15282. American Exchange Bank (New York, NY)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
October 13, 1857
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
62fd18ab

Response Measures

Accommodated withdrawals, Public signal of financial health, Partial suspension

Other: Coordinated suspension arranged by bank presidents; Clearing-House exchanges adopted and later restoration of many small-country banks' notes as Clearing-House money.

Description

Contemporary reports (Oct 13–15, 1857) describe a heavy run on the American Exchange Bank; the bank paid out specie (about $120,000 reported), its officer David Leavitt addressed crowds assuring payment to the last dollar, and the bank issued a circular (Oct 14–15) changing its pay-out rules. While many New York banks formally suspended specie payments during the general crisis, the American Exchange Bank is repeatedly reported as having paid demands and adopting new rules rather than immediately closing—so the episode for this specific bank is classified as a run only. Cause attributed to the wider 1857 financial panic and runs on other city banks (systemic/macro news).

Events (1)
1. October 13, 1857 Run
Cause
Macro News
Cause Details
Part of the broader Panic of 1857: heavy runs on numerous New York banks and widespread financial panic/rumors led depositors to withdraw funds from the American Exchange Bank.
Measures
Paid out specie (reported ≈ $120,000); officers (David Leavitt) publicly reassured depositors; issued circular (Oct 14–15) limiting payouts and specifying that deposits in notes/checks would be repaid in bank notes or certified checks and that collections in other states paid in received currency until further notice.
Newspaper Excerpt
In the morning ... a large crowd had assembled ... About $120,000 was paid out. David Leavitt addressed the crowd, assuring them that all the Banks would pay to the last dollar.
Source
newspapers

Newspaper Articles (21)
1. 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.

2. 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

3. October 14, 1857 Evening Star Washington, DC
Article from Evening Star, October 14, 1857

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From the Associated Press Agent. The Pennsylvania Election. PHILADELPHIA, Oct. 13.-The general elect for State officers -Governor, members of the L islature, Canal Commissioner, Judges, &c his State-came off to-day. In this city it pas off very quietly, and with no disturbances of peace. Only a small vote appears to have b polled Williamsport, Lycoming county, gives Pack Dem., for Governor, 469; Wilmot, Rep., 278; Hazlehurst, Amer., 139 Columbia, Lancas county, gives Packer 319; Hazlehurst 211, Wilmot 85. Phoenizville, Chester county. gi Packer 295, W ilmot 237, and Hazlehurst 12. PITTSBURG, Oct. 12 -Returns from three I cinets in and two in Alleghany city sh a falling off in the Republican majority of m than half, and it is believed that their major in the entire county will bereduced still more LANCASTER, Oct. 13th.-The returns from city, complete, give Packer a majority of 730 large Democratic gain Northumberland-Packer's majority in t borough is 110. Harrisburg -Thiscitygives Packer a major of 419-a Democratic gain of 370. Dauphin cou gives 79 majority for Packer-a heavygain Danville gives 92 maj. for Packer; Tama 215 do and Mount Joy, Lancaster county, gi Wilmot a majority of 119. Honesdale, Wayne county, gives Wilmot majority. Scranton gives Packer 107 majority York county-This county is reported at 2 majority for Packer. It gave Buchanan over 2 majority last fall Lycoming county gives ,000 majority for Pa er. It gave Buchanan about the same. Carawissa, Columbia county, gives Wilm majority. West Chester, Chester county, gives Will 198 majority Luzerne county 1,500 majority for Packer, ag of some 400 on the last Presidential election Berks county gives 6,000 Democratic major Reading alone gives 1,000 majority for Packer gave Buchanan about the same majority Montour county gives Packer 450 majorit about the same it gave Mr Buchanan Northampton county gives Packer about 3 majority-a gain. PHILADEDPHIA, Oct. 13, midnight. From character of the returns received here there is question of Mr Packer's election. Be has m SO far considerable gains on Mr. Buchanan's when he carried the State over the Republi candidate by 83,200 plurality and over all by I majority The Democrats are now parading the str contident of victory. They have elected their Legislative ticket. and also their county tic The entire ticket for Democratic State and cou officers is elected in this city and county by largest majority ever known PHILADELPHIA, Oct. 14, 1.15 m-Paeker majorities in the following wards: Fifth WE 750 majority; Eighth Ward, 588. The city le lative ticket. for Senate and Assembly, has Democratic majority. Carbon county gives Packer600, and Montg ery county 2,000 majority. PITTSBURG, Oct. 13, midnight.-Wilmot lost in this and Allegheny county 1,400 vo The Democratic county ticket is partly elec here. YORK, Oct. 13, 10 m -Packer's majority o Wilmot, in this borough, is 303, and over I candidates 77. Buchanan's majority last fall only one. The election passed off very quietly [SECOND DISPATCH.] PHILADELPHIA, Oct. 13-The complete turns of this city foot -Packer, 27,749; Hat hurst. 13,817; Wilmot, 9,609. The Democratic candidates for Canal Comi sioner and Supreme Judge have about the si majority All the Democratic candidates have been elec to the Legislature and county offices. Ludlow (Dem ) has 5,300 majority over Con (Rep.) for Judge of the Court of Common Pl In Northampton county, 18 districts show 3 majority for Packer In Lehigh county Packer's present majorit over 1,000 In Cambridge county the Democratic gai twelve hundred Indiana county gives a thousand majority Wilmot. The Financial Crisis, &c. NEW YORK, Oct. 13-To-day has been a \ exciting one in financial matters. Up to2 fifteen of our city banks had suspended, of wh the following is a revised list, namely:-Banl New York, Artizans, St. Nicholas. Chath Ocean, Market. Butchers and Drovers', M chants' Exchange, Irving, Citizens', Trad men's. Buil's Head. New York Exchange No River, and Marine Bank. Wall street, at two o'clock, was crowded w an anxious mass of people. The steps of all banks were also blocked upby the people fore their way into the banks There were rumors during the morning aff ing nearly all the banks in the city, but the ab list gives all that had certainly suspended up 3 o'clock. The sales of railroad stocks at the first bo were small, at a general decline. In State sto the business done was quite large at a decl excepting Virginia and Missouri stocks. B stocks were all sold at a decline The run on the Brooklyn Savings Bank was newed to-day, but with less vigor and the be paying promptly There have been several failures in the goods line announced to-day, but none V prominent. LATER. The run upon the Mechanics', Bank of Ameri Manhattan and American Banks was very seve and continued up to the close of business The Broadway Bank held out till nearly th o'clock and paid out $140,000 in specie, when gave out. The Leather Manufacturers' Bank subsequer closed its doors The Seventh Ward and Fulton Banks held under a tremendous pressure The People's Bank closed at 2 o'clock. al paying out $19,000 in specie during the day The Bank of the State of New York paid out last dollar and certified all checks presented, then yielded. The American Exchange Bank paid all mands upon it. but several others shut out tb customers at o'clock The Bank of North America suffered prot this afternoon The Corn Exchange Bank refused to pay spe or bills, but certified checks. The Oriental. Mechanics and Traders', Bow Savings, Shoe and Leather, Continental, America Exchange and Metropolitan paid every dema up to the usual hour of closing A bank meeting was held this afternoon, which it is understood the proposition of age

4. October 14, 1857 Smyrna Times Smyrna, DE
Article from Smyrna Times, October 14, 1857

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Yesterday's telegraph dispatches from New York to the Philadelphia Bulletin, say, that sixteen Banks of that city had suspended --two of them, the American Exchange and Tradesman's Banks, very heavy concerns. A Meavy run was being made on the other Banks, and business generally was stagnant. In this State the Legislature has no power to legalize suspension, and the Banks must go into liquidation. At the latest accounts nothing had been done by the extra session of the Pennsylvania Legislature, for the relief of the Banks.

