. Beach, the managers of that institution. We have also received a statement from the directors of the Elizabethtown Bank, in reply to the statement made against it. If we must publish any of these statements, we shall publish them all, viz.: The report and evidence concerning the Plainfield Bank, the statement of the Messrs. Beach in reply-that of the receivers of the Plainfield, and that of the directors of the Elizabethtown Bank, together with a searching analysis and examination of bank management, of bank morality, and of bank doings in New Jersey and elsewhere. It is probably time to probe all these things to the bottom. We are entering upon a great and important crisis in financial and banking affairs in this country, and nothing shall deter us from doing our duty to the honest, hard working portion of the community, in opposition to the banking interests; for we believe that the American community, since the introduction of bank currency into this republic, has been cheated enough by the banks and their agents-enough, we believe, to pay the expenses of two Mexican wars and one English war.

16. January 9, 1848 The New York Herald New York, NY
Article from The New York Herald, January 9, 1848

Click image to open full size in new tab

Article Text

# JERSEY BANKS-ANOTHER CALL. We will still continue to call upon the receivers of the Plainfield Bank, to take measures for accepting the proposition made to them by the recent proprietor of that bank, for the redemption of the outstanding circulation. The receivers of the Plainfield Bank consist of highly respectable men, namely, Mr. Hornblower, Mr. Darcy, of Newark, and two others. In the statement published by these gentlemen, it is intimated that they could not accept the proposition made by Messrs. Beach, of this city, without the consent of the Legislature. This is a very queer thing, to require the consent of any legislative body, of any kind, to perform an act which would lead to the redemption of the outstanding bills of a broken bank. But, to do away entirely with this excuse, we call upon them immediately to get the consent of the Legislature to this act. Nothing but the action of public opinion in this case can bring about the redemption of the circulation of this rotten concern. But we must say that we have not much faith in the Legislature of New Jersey-perhaps about as much as in the banks of New Jersey. Jersey banking is about the same thing, in point of honesty or stability, with the banks of other States; and the legislation of New Jersey is not much better than that of other States. When the receivers of the Plainfield Bank, and the legislators of New Jersey, shall accept the proposition made by the proprietor of the bank, in this city, to redeem all the outstanding bills of the bank, in full, we shall then give them credit for public honor and good intentions; but not sooner.

17. January 11, 1848 The New York Herald New York, NY
Article from The New York Herald, January 11, 1848

Click image to open full size in new tab

Article Text

THE PLAINFIELD BANK.-We again call on the receivers of this Institution, to redeem the circulation now outstanding, by accepting the offer of its recent proprietors, or to be condemned by all honest men in the community. The Legislature of the State of New Jersey will meet today. There are applications for nearly a dozen new banks before that venerable body, and we hope there is honesty enough in the Legislature to take steps calculated to induce or compel the receivers of the Plainfield Bank to do their duty before it will think it necessary to chartet any more shaving institutions. We have sent a reporter to Trenton, to watch that body in this business.

18. February 12, 1848 The Cecil Whig Elkton, MD
Article from The Cecil Whig, February 12, 1848

Click image to open full size in new tab

Article Text

# LOCOFOCO OPINION ON THE WAR Mr. Cass in a speech in the Senate, made the following remark: "We are engaged in a war with a foreign nation. Its course, so far, has been prosperous and glorious, but no human being can predict its consequence, or when or how it will terminate." And this is the war begun by James K. Polk and supported by his friends; it is a war whose object is the destruction of a sister Republic: but its consequences and its end are all unknown. # A GOOD MOVEMENT A bill has been introduced into the New Jersey Legislature "for the preservation of newspapers," which authorises the clerks of counties to subscribe and preserve in a bound form all the newspapers published in them. No better general or local history can be found than the newspapers and in future years as matters of reference they are invaluable. # ENORMOUS IMPORT OF BREADSTUFFS It is estimated officially that during the year and four months, between June 28, 1846, and November 5, 1847, Great Britain had to import breadstuffs to the enormous amount of thirty-three millions and a half of pounds sterling!—say one hundred and sixty five millions of dollars! CANADA. The Montreal Courier of the 1st contains an article which commences thus: "Shall we have a separation from the Mother Country and become a Republic? or shall we join the United States! These are the two questions upon whice the country must now decide. Mr. L. Joseph Papinean has declared for a Republic. He has caused one rebellion to obtain it." # GOLD MINE IN CONNECTICUT Among the assets of M. Y. Beach & Sons, which the receivers of the Plainfield Bank, New Jersey, laid their hands on was a gold mine, situated in the Northern part of Connecticut. In the name of wooden nutmegs what next. # TAE SNOW AT THE EAST On Saturday last, the snow was from 12 to 14 inches deep at Albany, and between Boston and New York, 12 to 18 inches. At Charlestown Mass, the weight of the snow broke in the roofs of several carriage houses. Mr. Tampler lost $600 in this manner. The establishment of the Philadelphia "Saturday Courier," which has of late been the subject of much legal controversy, was sold at anetion on Saturday last, for $15,000. The purchaser was Mr. MeMakin. the surviving partner. He was the only bidder. # HON. ALBERT GALLATIN This gentleman has published another paper on the subject of the war, designed to show its expense and the unjustifiableness thereof in view of any benefits to be derived. # THE FATE OF GENIUS Robert Page, the once celebrated engraver in London, has just met with a most melancholy end. He died in the great metropolis of the age of 60, of starvation. He lived in a miserable room at Bethnal Green Commodore Charles G. Ridgely of the U. S. Navy, commander of the Baltimore station, died on Friday night last at Barnum's city Hotel. He was about 63 years of age, and had been sick for a considerable length of time. He entered the Navy at a very early age, and was a gallant and brave officer. MR. WILMOT. The Washington Union has virtually read the Hon. David Wilmot out of the ranks of the party, for having the hardihood to propose the raising of 5,000,000, by direct taxation. Niagara Suspension Bridge. - The first cord of the Suspension Bridge about to be constructed across Niagara river just below the Falls, was passed over on the 31st ult.

