1381. Charter Oak Bank (Hartford, CT)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 6, 1857
Location
Hartford, Connecticut (41.764, -72.685)

Metadata

Model
gpt-5-mini
Short Digest
095c8036076d323b

Response Measures

None

Description

Multiple contemporaneous newspaper reports (Oct 6, 1857) state the Charter Oak Bank suspended specie payments during the Panic of 1857. There is no clear description of a depositor run in these articles. An injunction against the suspended Hartford banks was removed by Dec 4, 1857 and the banks were prepared to do business as formerly, indicating a reopening.

Events (2)
1. October 6, 1857 Suspension
Cause
Macro News
Cause Details
Suspension occurred during the nationwide financial panic/credit pressure of October 1857 (tight money, thrown-out bills, widespread bank suspensions).
Newspaper Excerpt
The Charter Oak, Mercantile, and Exchange Banks of Hartford suspended specie payment this morning.
Source
newspapers
2. December 4, 1857 Reopening
Newspaper Excerpt
The injunction against the Mercantile, Charter Oak and Exchange Banks of Hartford was this morning removed, and they are now prepared to do business as formerly.
Source
newspapers

Newspaper Articles (13)
1. October 7, 1857 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, October 7, 1857

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Financial Matters. We have to notice the suspension, in Boston, of Proc tor & Wood, wool and produce commission house, City wharf. We understand they lost very heavily in wool sales by the failure some weeks since of F. G. Swan, a large commission house in New York. The Boston Advertiser authoritatively contradicts the statement that Mr. John A. Lowell has suspended payment or made an assignment. The Charter Oak, Exchange, and Mercantile Banks of Hartford suspended payment on Tuesday. These bills are not received at the Suffolk. Judge Merrick Monday afternoon granted an injune tion against the Western Bank of Springfield, as asked by the Bank Commissioners. The ground of injunction is the utter insolvency of the bank. The Commercial Bank of Bath has not failed. The bank is perfectly sound. Its charter expired Oct. 1, and it has gone into liquidation on that account. The Lowell Courier states that the MiddlesexCompany have concluded to keep their works in operation for the present, and that they continue to employ their usual number of hands. The faiures announced in New York on Saturday even ing, were those of Gage, Dater, & Sloan, dry Goods job bers; L. Bauer & Co., hosiery dealers; and Livingston & Ballard. grocers. The suspension of the latter, it is said, will be only temporary. At Baltimore on Saturday, the money market was much excited. and more stringent. They discounted only to a limited extent. Good first class notes are quoted at 11 per cent a month; money on call 11 to 2 per cent. Exchange on the North command 8 to 10 per cent. premium, and gold sold at 7 to 10 per cent. premium. The Philadelphia Ledger says the opinion entertained by some that suspension would afford relief to the money market, and thus put a stop to further failuresi is fast dying out. Suspensions are of almost daily occurrance. and arelikely. to continue for some time yet.

2. October 7, 1857 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, October 7, 1857

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Monetary Affairs. NEW YORK, Oct. 6.-The day closed upon a very tight money market The difficulties of negotiating exchange have induced merchants to order grain sent forward, guranteeing expenses here. Sterling bills closed at 95 a 102, to cover actual transactions, some names selling little higher, but only in small sums. The receipts at the Sub Treasury were $228,868, and payments $1,288,137. balance $6,560,045. The receipts include $100,000 transferred from Boston, and the payments include $112,000 California debts, $200,000 in small pieces sent to the Mint, for which large gold will be returned tomorrow, and $600,000 to the Bleeker street Sav. ing Institution, for redeemed United States stock. The American Exchange Bank, after holding the drafts of Messrs. Lathe & Church up to the close of business, yesterday, refused to pay them this morning, and they were protested. NEW York, Oct. 6.-Bills of the Lee Bank, Mass., Mercantile, Charter Oak, and Exchange Banks, Hartford, Conn., and Bank of Watertown, N. Y., are thrown out today. Messrs. Yelverton & Walker suspended yesterday. PHILADELPHIA, Oct. 6- Much excitement was occasioned among the Reading stockholders last evening, by the discovery that the act of the Legislature of 1850, extending the bonds, makes the stockholders individually liable for all debts of the company thereafter contracted, with a provizion not to include bonds which may be issued in lieu of bonds already existing. ST. LOUIS, Oct. 6.-A meeting was held yesterday at the Merchants' Exchange, to consider the currency question. Mr. Henry, Bank Commissioner of Illinois, made a statement of the banks of that State, which was generally regarded as satisfactory. The committee appointed to report on the subject, convened in the afternoon, but adjourned without coming to a definate conclusion. The vote on receiving the currency at par stood at a tie. Previous to the adjournment a resolution was passed to petition the Legislature to issue no more bonds at present, and to create a sinking fund for the payment of the interest of those already issued. Another meeting was held at the Exchange today. The suspension of Lucas & Co. is announced. Their assets are known to be ten times greater than their liabilities. There was a run today npon the banks of Missouri, and Boatmen's and German Institution. There are no evidences of a suspension yet. The regular banks remain strong. DETROIT, Oct. 2.-The Farmers' & Mechanics' Bank of this city has been placed under injunction by the Attorney General. HARTFORD, Oct. 6.-The Charter Oak, Mercantile, and Exchange Banks suspended specie payments this morning, The officers of all the other banks met last night and resolved not to suspend.