5. October 14, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 14, 1857

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meeting conversation At the adjourned and an exhibit of the position of the different banks, it was unanimously resolved not to open doors to-morrow! So the New York bank system has gone to the wall, and the example will probably be followed by the whole country. The aggregate specie in bank at the close of business to-day was found, upon consultation, to be $5,800,000. All the banks, with a few exceptions, will go on with their business as before, and prepare for as early a resumption as possible. Some system will be at once adopted, by certified checks and other means, by which payments between merchants can be made, the Clearing-House exchanges being made in coin between the banks. The uncurrent-money system of the Metropolitan and American Exchange will of course be abandoned, but it is probable that the banks will agree to receive and pay out well secured State money at par, as they did in 1837. This will prove a great relief to the mercantile community. The following is a list of the Banks whose bills were thrown out yesterday by the American Exchange and Metropolitan Banks, until arrangements are made for the future redemption of their bills in this city, they being heretofore redeemed by some of the Banks whose suspension is announced above: UNION BANK OF MONTICELLO. OSWEGO RIVER BANK. GOSHEN BANK. MERCHANTS' BANK, Syracuse. BRIGGS BANK, Clyde. BANK OF COMMERCE, Carmel. ORANGE COUNTY BANK. EAGLE BANK, Rochester. BANK OF NEWBURGH. POUGHKEEPSIE BANK. ULSTER COUNTY BANK. SUSSEX BANK. FARMERS' AND DROVERS' BANK. HOBOKEN CITY BANK, New-Jersey. JERSEY CITY BANK, New-Jersey. FARMERS' BANK OF WANTAGE, New-Jersey. PAHQUIOGUE BANK, Connecticut. In the general whirlwind which swept over the city yesterday, private failures attracted little attentionand no one troubled himself to authenticate the numerous rumors that were in circulation. We may, however, mention the following as among the suspensions of the day, reported on good authority I. A. HEARN, Dry Goods. W. LANGDON & Co., Dry Goods. HERRICK, FERRIS & Co., Furnishing Goods. AMES, HERRICK & RHODES, Stationers. The out of-town disasters reported by telegraph are as follows: FRANCIS SKINNER & Co., Boston, suspended, This firm, which is the largest dry goods commission house in the city, was agent for mary large manufacturing companies. T. & W. LYMAN, Boston, commission merchants. OAKLEY & HOPKINS, New-Orleans, large cotton factors. THE DRAIN OF SPECIE. Our reporters have gathered, chiefly from the most authentic sources, the following facts in regard to the Banks: AMERICAN EA{CHANGE BANK. In the morning it was manifest that there was to be a rush of depositors, and jby noon & large crowd had assembled and formed into 'ine with checks, and, in some instances, bills of the Bank. The demands were promptly met, some in specie and others in the bills of other city Bank 9, as the drawers wished, and the doors were kept 9, pen till 3½ o'clocka half hour after the usual banki ng hours. About $120,000 was paid out. At 4 o'clock the scene inside the 8 Bank presented little indications of the pressure. Clerk , were jolly; jokes were numerous. Every individual with frightened face who came in with checks or no. 'es was invited to call in the morning, when their demands would be responded to. Bologna sausages d sandwiches were being partaken of with the apt) arent relish of several hours' abstinence from food. The understanding is that the Bank will rest. ne business at the usual hour to-day. One sanguine party outside wanted to bet $130 cash that the Bank would stand the pressure and not break. Another said he would take the bet, provided the confident individual would take his check for $100 on that Bank as equivalent to the $100. Sanguine party declined, amid roars of laughter, and, regarding himself sold, he treated the crowd. BANK OF AMERICA. The Bank of America paid out $175,000 in gold. A great many bills were given out in exchange for bills of other banks. The deposits were nearly double what they were on Monday, and at leastone-third more than the average for a week past. ARTIZAN'S BANK. The Artisan's Bank suspended at 2:35 p. m., after paying out some $40,000 in specie. Their deposits are reduced to about $50,000; circulation about $70,000; secured on New-York 6s, payable in 1870, and for which they paid 17 ₫ per cent premium. Their statement will be nearly as follows: LIABILITIES. $50,000 Deposits 70,000 Circulation Total $120,000 ASSETS. $600,000 Loans and Discounts 100,000 State Stocks (par value) 40,000 Surplus $740,000 Total ATLANTIC BANK. The Atlantic Bank paid all demands promptly, and

6. October 14, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 14, 1857

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charm, that of never pallier upon the spretite, and never filling the hearer thereof to satiety. Next to being broke flat" personally, and in one's own be. half, the intelligence that come zeighber had gone under, and badn't got a dollar left seemed to be the jolliest fact for templation, although the prefer. once was decidedly in favor of being financially knocked to eternal emash individually. It was very pleasant, doubtless to laugh, when & friend's head was punched, but to receive the blow on one's own private corpus, gave a double zest to the laugh. This is literally true, strange asit may seem. In all the crowds which througed the streets during banking hours, and among all the knots of men which gathered on the corners after the regular banking hours were over and the doors of the banks were closed, not a single long face was to be seen. That a'man couldn't pay snotes, on account of bank stoppages appeared to be rather & matter of merriment and congratulation among those (other than the creditors) who knew of that happy circumstance, rather than condolement. Jokes were far above par, and the poorest went off readily at the highest rates. When & bank closed up, and the crowd had enjoyed that capital joke, no further notice was taken of the fact-the Directors were not assassinated, the Tellers were not mobbed, nor were the porters and humble sweepers out of dust and ashes knocked over the head by an infuriate multitude. Our Reporters visited every bank in the city, which was reported weak, and about several of them was a crowd collected. The only interruption to the universal jocundity of the occasion was in the case of the American Exchange Bank. This establishment had stationed at its door 8 policeman, of aspect grim, and humor sullen, who consistently insulted every one who addressed to him a civil question, and who rendered himself & nuisance in every official respect. Among the crowd on the corner of Nassau and Wall streets, a sporting couple of fast young men were conspicuous. In the course of conversation, the following ensued: Sporting man No. 1-Got any money? No. 2-Not a dime, except Pennsylvania. No. 1-How are you going to get your supper? No. 2-Got credit at a beef shop. No. 1-Pve got fifteen hundred dollars in the North River Bank, and I'll give you a check for it, if you'll pay for oysters and porter for two. No. 2-Couldn't do it without collateral; but I'll bet you oysters and porter that at 1 o'clock to-morrow there won't be & specie-paying bank in the City of New-York. No. 1-Can't do that, but make it 12 o'clock and I'll do it. And 80 the people took the panic easily. The newsboys made a grand harvest. The evening papers were in great demand, and the shrewd financial knights of the curb-stone demarded three cents each, and got it without any grumbling. People were perfectly willing to pay an extra price to see their own monetary ruination in print. A couple of old ladies in deep mourning presented themselves at the Irving Savings Institution after the Bank had closed. They desired to draw out their money, but were, of course, too late in the day. They departed, threatening to be on hand the first thing this morning. THE SPANIARDS AND CUBANS residing in this city have, many of them, had large amounts of money deposited in the banks. After consultation among themselves they determined to withdraw their funds from the places where deposited at an early day last week, and the plan was carried out. One had partially agreed to loan a portion of $20,000 he had deposited with a prominent house, on a bond and mortgage offered to him on liberal terms, but one of the members of the house advised him not to do so, as it would be an ussafe investment, and the Spaniard concluded to let the money remain with his adviser and banker. Two days after, the failure of the house was announced. "Santa Maria," said the Spaniard, how much I lose by not taking de mortgage."

