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number in New York since March is stated at 280; in Boston, of failures 168. In New Orleans, Burke, Wall & Co. failed for twenty mill lions, carrying many others with them The price of negroes falls from $1 200 to $250 or $300 cash. The com mittee of merchants appointed at the Masonic Hall meet ing, have an interview with the President. They request him to rescind the Specie Circular, to defer commencing suits upon unpaid bonds, and to call an extra session of Congress. They say that in six months real estate has depreciated forty millions that local stocks have declined twenty millions; that 250 extensive houses have failed; that merchandise in warehouse has fallen 30 per cent in value, and that 20,000 persons have been discharged from ment employ MAY 4.-John Fleming, President of the Merchants' Bank, fell dead from excessive anxiety with regard to the affairs of the bank. A run set in on all the banks. Two banks at Natchez stopped. MAY 5.-There is a slight run on the Mechanics' Bank, and more failures MAY -United States Bank stock falls ten por cont. The HERALD predicts its crash. MAY 8.-Three Buffalo banks stop. United States stocks fall below par. There is great run on the Dry Dook Bank, and it shuts its doors. Another meeting of the merchants is held at Masonic Hall. The correspondence between the committee and the President is read. He refuses to revoke the Treasury Circular, but will think about" the other propositions. The great banking house of John Ward & Co. suspends. United States stock goes down to 95, and Morris is out of sight. MAY 10 After one day's run the banks, with three exceptions, (the Merchants' Manhattan Company and Bank of America), vote to suspend specie payments. The other three joined in the movement, being forced to it. The banks received city notes in payment of debts, and paid them out to depositors. Specie commanded premium. Bills on England were quoted at to 12½ per cent premium. Meeting of merchants in the Exchange pass reselutions to sustain the banks. MAY 11 The banks of Boston, Salem, Lowell, Providence, Philadelphia and Baltimore suspend specie payments. The HERALD publishes a list of 239 failures in New York. Specie commands 10 per cent premium. The Philadelphia banks having suspended, the Common Council authorized the issue of twenty five and fifty cent certificates for a new loan, which were accepted as currency; they were called city shinplasters. MAY Bank of the United States, Pennsylvania, suspends specie payments. MAY The Legislature of New York pass a law au thorizing the suspension of specie payments for one year. MAY 17 -The President calls an extra session of Con gress, to meet September 4. Great anti bank meetings are held all over the country. The Montreal banks suspend specie payment. Banks of Charleston, Cincinnati, Savannah and Quebec suspend. MAY 18.-The President issues a circular authorizing the United States District Attorneys to give six months time on payment of duties. The city is flooded with notes for small amounts issued by hotel and saloon keep ers. MAY 22.-News is received of the suspension of the New Orleans banks. (May 12.) Every bank in the country has now suspended. MAY -Cotton was firm and sales made at 81/2e. a 11c. We extract the following from a New York paper:- The amount of specie now going to Europe exceeds that of any period for five years past; it is the only way in which remittances can be made. The bill drawers have all disappeared, and if they had not they could not negotiate. Since the first of April not less than three millions in specie has been shipped. Very little cotton is going forward, owing to the fact that people do not know whom to ship to in the present state of affairs. Money is again getting tight; our banks, instead of increasing, are diminishing their loans. Specie has fallen, silver selling 6a 7, Spanish dollars a 10, American gold 6a7, and sovereigns 5.20 a 5.27. JUNE-Nothing new this month. Trade continues duM. The HERALD refuses to take bank notes at less than Wall street rates-12 per sent under specie, and pays out only specie. JUNE 3.-Stocks go up a little, and the HERALD reports a better feeling. Business of all kinds is very dull. The North River steamboats suspend their trips. The Brook lyn Bank resumed specie payments. The New York Board of Trade issue circular advocating a national bank. JUNE -English bills went up to 18 a 20 per cent premium for first class paper. JULY.Stocks went up a little, and the crisis was believed to be over. The HERALD (28th) calls on the banks to resume. The banks have $1,709,652 specie to $5,574,808 circulation. AUGUST-The fall trade commenced earlier than usual, and strangers began to flock in The imports, however, were very much reduced. On the 18th the banks issue a circular calling for a general convention to consider the question of resumption of specie payments The Manhattan had already resumed. There was still great dis tress in mercantile circles. SEPTEMBER 1.