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

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TELEGRAPHIC NEWS. REPORTED FOR THE DAILY DISPATCH. LATER FROM EUROPE. NEW YORK, Oct. 6,-The steamer City of Washington arrived this morning from Liverpool, with dates to the 23d of September-same as the AngloSaxon. FROM INDIA. Lord Elgin had brought 1,700 trooys from China to Calcutta and it was proposed to send some native troops to China. A letter to the Paris Patrim. says that Nena Sahib was marching on Luckenow, four days in advance of Gen. Havelock. The fort at Luckenow is considered impregnable. THE FINANCIAL PRESSURE, FAILURES, &c. NEW YORK, Oct. 6-The bills of the Lee Bank, Mass., Mercantile, Exchange and Charter Oak, Hartford, Ct., and Bank of Watertown, New York, are thrown out to-day. Willett & Co., hardware merchants, have suspended. WASMINGTON, Oct. 6.-F. & A. Dodge, the heaviest importing merchants in theDistrict, have made an assignment, caused by the suspension of Clark, Dodge & Co., and Abbott. Dodge & Co., New York. PHILADELPHIA. Oct. 6.-Much excitement has been caused by the discovery that the holders of Reading Railroad Stock. are individually liable. by the act of 1850 for all debts of the company contracted after that date, with the promise that it is not to include bonds which may be issued in place of bonds already existing. HARTFORD, Ct., Oct. 6.-The Charter Oak, Exchange and Mercantile Banks, have suspended specie payment. The other banks have resolved not to suspend.

4. October 7, 1857 The Day Book Norfolk, VA
Article from The Day Book, October 7, 1857

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Monetary Affairs. PHILADELPHIA, Oct. 6.-There was much excitement produced among the Reading stock holders last evening by the discovery that the act of the Legislature of 1850 extending the bonds makes the stockholders individually liable for all the debts of the company, thereafter, with a provision not to include the bonds which may be issued in lieu of bonds already existing. NEW ORLEANS, Oct. 6.-Messrs. Worbees, Griggs & Co., have suspended. It is supposed, however, to be only temporary. NEW YORK, Oct. 6.-The bills of the Lee Bank, of Massachusetts, the Mercantile, Charter Oak, and Exchange Banks of Hartford, Connecticut, and the Bank of Watertown, New York, were thrown out here this morning. HARTFORD, Oct. 6.-The Chester Bank, Mercantile and Exchange Banks have suspended specie payments. The other banks have resolved not to suspend.

5. October 7, 1857 Evening Star Washington, DC
Article from Evening Star, October 7, 1857

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The Financial Crisis, &c. NEW YORK, October 6 -The Evening Post regards the aspect of financial affairs as favorable, and the Commercial of this afternoon discovers no material change from resterday. The specie lost by the banks last week went to sustain other cities standing in more need of it than New York. The movement is regarded by cool-headed business men as exceedingly praiseworthy, though the croakers make use of the loss of specie for the renewal of the panic. Stocks were firmer after the adjournment of the second board. The payments at the sub-treasury to-day were over one million and a quarter of dollars, which is a very encouraging feature. The bills of the Lee Bank, of Massachusetts, the Mercantile, Charter Oak and Exchange Banks of Hartford, Conn., and the Banks of Watertown, New York, were thrown out here this morning PHILADELPHIA, Oct. 6.-There was much excitement produced among the Reading stockholders last evening by the discovery that the act of the Legislature of 1850 extending the bonds makes the stockholders individually liable for all the debts of the company thereafor, with a provision not to include the bonds which may be issued in lieu of bonds already existing. HARTFORD, Oct. 6 -The Charter Oak, Mercantile and Exchange Banks have suspended specie payment. The other banks have resolved not to suspend. NEW ORLEANS, October 4.-Messrs. Vorhees, Griggs & Co. have suspended. It is supposed, however, to be only temporary.