7. October 15, 1857 The Davenport Daily Gazette Davenport, IA
Article from The Davenport Daily Gazette, October 15, 1857

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P New York Bank Escitemome. NEW YORK, Oct. 13. Wall street at 2 o'clock, was crowded with an anxious mass of people. The steps of all the Banks were also blocked up by people their . into the Banks. At the American forcing Exchange y David Leavitt addressed the crowd, assuring them that all the Banks would pay to the last dollar, He also announced that an arrangement had been made with several of the strongest Banks to get through without suspension. It is believed, however, in. the street, that the suspension will be general. It in understood, that some of our heaviest houses have withdrawn their gold from the Banks and replaced it as special deposits. There were rumore during the morn ing affecting nearly all the Banks in the city, susto but pended the list up gives a P. all M. that The had others certainly it is be lieved continued to meet their liabilities to the close of business hours. LATEST-FOUR MORE BANKA SUSPENDED The runs upon the Mechanics and Mer chants, Bank of America, Manhattan and American Exchange Banks were severe, and continued up to the close of business. The Broadway Bank held out till nearly 3 o'clock paying out $140,000 in specie, when it gave out. The Leather Manufacturers Bank subsequently closed its doors. The Seventh Ward and Fulton Banks held out under a tremen dous run. The People's Bank closed at 2 o'clock, af ter paying out $19,000 specie during the day The Bank of the State of New York paid out its last dollar, and certified all checks present ed, and then yielded. The Americian Ex change Bank paid all demands but several oth ers shut out their customers at 3 o'clock The Bank of North America was protested this P. M. The Corn Exchange Bank refused to pay specie or bills, but certified checks. The Oriental, Mechanics and Traders, Brow. ery Savings, Shoe and Leather, Continental, American Exchange and Metropolitan Banks paid their demands up to a o'clock, the usual hour for closing. The whole number suspended to-day, those that were included with the returns of yesterday, is sixteen. A bank meeting was held this P.M., st which it is understood a proposition for gen eral suspension was discussed, as also the pro priety of urging the Governor to CONVEU e an extra session of the Legislature At the second board of the Stock E :change Stocks all took a rise under the belief that the banks will suspend specie payments -morrow Missouri sixes, GO 1-2, Chicago and Rock Is. land, 58; Reading, 33, New Yor k Central, 66 ; Panama, 31. There was no run of any acc ount on the Savings Banks, excepting the N roadway and the Bleeker street. They are of the strongest in the city and have on hand I arge quantities of specie. The form at the opening day had $100,000 in ave vilable me ns. The following are in substs Jices The officlal resolution an passed at the meeting of the That the bank Bank of residents New York this suspend evening specie payment a far as the paying it over their counters is concerned, but regular ex changes of one another's bills at the Clearing House; that a Committee be appointed w confer with the Governor of the State in reference to calling an extra session of the Legialature to legalize the suspension; that suc le Committee leave for Albany at 12 o'clock to morrow.

8. October 15, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, October 15, 1857

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NEW YORK BANKS. NEW YORK, Oct. 14.-At the meeting of bank officers last night it was resolved that all the banks suspend to-day. A committee was appointed to request the Governor to convene the Legislature for the purpose of enacting measures of relief. The American Exchange Bank refuses to give information concerning the payment of Sather & Church's San Francisco drafts.

9. October 15, 1857 Quasqueton Guardian Quasqueton, IA
Article from Quasqueton Guardian, October 15, 1857

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Bank Failures NEW YORK, Oct. 13. To day has been a very exciting one on financial' matters. Up to 2 o'clock, 15 City Banks had suspended. The following is a revised list: Bank of New York, St. Nicholas, Chatham, Ocean, Market, Butchers' and Drovers', Merchant's Exchange, Irving, Citizens, Tradesman, Bullshead, North River and Marine. The latter, it is said, was stopped by an injunction precured by one of its customers, and it is presumed other banks have been stopped in the same way, as by this means the penalty of winding up which is attached to suspension in most cases of affairs, when generally known, will undoubtedly serve to allay the present undue excitement. Wall street at two o'clock was crowded with an anxious crowd of people. The steps of all the Banks were also blocked up by people, forcing their way into the Banks, At the American Exchange, David Leavitt addressed the crowd, assuring them that all the banks would pay all to the last dollar. He also announced thrt an arrangement had been made with several of the strongest banks to go through without suspension. It is believed, however, in the street, that the suspension will be general. It is understood that some of our heaviest houses have withdrawn their gold from the banks and replaced it as specię deposts. There were rumors during the morning affecting nearly all the banks in the city, but the list gives all that had certainly suspended up to 3 P. M., The others, it is believed, continued to meet their liabilities tothe close of business hours. The sales of Railroad stocks at the first board were small at a general decline.— In State stocks business was large at a decline, excepting in Virginia's and Missouri's. Bank stock all sold at a decline. The run on the Brooklyn Savings Bank was renewed to-day with less vigor, the Bank paying promptly. Several failures in the dry goods line are announced, but none of very prominent firms. LATEST.-Tne run upon the Mechanics & Merchants Bank of America, Manhattan and American Exchange Banks was severe, and continued up to close of business.