-Banks of Augusta, Ga., and South Carolina resume. SEPTEMBER 4.-The extra session of Congress met, and Mr. Van Buren sent in a message recommending a separation of the government from all banking institutions, the issue of ten millions of treasury notes, the enactment of a general Bankrupt law. and to leave commerce and the exchanges of the country to take care of themselves. The effect of this measure was to depress all the bank stocks. During this month things look a little brighter. SEPTEMBER Cotton quotations were sustained to 8c. a 113/2c. Exchange quoted 20 a 21. British government bills 30 days, 22. SEPTEMBER 17 .-Money was plenty, the banks discounting freely. United States bank stock 117% American gold 8½ premium. SEPTEMBER 24.-Gold plenty, and declined to 3½ 4 premium. United States bank (Pennsylvani stock 118. Exchange 15% 1616. SEPTEMBER .-Exchange declined to 14 a 14½ OCTOBER passed the bill authorizing the issue of ten millions of treasury notes, bearing six per cent in terest. Several of the New York banks resumed specie payments. Congress adjourned on the 10th. OCTOBER -Savannah, Ga., banks resumed. Exchange advanced to 15½ 16. OCTOBER -Cotton market stiff, and quotations range from 9c. a 12c. Exchange 15½ 16. OCTOBER 21 Cotton still stiff, and quotations 81/2c. a 12c. Exchange 15 151/2. Specie advanced. NOVEMBER.-The Bank Convention (135 delegates from eighteen States) met in New York city on the 9th. and continued in session till December 1. and then adjourned till April, declining to fix any time for resumption. At this Convention, Messrs. Adbert Gallatin, George Newbold, C. W. Lawrence, Cornelius Heyer, John J. Palmer, Preserved Fish and Gorham A. Worth were appointed committee to publish the views of the New York banks. Their address states that the withdrawal of the public depssits and of excessive foreign credits, with a great fall in the prices of the principal articles of export and an unprecedented import of breadstuffs. with the inability of the Southwestern States to pay their bills, fell all at once upon this city. The banks struggled with all this and with a foreign demand for specie, until some local incidents caused distrust and panic, and a general run commenced which no banks that pay specie for notes on demand can ever resist. Thus the banks of New York city suspended, after having been almost entirely drained of their specie, while the other banks through the country suspended im mediately after without waiting for a run, and kept their specie reserve. NOVEMBER 18 Exchange quoted 15 a 151/2 Specie declining shipments SO light as not to be worthy of notice. DEC EMBER -New Orleans banks resumed. DECEMBER 9.-A New York letter to Charleston paper says. "A packet salls to-day. carrying out commercial news highly favorable, which will gladden the hearts of all who have claims upon America. Exchange 11½ 12. Specie is only at premium because the banks are in pur suit of it. Produce shipments are large, and orders for imports very small which is the cause of the decline in exchange. The movement of cotton is bettering the rate of exchange in the South DECEMBER 16.-Exchange declined to 10 a 11. Cotton improved Me. DECEMBER 30 -Exchange quoted at 9½ a 9% 1838. JANUARY -Intelligence from Europe excited the cotton market. The sales are very large but there is no improvement in prices. Quotations 9 11 1/20. JANU ARY 13 -More activity in the cotton market than known for several years. Prices advanced 11/2c. JANUARY 19 -One of the city papers of this date, says:" We are enabled to say, on authority that the banks of Philadelphia are ready to resume specie payments whenever the New York banks do. Although they won't name the day they pledge themselves to resume the day after the New York banks.' A few days after, another city paper said :- We understand that the Com. mittee of the Banks came from Philadelpia on Saturday, not with a big flea in their car at all, but with good din ner. which Mr. Biddle gave them. As to the resumption of specie payments the state of exchange was not thought fit to warrant the fixing of a day for that purpose.' FEBRUARY Exchange declined to 81/2 FEBRUARY 10.-Cotton declined. and quoted 9c. a 11 Ve. FEBRI ARY 22.-Specie declining: sales at 2a21/2 premium Contracts made to deliver specie 1st of May at 1 per cent. premium, without interest. It is daily arriving. and in R month or two the receipts from Europe must