6. October 7, 1857 The New York Herald New York, NY
Article from The New York Herald, October 7, 1857

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any them alone. As a general thing they are dear at any price. The Assistant TA `esurer reports to day as follows:$228,868 57 Total receipts 1,288,137.65 4. payments " baian 6,560,045 74 The receipts to day incia de $100,000 for transfer drafts on Boston, and the payments include $112,000 on Callfornia drafts, and $200,000 sent to the United States Mins, Philadel bis. It will beseen tha the Treasury balance is reduced to nearly six and a half million of dollars, -n amount less than we have known for many mombs. We hope to see it loss than half that figure before the ist of January, 1868. Our advices from the East in regard to the banks of that section are not at all encouraging from Hartford we have accounts of the suspension of three banks-the Mx change, Charter Oak, and Mercantile. The New England banks are daily weakehed by the reiurn of their ciron lating notes. In this respect they differ very much from the banks of this State, or any other State where the pub. lic stock security exists The return of cireclating notes to the banks of New England weakens them by taking away gold or other assets, while in this state the returns of circulating notes rather strengthen the banks, for they take the notes to the Banking Su erinlendent, get State stocks to exchange, sell them ain premium, and are therefore in funds for future operations The circulation of the Eastern banks to coming in from the West in volumes, and as it is redeemed it leaves each bank * orse off than before This is likely to lead to trouble among these institutions, and perhaps ultimately to general suspension among the country banks, if no more. The whole of Rhode Island and e good many banks in Connecticut have already gone down The annered li.t contains the names of banks the bills of which are not received at the Suffelk Bank:MAINE - Exchange Bank Bangor; Hallowell Bank, Hallo well; Hancock Bank, Ellsworth; Ship Builders' Bank, Rockland; Maritime Bank, Bangor; Ellaworth Bank, Elle worth; Chine Bank, China; Central Bank, Haliowell; San ford Bank, Sanford MASSACHUSETTS --Cochituate Bank, Rosten : Groners' Bank, Borton; Manufaciarers' Bank, Georgetown; West ern Bank. Springfield NEW HAMPSHIBE-Exeter Bank, Exeter; Lancaster Bank, Lanesater. VERMONT -Stark Bank, Bennington; South Royalton Bank, South Royalton; Damby Bank Danby. CONPECVCUE-Estern Bank, West Killingly; Wooster Bank. Dembury; Woodbury Bank Woodoary; Hartford County Bank Hartford, Exchange Bank. Hartford; Mer centile Bank, Bartford; Charter Oak Bank, Hartford; Oolchester B.nk, Colobaster. RHODE ISLAND.-The bills of none of the banks are received The suspension of a very large fur dealer in Maiden lane was reported to day-reported to have a large surplus. The American Exchange Bank, after honoring the drafts of Messrs Sather and Church, of San Francisco, up to the close of b siness-yesterday, refused to pay them this morning, and they were protested. The suspension of Meesrs. Willetta & Co. is also announced this morning. Adrian H. Muller will hold his regular auction sales of stocks and bonds to morrow, at 12½ o'clock, at the Merchants' Exchange Albert H. N.colay will hold a special sale of stocks and bonds to-morrow, (Wednesday) at 12 o'clock, at the Mer chants' Exchange. The notes of the Bank of Waterlown were discredited yesterday. Its agents at Albany speak confidently of the ability of the bank to continue its redemptions on and after to-morrow. The an. exed is a comparative statement of the exports (exclusive of specie) from New York to foreign ports, for the week and since Jan 1:1856. 1857 1855. 1,809.390 Tota' for the week. $1,367,470 1,721,980 54,015,245 57,692,368 Previously reported 45 834,246