10. October 15, 1857 Delaware Weekly Republican Wilmington, DE
Article from Delaware Weekly Republican, October 15, 1857

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FINANCIAL AFFAIRS IN NEW YORK.-New York, Oct. 18.-To-day has been a most exciting one in financial matters. Up to 2 o'clock fifteen of the City Banks suspended specie payments and the following is a revised list, viz :-Bank of New York, Artisans, St. Nicholas, Chatham, Ocean, Market, Butchers' and Drovers', Mechanics' Exchange, Inving, Citizens', Traqesmens', Bull's Head, New York Exchange, North River, and Marine. Wall street, at two o'clock, was crowded with an anxious mass of people. The steps of all the banks were also blocked by people forcing their way into the banks. At the American Exchange bank, David Leavitt ad. dressed the crowd, assuring them that the bank would pay all to the last dollar. He also announced that an arangement had been made with several of the strongest banks to go through without suspension. It is believed, however, that the suspension will be general it is understood that some of our heaviest houses have withdrawn their gold from the banks, and replaced it as a special deposit. There were rumors during the day affecting nearly all the banks in the city, but the above list gives all that certainly suspended up to three o'clock. The run on the Brooklyn Savings Bank was renewed to-day, but with less vigor, the Bank paying promptly. Several failures among the dry goods firms are announced but none vary prominent. The Latest.-The run upon the Mechanics', Merchants', Bank of America, Manhattan, and American Banks was severe, and continued up to the close of business. The Broadway Bank held out till nearly three o'clock, paying out $140,000 in specie, when it gave out. The Leather Manufacturers' Bank subsequently closed its doors. The Seventh Ward and Fulton Banks held out under a tremendous pressure. The Peoples' Bank closed at 2 o'clock, after paying out $19,000 in specie during the day. The Bank of New York paid out its last dollar, and certified all checks presented and then yielded. The American Exchange Bank paid all de. mands, but several others shut out their cus tomers at 8 o'clock. The Bank of North America was protested this afternoon. The Corn Exchange Bank refused to pay specie. At the Stock Exchange stocks all took a rise under the belief that the banks will all suspend to-morrow. 10 o'clock, P. M.-It is reported onpretty good authority, that the Bank Presidents are now in session, and have resolved to suspend. The following is the official action of the meeting of Bank Presidents. The banks have resolved to suspend specie payments as far as paying over the counters is concerned, and make a regular exchange of each other's bill at the clearing house. Also to send a committee to confer with the Governor in reference to calling a meeting of the Legislature. The committee leaves for Albany at noon to-morrow. MONEY TIGHTENING IN ENGLAND.-Boston Oct. 10.-A letter received per Niagara, dated on the 25th ult., reports money matters as generally growing tighter throughout England, while the demand was also on the increase. At Manchester the late buoyancy had yielded to a depression, and on both goods and yarns a decline had been submitted to. The demand for corn for export continued active and more than absorbed the receipts. BARNS BURNED.-The barn, stables, out houses, &c., belonging to Mr. Wm. Sayres, of Melbourne in Hanever co., Va., were burned to the ground on the 4th inst., together with all his crop of wheat, provender, corre&e., involving a loss of $10,000. Mr. Edmond Ruffin's barn, in Hanover county, Va., was set on fire and entirely consumed, together with, 1000 bushels of wheat, 200 barrels of corn and a large number of farming utensils, a few nights ago. CAUTION TO LADIES.-A lady residing in the village of Stamford, Conn., was very severely burned on Friday last in the following manner; She had been applying to her hair amixture of castor oil and alcohol, and approaching to near a lighted lamp, her head became enveloped in a blaze, and the flame was not extinguished until the lady was 80 severely burned that she is now considered to be in & critical situation. THE ODD CENT.-Some days ago a produce dealer in one of our markets sold a customer a half peck of potatoes for a levy, and in taking his pay from a quarter dollar, returned twelve cents change. This the customer declined to receive, claiming thirteen cents as his due. A dispute ensued, which endedby the eastomer getting out'a warrant for the odd cent. The case being tried, he recovered it.-Washington Star. NAVAL.-The U. S. steamer Fulton, Capt. Almeo, went into commission on Wednesday The U. S. steamer Water-Witch, Lieut. Commander Lovell, arrived at Norfolk on Thursday from Washington. The U.S. practice ship Preble was towed ap from the naval anchorage to the Gosport Navy-yard on Thursday, where she will be stripped and laid up for the winter. U. S. frigate Congress was at Constantinople on the 12th. FIRE-BARN BURNT.-A large frame barn, belonging to Messrs. J. L. Darlington & Co., proprietors of the Morris Nurseries, in West Goshen township, adjoining the Borough of West Chester, was entirely consumed by fire, on Thursday evening last, the 8th inst. The fire broke out about 71 o'clock, at the western end of the barn, and is supposed to have been the work of an incendiary. the AMERICANS IN CALCUTTA.-There were in August last about eight hundred /Americans residing in Calcutta, and in this number were included many women and children. There was a good deal of anxiety among all classes of the inhabitants, and the Americans were thinking of sending their women and children home by the ship Daniel Webster, which was in port loading for Boston. THE STRUGGLE IN NEW ORLEANS.-New Orleans, Oct. 13.-The actual state of the pinch here is frightfully severe, and heavy suspensiens are anticipated. Money continues ex tremely scarce, and stringent, and those who have it show no disposition to lend it on any terms. The heigth of the crisis, so far as this city is concerned, is rapidly approaching. ROBBERY AT THE RICHMOND, Va., CUSTOM HOUSE-OVER $20,000 IN SPECIE STOLEN.Richmond, Va,, Oct. 13.-The custom house o this port was entered last night by robbers.The safe was blown open with powder, and $15,000 in twenty dollar gold pieces, and $5,700 in five dollar gold pieces were stolen. The robbers left $46,000 behind. THE STEAM FRIGATE MERRIMAC.-Bostor Oct. 10 frigate Merrimac

11. October 16, 1857 Wilmington Journal Wilmington, NC
Article from Wilmington Journal, October 16, 1857

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From the Special Dispatch to Baltimore Sun. An Exciting Day In New York-Heavy Run on the Banks-Suspension of Specie Payments by Eighteen Banks-Others Holding Out, &c. NEW YORK, October 13.-Wall street has been blockaded to-day. The excitement was intense and all business paralyzed. The Post of this afternoon says : There has been some drawing by depositors from the city banks generally for a number of days past, though it was carried on quietly. Yesterday there was the first decided manifestation of a systematic run. It was directed particularly against the North River, Ocean and Merchants' Exchange Banks. The first named was reduced $10,000 in coin at three o'clock. A conference was then had with some of the officers of the leading banks as to the proper course to be pursued. If the run recommenced this morning the advice was to close the doors at once. As soon as the hour for drawing checks arrived this morning the depositors showed an unmistakeable determination to withdraw their balances in gold. They were paid long enough to assure the officers that the process would go on, and that an exhaustion of their means was only a question of a few hours. The North River, the Merchants, Exchange and the Ocean banks resolved to close immediately. The intelligence spread over the city as rapidly as an alarm of fire. In an hour more the Marine Bank was added to the list. Knots of bank directors and ot her officers were seen in consultation in every banking room. The alarm was now an established epidemic. Residents who yesterday would not admit the possibility of a suspension, began to share in the common consternation. Soon after the St. Nicholas, the People's, Butchers' and Drovers', Bull's Head, Bank of New York, Irving, Market, Chatham, Tradesmen's and New York Exchange banks all announced their inability to continue specie payments. Heavy runs also upon the Continental, Metropolitan, American Exchange, Nassau and Phoenix banks followed, but all of them met the demands. David Leavitt, Esq., of the American Exchange Bank, made a speech to the crowd, declaring his determination to-pay to the last dollar. He also announced that an agreement had been made with several of the strongest banks to go through without suspending. The officers of one of the principal Wall street banks advised its dealers yesterday that it would not take certified cheeks on deposit without reserving the right to return them if not made good at the clearing-house.The consequence was that the gold was drawn from all the banks that were not flikely to go through another day. This aggravated the excitement among dealers,