19. February 17, 1848 Herald of the Times, and Rhode Islander Newport, RI
Article from Herald of the Times, and Rhode Islander, February 17, 1848

Click image to open full size in new tab

Article Text

# GOLD MINE IN CONNECTICUT Among the assets of M. Y. Beach & Sons, which the receivers of the Plainfield Bank, New Jersey, laid their hands on, was a gold mine, situated in the northern part of Connecticut. In the name of wooden nutmegs, what next?

20. August 2, 1848 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, August 2, 1848

Click image to open full size in new tab

Article Text

PLAINFIELD BANK.-We are authorized to say to our inquiring correspondents that the Receivers of the Plainfield Bank cannot pay a dividend out of the funds in their hands until a suit now pending in the Court of Chancery of the State of New-Jersey against them, involving almost the entire amount of those funds, is definitively disposed of: but that negotiations are now in progress. and the Receivers have every reason to believe will soon be consummated, which will enable them to close up the concern

21. August 21, 1892 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, August 21, 1892

Click image to open full size in new tab

Article Text

ized it in different positions, studied it for some moments and finally handed it back to me with the remark: "I cannot read a line of it, Charles. You can read it much better than I can, and I must look to you to make sense of it if you can not decipher every word." Thereafter he never would read the proof of any article written by himself if he knew I had put it in type. For sixteen years James Brooks, first as a Whig and next as a Republican, represented a congressional district in New York city. An exalted and enviable position was his until near the close of these years, when in a fatal moment he became a victim of the infamous Union Pacific Credit Mobilier scheme, which plunged him at once into lasting disgrace and obliterated all the bright pages of his previous history. As one of a congressional committee he visited Puget sound in the steamer Oriflamme a few days before he fell from his high estate, and I had the pleasure of meeting him and his colleagues in Olympia, where the citizens treated them to a clam bake on the beach. He did not long survive his disgrace; in about a year death removed him from the scenes in which he had taken such an active part. Sunset Cox succeeded Brooks as a representative of the same district, and died while in service. At one period during the seventeen years of my printing experience in New York city, I was employed in the office of the Sun, of which Moses Y. Beach was then proprietor. In connection with his newspaper Beach ran a bank in Plainfield, N. J., from which he was supposed to derive a larger income than the paper yielded him, thought that was said to return him about $1,000 a week. The bank was a vehicle by which, in conjunction with his newspaper business, he daily put in circulation large amounts of worthless notes of his bank, which he never expected to redeem with coin. He paid his employes exclusively in Plainfield bank notes; he gave change at the counter in Plainfield bank notes; he paid for paper, type, etc., in the same notes, while the coin and notes of sound banks that came into his hands were added to the hoarded treasure. There was once a run on the Plainfield bank. Moses S. Beach, the oldest son of Moses Y., went over to meet the run with a wagon load of coppers and a few hundred dimes and half dollars. By the time he had counted out $20 in coppers and half dimes it was time to close the bank. The bank held no deposits; the run was started to procure coin for the notes, which were no better and no worse than the notes of several hundred other banks then in the country. All were at a discount of from 5 to 10 per cent., and none were safe to hold for twenty-four hours. One afternoon, while looking out of the windows of the Sun office, corner of Nassau and Fulton streets, the elder Bennett (there was then no James Gordon Bennett, jr.,) was seen running up Nassau street to the Herald office, on the opposite corner. His hat was battered out of shape and his clothing covered with dirt from head to foot. He had just been interviewing Colonel James Watson Webb and was hastening to publish the result in an extra. In little more than an hour afterward the boys were crying out: "Extra Herald! Ruffianly assault on James Gordon Bennett by James Watson Webb," etc. The details and heading occupied a column and a half, and several hundred extras were quickly sold. This gave Bennett notoriety, and notoriety seemed then his chief aim in life. Bennett's face and figure would attract attention and perhaps force a smile where he was unknown. To a tall and ungainly figure he added eyes as crooked as those of Ben Butler; indeed, his crooked eyes were almost as prominent a feature as Horace Greeley's bald head, which was noticeable in his day for the reason that bald heads were not so fashionable then as now. I cannot recall a single journalist fifty years ago, except Greeley, who did not have a luxuriant head of hair. Much is known to the writer of the methods and characteristics of Bennett and others, but to detail them here would make this sketch unduly long, therefore I refrain. CHARLES PROSCH.