7. October 7, 1857 The New York Herald New York, NY
Article from The New York Herald, October 7, 1857

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THE WESTERN BANK, SPRINGFIELD, MASS. BOSTON, Ost. 6, 1857 Judge Merrick, upon the motion of the Bank Commis sioners, has granted A temporary injunction on the West ern Bank of Springfield SUSPENSION OF THE BANKS OF HARTFORD. HARTFORD, Comn., Oct. 6, 1867. The Charter Oak Bank, the Mercantile Bank, and the Exchange Bank, suspended specie payment this morning The officers of all the other banks met last night and re solved not to suspend. THE FARMERS' AND MECHANICS' BANK AT DETROIT. DEPROIT, Oct 6, 1857. The Farmers' and Mechanion' Ba: k in this city has been placed under an injune lon by the Attorney General FAILURE IN GEORGETOWN. WASHINGTON, Oct 6, 1857. Messrs. F. & A H. Dodge, merchants and importers in Georgetown, are said to have made an assignment. Heretofore they were considered the heaviest business firm in the District of Columbia THE BANKS OF WILMINGTON. PETERSBURG, Oct. 6, 1857. The Petersburg Express says it is rumored here this evening that the banks of Wilmington and Cape Fear refueed to redeem their notes yesterday. The Commercial and Bank of the State redeemed everything All of them are said to be perfectly solvent. SUSPENSION IN NEW ORLEANS. New ORLEANS Ost 5, 1857. Messrs. Voorbies, Griggs & Co. have suspended, tempo. racily, it is supposed. LIABILITY OF READING RAILROAD STOCKHOLDERS. Philadelphia, Oct. 6, 1857. Much excitement was occasioned among the stockholders of the Reading Railroad last evening, by the discovery of an not of the Legislature of 1850 extending the bonds, which make stockholders individually liable for all the debts of the comp ny thereafter contracted, with a pro vision ' no: to include bonds which may be issued in Hou of bonds already existing." THE PHILADELPHIA STOCK BOARD. PHILADELPHIA, Oct 6, 1857. Stocks heavy. Pennsylvania State 5's, 19%; Reading Railroad, 13½; Morris Canal, 40; Long Island Railroad, 8; Pennsylvania Railroad, 37.

8. October 8, 1857 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, October 8, 1857

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Telegraphic News. New YORK, Oct. 6.-The screw steamship City of Washington, from Liverpool at noon 23d ult., arrived here this morning. Great activity prevailed in England in sending reinforcements to India. The overland mail steamer was to take 2000 troops from Malta to Alexandria, to be sent through Egypt to India. Several hundred troops will go out in succeeding steamers. The India Company had decided to engage the fleetest European and American steamers. Lord Elgin's mission to Calcutta was to propose an exchange of European for native Bengal regiments, as the Indians would prove sufficiently effective and more trustworthy in Canton than in their own country. Lord Elgin took with him to Calcutta 1700 troops, and marines in a naval brigade organized 10 proceed forthwith up the Ganges. The French Government had received dispatches from India, announcing that the governor of Pondicherry had, as a speculation, called upon the Admiral of the French fleet in the Indian seas, for some ships of war. Gen. Neil, at Cawnpore, was compelling all the high caste, or Brahmins, whom he could enpture, to collect all the bloody clothes of the victims and wash the blood from the floors, their movements being accelerated by the application of a cat. Afterwards the Sepoys were hanged one after another. One hundred Austrian officers have offered to serve in India. A London letter, in the Paris Patrie, asserts that Salif was marching upon Lucknow at the head of 150,000 insurgents, and as be was within four days of Gen. Havelock it was considered certain that he would effect a junction with the insurgents before the English Generals arrived. The Fort of Lucknow was well supplied with provisions and ammunition. It was deemed impregnable. Advices from St. Petersburgh report a great storm and fire on the Sandago Canal. 200 country crafts with their cargoes of produce were wrecked. The following is said to be the result of the new election in Moldavia: Out of 87 electors 66 have declared for the Union of the Principalities, 6 against, and 15 neutral. The election at Wallachia is to commence on the 18th. The Persian troops have evacuated Herat. DETROIT, Oct. 6.-The Farmers' & Mechanics' bank, of this city, has been placed under injunetton by the Attorney General. HARTFORD, Oct. 6.-The Charter Oak bnnk, tho Mercantile bank, and the Exchange bank suspended specie payment this morning.The officers of all the other banks met last night and resolved not to suspend. NEW YORK, Oct. 6.-Bills of the Lee bank, Mass., Mercantile bank, Charter Oak bank, and Exchange bank, of Conn., and the bank of Watertown, N. Y;, are thrown out to-day. The Weare bank, N. H., was thrown out. The bille of the bank of Lima, N. Y., were again taken. BOSTON, Oct. 6.-Judge Merrick, on motion of the bank Commissioners, has granted a temporary injunction upon the Western bank of Springfield, Mass. HARRISBURG, Pa., Oct. 6.-The Legislatore convened to-day. Gov. Pollock delivered his message, suggesting measures for there. lief of the banks and public. BUFFALO, Oct. 6.-The New York State Fair opens to-morrow, and continues for three days. The entries up to this noon are over 2,500.-A greater number than ever before made. The weather is very favorable.