12. October 16, 1857 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, October 16, 1857

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MISCELLANEOUS. THE BANK FAILURESIN NEW YORK-MEETING OF BANK OFFICERS. NEW YORK, Oct. 13, P. M.-To-day has been a very exciting one in financial matters. Up to two o'clock fifteen of our city banks had suspended, of which the following is a revised list, namely:-Bank of New York, Artizan's, St. Nicholas, Chatham, Ocean, Market, Butchers' and Drovers', Merchants' Exchange, Irving, Citizens', Tradesmen's, Bull's Head, New York Exchange, North River, and Marine Bank. Wall street, at two o'clock, was crowded with an anxious mass of people. The steps of all the banks were also blocked up by the people foreing their way into the banks. There were rumors during the morning affecting nearly all the banks in the city, but the above list gives all that had certainly suspended up to three o'clock. The sales of rail road stocks at the first board were small at a general decline. In State stocks the business done was quite large at 8 decline, excepting Virginia and Missouri stocks. Bank stocks were all sold at 8 decline. The run on the Brooklyn Savings Bank was renewed to-day, but with less vigor and the bank pay. ing promptly. There have been several failures in the dry goods line announced to-day, but none very prominent. GREAT RUN ON THE BANKS AND FAILURE OF SOME OF THE STRONGEST IN THE CITY. The run upon the Mechanics, Bank of America, Manhattan and American Banks was very severe, and continued up to the close of business. The Broadway Bank held out till nearly 3 o'clock, and paid out $140,000 in specie, when it gave out. The Leather Manufacturers' Bank subsequently closed its doors. The Seventh Ward and Fulton Banks held out under 8 tremendous pressure. The People's Bank closed at 2 o'clock, after pay. ing out $19,000 in specie during the day. The Bank of the State of New York paid out its last dollar, and certified all checks presented, and then yielded. The American Exchange Bank paid all demands upon it, but several others shut out their customers at 3 o'clock. The Bank of North America suffered protest this afternoon. The Corn Exchange Bank refused to pay specie or bills, but certified checks. The Oriental, Mechanics and Traders', Bowery Savings, Shoe and Leather, Continental, American Exchange, and Metropolitan, paid every demand up to the usual hour of closing. STILL LATER-THE BANKS RESOLVED TO SUSPEND. NEW YORK, Oct. 13-11 P. M.-The following official announcement has been made from the bank meeting: The banks have all resolved to suspend specie payments, as far as paying at the counter is concerned, and to make a regular exchange of each other's bills at the Clearing House. It has also been resolved to send 8 committee to confer with the Governor in reference to calling a meeting of tha Legislature. The committee will leave for Albany to morrow at 12 o'clock. It appears that the Marine Bank was stopped by an injunction, at the instance of one of its customers. It is presumed that the other stoppages were effected in the same way. By this means the penalty of winding up which attaches to suspension under the banking laws af this State is evaded, and it is rendered probable that the suspension in most cases is only temporary. This understanding relieves the excitement.

13. October 17, 1857 Sunbury American Sunbury, PA
Article from Sunbury American, October 17, 1857

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FINANCIAL AFFAIRS IN NEW YORK NEW YORK, Oct. 13.-To-day has been a most exciting one in financial matters. Up to 2 o'clock, fifteen of the city banks suspend. ed specie payments, of which the following is a revised list, viz: Bank of New York, Artisans', St. Nicholas Chatham, Ocean Market. Butchers and Drovers', Merchants' Exchange, Irving. Citizens', Tradesmen's, Bull's Head, New York Exchange, North River and Marine. Wall street at 2 o'clock was crowded with an anxious mass of people. The steps of all the banks were also blocked by people foreing their way into the banks. At the American Exchange Bank David Leavit addressed the crowd, assuring them that the bank would pay all, to the last dollar. He also announced that an arrangement had been made with several of the strongest banks to go through without suspension. It is believed, however, that the suspension will be general. It is understood that some of our heaviest houses have withdrawn their gold from the banks and replaced it as a special deposit. There were rumors during the day. affecting nearly all the banks in the city, but the above list gives all that certainly suspended up to 3 o'clock. The run on the Brooklyn Savings Bank was renewed to-day, but with less vigor, the Bank paying promptly. Several failures among the dry goods firms are announced, but none very prominent. THE LATEST.-The run upon the Mechanics', Merchants', Bank of America, Manhattan and American Banks. was severe, and continued up to the close of business. The Broadway Bank held out till nearly 3 o'clock, paying out $140,000 in specie, when it gave out. The Leather Manufacturers' Bank subsequently closed its doors. The Seventh Ward and Fulton Banks held out under a tremendous pressure. The People's Bank closed at two o'clock, after paying out $19,000 in specie during the day. The Bank of New York paid out its last dollar, and certified all checks presented, and then yielded. The American Exchange Bank paid all demands, but several others shut out their customers at three o'clock. The Bank of North America was protested this afternoon. The Corn Exchange Bank refused to pay specie. At the Stock Exchange stocks all took a rise, under the belief, that the Bank will all suspend to-morrow. Ten o'clock, P. M.-It is reported. on pretty good authority, that the Bank Presidents are now in session, and have resolved to suspend. The following is the official action of the meeting of Bank Presidents: The Banks have resolved to suspend specie payments as far as paying over the counters is concerned, and make a regular exchange of each other's bills at the clearing house. Also, to send a committee to confer with the Governor in reference to calling a meeting of the Legislature. The committee leaves for Albany at noon to-morrow.

14. October 17, 1857 The Caledonian Saint Johnsbury, VT
Article from The Caledonian, October 17, 1857

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Bank Suspensions in New York. The intelegence from New York yesterday was of a sombre character. No less than fifteen of the banks of that city, two of them of a million capital, have been obliged to suspend specie payments. According to the Constitution of that State, any bank which suspends is placed in the hands of Receivers. Such suspension is equivalent to a failure. The following are the dispatches received upon the subject: A despatch to the Merchants' Exchange says, the Ocean, Marine, Riverand Merchants Exchange have suspended specie payments; and there is a heavy run upon the Republic Bank. Other banks are also beset by the public. The St. Nicholas, Citizen's Bull's Head. Irving and Pacific Banks have also suspended. The following are their respective capitals: St. Nicholas, $750,000; Citizen's, $400,000; Bull's Head, $178,300. Pacific, $422,000. The Mercantile Bank. capital $1,000,000. and the New York Exchange, capital $130,000, have also suspended. A despatch to Merchants' Exchange from New York, savs that there has been a great run upon the American Exchange Bank, Wall street, which is almost impassible. Mr. Leavitt. former President of the bank, addressed the crowd, assuring them of the solvenev of the bank, and of their ability to pay all demands against them. Our regular correspondent telegraphs as follows:NEW YORK, October 13, The St. Nicholas, Marine, Pacific, Irving, Merchants' Exchange, North River. New York Exchange, Citizens and Ocean Banks suspended to-day. Telegraphic despatches from New York announce the suspension of four additional banks, the Market, with a capital of $100,000000. and the New York Exchange, with a capital of $1000,000. The bank of New capital $2,000,000, and Bank of Broadway. capital $500,000. There seems to be a want of confidence in the banks by the community of New York, in remarkable comparison to the feeling of confidence in this city. An exchange broker of this city received a telegraphic despatch from his correspondent in New York to immediately draw all his funds from the New York banks. A number of the banks that have suspended are small and weak. The total capital of the suspended banks is a little short of TEN MILLION DOLLARS. LATEST.-Our despatches received at a late hour last night, state that all the New York Banks have resolved to suspend specie payments so far as paying it over their counters is concerned.-Boston Traveller, Oct. 14.