9. October 8, 1857 The New York Herald New York, NY
Article from The New York Herald, October 8, 1857

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In relation 10 the suspension, the Hartford Times of last evening remarks:For the past three weeks, as we have repeatedly stated, the pressure upon be banks of No , England has bear gearer than they were, as a general thing, able to bear. They have assets-notes of indi-iduals and corporationsthat would if available, pay ff ali toeir deposite. all their bills, and leave a surplus. But they cannot collect these assets If a note is due, the maker of the note cannot osy it, in times like these If he pays 50 per cent of 16, no does pretty well. This cramps the banks fne, cannot mestthe degands upon them in gold, or specie funds, BY long as they annot reach that which is due inem. Oae bank after another has falien-every day brings us re ports of several suspensions Several of our banks have, under ti 040 circumstances, concin to supend, for the present They are the Exchange, an old bank The Mercan lie, a new one, whose securities were taken from the Siate Treasury, under the act 0) 1865 lbe Charier O.K, a'so a new one, like the Mercantile. These bar ks fluding an immediate pressure on them greater than they could meet, agreed this morning (0 tober 6.) to stop paying specie. they continue wi.h open doors, and do busis ess, but do not redeam heir notes It 1. said that the Har ford, Connecticut River Phoenix, Farmer' and Mechanics', City and State banks, are able to sustain specie pay ments. The suspended banks claim to be solvent, and that they will be able to pay not only bills and depositors, out also render so nd aweets to meet the par value of the sook. The Exchange has been lame the 1. ngest, and is probably the sorest But we doubt not that 18 will pay all of its only and de osits, and probably be good for a part, if not a good share, of its stock. The remaining banks of Hartford have issued the annexed card:To THE PUBLIC Tbe announcement that three banks in Hartford have this day suspended specie pay ments, leads the six other banks, undersigned, to state publicly:1 That they believe themselves (ully able to justify and preserve the public comfidence heretofore reposed in them, and to that end, 2 They, for themselves, deem it their imperative duty not to suppend pecte payments H A. PERKINS, President of Hartford Bank. GEORGE BEACH President of Proenix Bank ALFRED AMI H. President of Connecticut River Bk'g Dr. CHARLES BOSWELL, President of Far's and M'cns Bk. T BEIKNAP, President of State Bank. G F DAVIS, President of City Bank of Hartford. BARTFORD, October 6, 1867. The Auditor of the State of Indiana has just reported the condition of the circulating department of the banks of the State, on the 1st of October, 1857, to have been me follows:-

10. October 17, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 17, 1857

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$11,751 Increase, 22 ₽ cent The Albany Journal has the following article upon the bank suspensions aud its consequences: "The failure of the banks of this State to maintain specie payments, places them, in fifteen days by one process, and in twenty days by another, should creditors proceed against them, the hands of the Bank Saperintendent; and thence, if Judges deem it to be their duty to act, in the hands of Receivers. In this condition all their business functions are suspended. These stringent provisions, and this summary proceeding, are presumed to be founded either upon the actual infolvercy or fraudulent acts or intentions of banks. That any considerable number of our banks would be thus proceeded against, is not at all probable. But yet, their exposure and liability to such proceedings would necessarily paralyse them all, serving, in effect, to deprive the community of the facilities usually derived from banks while in suspension. "Another consequence-and a most startling consequence-is, that when the notes of banks come to the Department under protest, the Supe.intendent is required to preceed to sell their securities, applying the proceeds, pro rata, to the redemption of their circulation. For these securities he can only receive gold and silver. What such securities will bring, and how far the proceeds will go toward redeeming the circulation, remains to be seen. Again, by a provision of the bank law, referred to and recognized in the bonds and mortgages deposited in the Department, such mortgages become due when the bank refuses to pay specie for its notes. Six millions of dollars, secured to be paid by bond and mortgage, in the Bank Department, are due and collectable this day." The suspended banks in Hartford agreed yesterday to take on deposit the same notes they received previously, and they expect to let in the Charter Oak, Mercantile and Exchange Banks in & few days, The Connecticut River Banking Company continues to pay specie, and intends to continue. It receives the bills of other banks, the same as the suspended banks of the city do. The Trenton American has compiled from the October returns of the banks, not including the Morris County Bank-- statement of " hich it had notseen-

11. October 28, 1857 Weekly Council Bluffs Bugle Council Bluffs, IA
Article from Weekly Council Bluffs Bugle, October 28, 1857

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Hartford, Oct. 17. The Charter Oak, Mercantile and Exchange Banks continue to receive the bills of the other suspended banks, and will not discount them unless they are conjoined.