15. October 17, 1857 The New York Herald New York, NY
Article from The New York Herald, October 17, 1857

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under special laws, will be obliged to take certain stops in the discharge of their duty that must force every basis its the State into liquidation. Any order or decision of the Supreme Court cannot stay the preceedings of our State authorities. The process laid down by special acts for forcing banks of issue into liquidation is so simple and so impersive that our courts cannot prevent its operation. All law for the collection of debts, or for the the enforcement of contracts, must be suspended in individual cases, If done so for banking Institutions. I: is very easy to talk about the necessity on account of the great emergency, of favoring the banks in their extremity, bat II is not so easy in the practice, and so our banks will find it before the lapse of sixty days. In view of the pains and penalties which must be inflicted upon the suspended backs, and is view of the simple operation of the law which every court must recognize, we look upon the present Inflation in prices for stock securities, and the idea the: fills the public mind regarding the removal or the financial pressure, as one or the most dangerous move ments of the day. The banks understand pretty well how they stand with their creditors, and entertain the most 10 Hous apprehensions. The Comptroller may be compelled to act to the mont summary manner, and he may be com pelied to force every bank in the State into liquidation. The Assistant Treasurer reports to-day as follows: Total receipts, $294,259 48 459,491 41 " pay ments " balance 5,522,462 33 The receipts include $50,000 from the mint, and she pay ments Include $66,000 on California drafts The steamship Northern Light, at this port from Aspinwall, brings $1,664,200 in California gold and specie from Havana. It is somewhat larger than reported by the way of New Orleans, and will give quite an addition to our specie reserve. The banks of this city are getting their business affairs in is litile better shape. As they get their plans matured, they give them publicity in the following shape:THE AMERICAN EXCHANGE BANK. New YORK, Oct 14, 1857. Dealers at this bank are hereby notifie that on and after the 14b inst, the following regu ations will be adepted by this bank, viz :Deposits made in specie will be repaid in specie If re. quired. Deposits made in bank notes or checks will be repaid in bank notes current in this city, or certified checks. Collections made the this State for dealers will also be paid in benk notes or certified checks. Collections in other States will be paid in the curreacy received, or its equivalent Deposits and collection paper will not be received, except subject to the foregoing rules and conditions, until further notice. R. S. OAKLEY, Ca mier. BANK OF New YORK. BANK OF New YORK, Ost. 16, 1857. AI a meeting of the Board of Directors, held this day, It was unanimously resolved that during the suspension of specte payments this bank will receive deposits of specie, and hold the amount subject to the depositor's drafts in coin. JOHN OOTHOUT, President. RM. B. Marker, Cashier. Time Clearing House is getting rapidly in order again. Several of the banks which suspended before the general break down have come into line, and a few days may see all but the iw@ which have gone into liquidation again in operation. The balances between the different institutions are adjusted by certificates issued by the Metropolitan Bank, and the greatest facilities are afforded by the admirable system and manage ment of the Clearing House. At the second board the market opened and closed without much alteration. A fair amount of business was transacted, principally for cash. New York State 5'm, 1858, advanced 1 per cent; Harlem Railroad, ½; Cleveland and Pittsburg, 1; Cleveland and Toledo, 3/2; Chicago and Rock Island, 1½; Erie, %: Pacific Steamship Compary, 3/3; Panama Railroad, 1. Milwaukie and Mississippi Rail.oad declined ½ per cent; Hudson Railroad, 1/4; IIIInots Central Railroad, 1; New York Contral, ½; Cumberberland Coal, x Adrian H. Muller's regular auction sale of bonds and stocks will take place to-morrow (Saturday), at past twelve e'clock, at the Merchants' Exchange. The following are the receipts of the Morris Canal Company for the past week and season, as compared with the

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

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The above named banks, fifty in number, now constitute the Clearing- House Association. The receiving and paying out of State money makes considerable additional labor for bank Tellers, but gives general satisfaction to the public. The system has not yet been sufficiently long in operation to allow of an opinion being formed of its practical working, but some bank officers predict that great evil will flow from little good. How the banks are to prevent the accumulation of this money in their vaults is a question which has embarrassed some of them; but this accumulation could be easily prevented by paying it on checks instead of certifying them. The American Exchange Bank has issued the annexed circular. THE AMERICAN EXCHANGE BANK, NEW-YORK, Oct. 15, 1857. DEAR SIR: The general suspension of specie payments by the banks of this city has 80 changed the regular current of business as to render it proper to arrest the operations of our uncurrent department as hitherto conducted. A temporary arrangement having been made by our city banks to receive and pay out, at par, the notes of solvent banks in the State of NewYork, this bank will thus receive such notes for &Ccount of their correspondents, excepting such &S are named below, which are at present excluded from the Clearing-House.

17. October 22, 1857 The Weekly Pioneer and Democrat Saint Paul, MN
Article from The Weekly Pioneer and Democrat, October 22, 1857

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affecting nearly all the banks in the city, but the list gives all that had certainly suspend. ed up to 3 P. M. The others. it is believed, continued to meet their liabilities to the close of business hours. The sales of Railroad stocks at the first board were small at a general decline. In State stocks business was large at a decline, excepting in Virginia's and Missouri's Bank stock all sold at a decline. The run on the Brooklyn Savings Bank was renewed to-day with less vigor, the bank paying promptly. Several failures in the dry good: line are announced,but none of very prominent firms. LATEST.--The run upon the Mechanics & Merchants Bank of America. Manhattan and American Exchange Banks was severe, and continued up to close of business. The Broadway Bank held out till nearly 3 o'clock, paying out $140,000 in specie: when it gave out, the Leather Manufacturer's Bank subsequently closed its doors. The 7th Ward and Fulton Banks held out under a tremendous pressure. The People's Bank closed at 2 o'clock, after paying out $190,000 in specie during the day. The Bank of the State of New York, paid out its last dollar, and certified all checks presented and then yielded. Tic American Exchange paid all demands, but several others shut their customers out at 3 o'clock. The Bank of North America was protested this A. M. The Commercial Exchange refused to pay specie or bills, but certified checks. The Oriental, Mechanics and Traders, Bowery Savings, Shoe and Leather, Contipental, American, Exchange and Metropo litan, paid their demands up to 3 o'clock, the usual hour for closing. The whole number of Banks suspended to-day with those that were included in the returns of yesterday, is 16. A Bank meeting was held this P. M., at which it is understood a proposition for general suspension was discussed. as also the propriety of urging the Governor to convene an extra session of the Legislature. At the 2d Board of the Stock Exchange, stocks all took 11 rise, under the belief that the Banks will suspend specie payments tcmorrow. There was no run of any account on the Savings, excepting the Bowery and Bleeker streets. They are of the strongest in the city, and have on hand large quantities of specie. The former had $100,000 in available means. The following country Banks are discredited to-day: Oswego River Bank. Goshen; Merchant's Bank. Syracuse; Briggs Bank, Clyde; Bank of Commerce, Carmel: Eagle Bank. Rochester: Bank of Newburg. Anderson: Bank of Ponghkeepsie, Ulster Co. Bank. Sussex Bank, Farmers' and Drover's Bank. Bank State of N. Y., Hoboken City Bank, Jersey Bank. Farmer's Bank of Montague. The following are in substance the official resolutions passed at the meeting of the Bank Presidents this evening: That the Banks of N. Y. suspend specie payment as far as the paying it over their counters is concerned, but make regular exchanges of one another's billsat the clearing house. That committees be appointed to confer with theGovernor in reference to the calling an extra session of the Legislature to legalize the suspension. That such committee leave for Albany at 12 o'clock to morrow. Boston, Oct. 13-The suspension of

18. October 24, 1857 The Weekly Minnesotian Saint Paul, MN
Article from The Weekly Minnesotian, October 24, 1857

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preserved. Bank Failures in New York. NEW YORK, Oct. 13. To-day has been avery exciting one on financial matters. Up to 2 o'clock, 15 City Banks havn suspended. The following is a revised list: Bank of New York, St. Nicholas, Chatham, Ocean, Market, Butchers' and Drovers', Merchants' Exchange, Irving Citizens, Tradesman, Bullshead, North River and Marine. The latter, it is said, was stopped by an injunction procured by one of its customers, and it is presumed other banks have been stopped in the same way, as by this means the penalty of winding up which is attached to suspension in most cases of affairs, when generally known, will undoubtedly serve to allay the present undue excitement. Wall street at two o'clock was crowded with an anxious crowd of people. The steps of all the Banks were also blocked up by people, forcing their way into the Banks. At the American Exchange, David Leavitt addressed the crowd, assuring them that all the banks would pay all to the last dollar.He also announced that an arrangement had been made with several of the strongest banks to go through without suspension. It is believed, however, in the street, that the suspension will be general. It is understood that some of our heaviest houses have thdrawn their gold from the banks and replaced it as special deposits. There were rumors during the morning affecting nearly all the banks in the city, but the list gives all that had certainly suspendep up to 3 P. M. The others, it is believed, continued to meet their liabilities to the close of business hours. The sales of Railroad stocks at the first board were small at a general decline. In Statestocks business was large at a decline, except in Virginia's and Missouri's. Bank stock all sold at a decline. The run on the Brooklyn Savings Bank was renewed to-day with less vigor, the Bank paying promptly. Several failures in the dry goods line are announced, but none of any great prominence. LATEST.-The run on the Mechanics & Merchants Bank of America, Manhattan and American Exchange Banks was severe, and continued up to the close of business. The Broadway Bank held out till nearly 3 o'clock, paying out $140,000 in specie, when it gave out. The Leather Manufacturers' Bank subsequently closed its doors. The 7th Ward and Fulton Banks held out under a tremendous pressure. The People's Bank closed at 2 o'clock, after paying out $190,000 in specie during the day. The Bank of State, of New York, paid out its last dollar, and certified all checks presented and then yielded. The American Exchange paid all demands but several others shut their customers out at 3 o'clock. The Bank of North America was protested this A. M. The Commercial Exchange refused to pay specie or bills, but certified checks. The Oriental, Mechanics & Traders, Bowery Savings, Shoe & Leather, Continental, American, Exchange and Metropolitan, paid their demands up to 3 o'clock, the usual hour for closing.' The whole number of banks suspended today with those included in the returns of yesterday, is 16. A bank meeting was held thts afternoon at which it is understood propositions for general suspension was dis eussed, as also the propriety of urging the Governor to convene an extra session of the Legislature. At the 2d Board of the Stock Exchange, stocks all took 3 rise, under the belief that the banks will suspend specie payments tomorrow. There was no run of any account on the Savings, except the Bowery and Bleeker streets. They are of the strongest in the city, and have on hand large quanties of specie. The former had $100,090 in available means. The following country banks are discredited to-day: Oswego River Bank, Goshen Merchant's Bank, Syracuse ; Briggs Bank, Clyde; Bank of Commerce, Carmel; Eagle Bank, Rochester Bank of Newburg, Anderson ; Bank of Poughkeepsie, Ulster Co. Bank, Sussex Bank, Farmer's and Drover's Bank, Bank State of N. Y., Hobhoken City Bank, Farm. er's Bank of Montague. The following are in substance the official resolutions passed at the meeting of the Bank Presidents this evening That the Banks of N. Y. suspend specie payment as far as the paying it over their counters is concerned, but make regular exchanges of one another's bills at the clearing house. That committees be appointed to confer with the Governor in reference to the calling an extra session of the Legislature to realize the suspension. That such mitA

19. October 28, 1857 The Washington Union Washington, DC
Article from The Washington Union, October 28, 1857

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FROM OUR NEW YORK CORRESPONDENT. NEW YORK, Oct. 26, 1857. The democratic doctrine in regard to banks, banking, and paper money begins to find great favor with the community not usually democratic. These mammoth institutions have long lorded it over the people of our city. They have taken the gold from the hand of the citizen and given him rags in return. They have afforded the merchant a place to put his funds, and if he kept the round deposit of $2,000, he could get an occasional discount, costing him not less than ten per cent. on an average. Loaning out their money at an extravagant rate of interest, the brokers and shavers aiding greatly by their co-operation to fleece the people, giving sparingly to the really deserving and necessitous, and upon the first pinch shutting down the gates so hard and fast, and stopping the machinery of the financial nation which they had set in motion so suddenly that it has cramped the credit, the business, and the wealth of the community, and at one turn of the brake snapping off the financial cable as that of the too sudden pressure cut off the Atlantic cable in midocean. Our banks are bankrupt. But one bank in this city has a legal existence-the Chemical, which has little circulation, is a close corporation, is owned mostly by the directors, and is a bank of deposit mainly, and stands like an oasis in our desert. But the rest are outlawed, and are at the mercy of any man who has a $100 note and chooses to sue for specie. As is usual, this matter presses heavily on the artisans, the sons of toil, and the poor. They get little work and poor pay. Jersey money, and money not secured by State stocks, is their pay. One man was in Albany he had occasion to spend some money he paid 12 per cent. to have it exchanged there and when he reached New York, he had to pay 10 per cent. to have it exchanged again before he could use it. A most bitter and intense feeling pervades the community in relation to the conduct of our banks, and that our judges should step in, and uncalled for, with no motion before them, to give aid and comfort to an insolvent bank, that they would not give to an insolvent merchant or mechanic, has no tendency to soften this feeling. Indeed, the suspension of the banks was occasioned by cemented action of the merchants. The sudden and the sullen action of the banks in the refusal to discount induced the parties who had them in their power to make them feel that power. A little relief, & little generosity, a little good nature wouldhave saved many a noble merchant from the shame of insolvency. And when it was known that a run had commenced on the banks on the East and North rivers and far up town, the banks at Wall street smiled with disdain ; and when aid was asked for to meet the pressure, that all the banks might stand together, the central banks stood so firm that they could hardly be civil. It was rather supposed that they would be glad to see these weak, out-side banks wind up. No aid was sent and the banks, one after another, broke and shut up their doors. But the great Wall-street bankers did not know their doom. The artisans, master mechanics, builders, up-town merchants, made the long run. At 11 o' clock the down-town run began, and it was a sight to behold. Men came in fifties and hundreds. They held a line, single file, at the length the Californians stood at the post office on the arrival of the mails in the olden time the Bank of New York, and others like it, sent out a man to the side-walk to call men in to get their gold who did not want it, and to encourage the crowd to hold on and persevere to the end. But bravado did not pay, and the Bank of New York was the first to cave in. The American Exchange Bank, which certified checks of the Ohio Life Trust Company to the amount of $400,000 on the day the institution failed, though at the time the institution had not one dollar of the money in the bank, was especially deficient. In the midst of the run the president came out on the steps and made a speech. He said that his bank, with several others, could not be broken. But the crowd pressed on, and the bank suspended. And now, like a train of cars off the track, with the engine bottom-up in a deep ditch, the platforms broken, and the cars a general wreck, the passengers not financially killed or wounded are surveying damages and asking "What's to be done," or, like Nebuchadnezzar, who gloried in the great Babylon he had builded, the framers of this splendid fabric of paper are "out at MANHATTAN. grass."