12. October 31, 1857 Vermont Phœnix Brattleboro, Bellows Falls, Ludlow, VT
Article from Vermont Phœnix, October 31, 1857

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Uncurrent Bank Bills. Under the present temporary arrangement during the panic, the bills of the suspended Banks of New England and New York are generally current in Boston and New York.The exceptions up to this time are all given below ; and in regard to these it is supposed that the bills are good in most cases, though not bankable. Or those Banks in this State set down as uncurrent, the Royalton, Stark, Missisquoi, and St. Albans, are undoubtedly good, and holders of bills should not submit to a sacrifice on them. The bilis of the following Banks are not received at the Suffolk Bank, Boston, nor at the Metropolitan Bank, New York : MAINE. China, and Canton, at China. Ellsworth, at Ellsworth. Exchange, at Bangor. Hallowell, and Central, at Hallowell. Hancock, at Ellsworth. Maritime, at Bangor. Monsum River, and Sanford, at Sanford. NEW HAMPSHIRE. Exeter, at Exeter. Weare, at Hampton Falls. VERMONT. Danby, at Danby. Missisquoi, at Sheldon. Royalton, at Royalton. South Royalton, at South Royalton. Stark, at Bennington. St. Albans, at St. Albans. MASSACHUSETTS. Manufacturers, at Georgetown. Western, at Springfield. RHODE ISLAND. At present all notes issued by the Rhode Island Banks are rejected, although most of them are current in their own State. CONNECTICUT. Bridgeport City, at Bridgeport. Charter Oak, at Hartford. Colchester, at Colchester. Exchange, at Hartford. Hartford County, at Hartford. Hatters, at Bethel. Mercantile, at Hartford. Merchants' Exchange, at Bridgeport. North America, at Seymour. Palaquioque, at Danbury. Pawcatuck, at Pawcatuck. Quinebaug, at Norwich. Thompson, at Thompson. Uncas, at Norwich. Windham County, at Brooklyn. Woodbury, at Woodbury. Wooster, at Danbury. NEW YORK. Agricultural, in Herkimer County. Central Bank of New York, at Utica. Dairyman's, at Newport. Hamilton Exchange, at Greene. Hollister, at Buffalo. Huguenot, at New Paltz. Medina, at Medina. Niagara River, at Tonawanda. O. Lee & Co.'s Bank, Buffalo. Ontario, at Utica. Orleans, at Albion. Reciprocity, at Buffalo. Sacketts' Harbor, at Buffalo. Troy City, at Troy. Yates County, at Penn Yan.

13. December 4, 1857 The New York Herald New York, NY
Article from The New York Herald, December 4, 1857

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its operations, protect those with whom it in connected in the struggle, BO that they can exercise their full power and influence in allaying undue excitement, and relieve the pressure by preserving public credit. The Bank of England has a duty to perform during a financial revulsion which compels it to extend its resources and risk them where others would hesitate. The banks of this city can draw themselves within their stone walls and leave the community to take care of themselves as they best can. The Bank of England looks to the preservation of public confidence, by sustaining, if called upon, those houses which, in times of panie, attract the greatest attention. The Bank of England is now engaged in this important movement, and its judicious management may quiet the public mind, and bring about, at no distant day, a more healthy state of things in the financial world. Our banks have piled up in their vaults nearly twenty-five millions of bullion, reduced their discounts to less than ninety-five millions of dollars; and there they stand, perfectly regardless of any national or local interest, and disposed, doubtless, to wait patiently the recovery of confidence and business. The injunction against the Mercantile, Charter Oak and Exchange Banks of Hartford was this morning removed, and they are now prepared to do business as formerly. All of these banks are in a first rate condition. The quantity of flour, wheat, corn and barley left at tidewater during the fourth week in November, in the years 1856 and 1857, was as follows:-