20. March 4, 1858 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, March 4, 1858

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institut He notice. report, hasamo given American and solican of The saye a country Exchange produced bank banse clearing the 10 anything operAtion interior banks. He proposes. 88 8 remedy of the the'establishing bank clearing. house by wer the bank inselves and says: Abundant p exists for purpose in section chap er 202, of the It lawe of 1840. The law referred to is 88 follows: shall be Cawful for any number of banks, by agreement, to associate together for raining a joint fund, the to placed in the hand- of their common ageat, for of redemption of their circulating no eain we cities New-York or Albany, in manner and under With such such regulations be agreed upon, full ba ked by & direct recommendation from Bank powers, Department it apparently quite regular the that the country banks remain oppressed ar eTIdangered. by the coersive operat on of the Metro. potitan system opressive, because & tribute of 1 of 1 We say went is required be entire amount of redeseptions, in addition to a deposit or contribution of capital. We say endangered, because the experience e of last Fall clearly shows that the country banks know not the day nor the hour when peir redit may be crushed, and their good name heralded to the world 88 broken institutions. In September and the first half of October last, 32 Free Banks were thus stricker down, and their well. secured notes were freely sold by the penie-stricker holders at & cent discount. On the 15th of October, the day after the grand suspension, the following notice was issued by the Metropolitan and American Exchange Bank in the City of Ne A. York: "The general expension of specie payments by the bauks of hie city has 80 changed the regular curre of business as to render it proper to arrest the operations of our uncurrent depart ment as hitherto conducted. A temporary arrangement having been made by our city banks to receive and pay out, at par, the notes of solvent banks in the State of New-York, this bank will thus receive such notes for account of their expondents." By virtue of this notice, twenty-one of the thirtytwo broken banks were restored to credit, and their circulating notes were made Clearing-House money by the city banks, thus acknowledging their solvency; and, in due course of time, all but two have either resumed business or are wound up without loss to the pablic. These two have been closed by the Superintendent, and one (the Hamilton Exchange) pays 81 cents on the dollar, and the other (the Pratt Bank) pays 94 cents. the of time this crushing of banks, withoutcause, other than the simple fact that their deposits were not sufficient to cover all their redemptions for the day, the redeeming banks held, in the aggregate, over & million dollars of country bank deposits. On this but point the Superintendent says: And there is little or DO doubt, upon examination of the general po. sition of the country banks' accounts, and those of the different cities, that the redeeming banks in the City of New-York, making a liberal allowance for & very large balance due foreign banks, were debtors to the interior ones, as a body, over $1,000,000; while & portion were posted daily in that city, under the quarter cent system, as failed or suspended. With individuals the secured currency is held to be of value, but, with the redeeming banks, the secured bank notes are treated as of no value, and are thrown out the minute the bank's deposit is not good to cover the redemption. Under such circumstances the question, "Why do not the banks establish or organize & clearing-house of their own ? is answered only by those who fore. see the trouble and warfare that the Metropolitan Bank is sure to inflict. Whenever the country banks have taken the ground that they would redeem at their own agents', the Metropolitan would accumulate their currency, and by running for specie or threatening to discredit, and in various ways annoy them, till their terms were yielded to. It is folly to act upon the ground that a country bank clearing-house would remove this warfare, 80 long as the laws of the State are unchanged. Legislative action is necessary to the successful establishment of a clearing-house. That law should be simple and direct-forbidding any bank, except legally appointed agents, taking, at & discount, the notes of any other bank. An act emb dying this principle would be followed by the organization of & clearing-house, both safe and beneficial-safe to the interior banks, and beneficial to the community.

21. October 7, 1907 New-York Tribune New York, NY
Article from New-York Tribune, October 7, 1907

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CHARLES COLES MARKHAM DEAD. After a long illness, Charles Coles Markham, artist and portrait painter, died on Thursday at St. Peter's Hospital, Brooklyn. Mr. Markham was born at Burlington, Vt., on August 25, 1838, the son of Phineas P. and Sally Markham. He was a descendant of Sir William Markham, a nephew of William Penn, who laid out & part of Philadelphia, Sir Philip Markham was the first of the family in America. Charles C. Markham was one of four sons who obtained their early education in Burlington. He cared little for his studies, neglecting them for hunting and for athletic sports. But despite this, when he left school at the age of fifteen, he succeeded in carrying off the prize for English composition from a class of a hundred members. He then came to this city and obtained employ= ment with a mercantile house. Every morning, however, before he went to work he sketched. He soon managed to bring himself into notice, and he was persuaded to employ his leisure hours making illustrations of scenes from the notorious districts of Five Points and the Old Bowery. At the age of eighteen he obtained a place in the American Exchange Bank, which left him a good deal of lcisure, to be divided about equally between painting and his favorite athletic sports. In 1857 the bank was forced into partial insolvency by the panic that overturned the country banks, and he was left without a place. Having watched his aunt painting in oils on a photograph, he made an attempt at the same thing. and was so successful that he was soon able to support himself by this work, and from it he was passing to a higher branch of art when the Civil War broke out. Mr. Markham enlisted in the 135th Regiment, of Brooklyn, and after serving for a part of the campaign was deputed by Colonel Abel Smith to make sketches of war scenes in the South. This work was later reproduced in various magazines. On his return to this city Mr. Markham opened a studio and began to be known as a portrait painter. Among his subjects whose portraits hang in public galleries are Charles M. Vail, in the committee room of the Produce Exchange: Colonel Broome, of Revolutionary fame, in the New York Chamber of Commerce; William C. Kingsley, with his family. and Hugh McLaughlin, the "boss." Mr. Markham had also been successful as & painter of realistic scenes from everyday life. Live ing in Brooklyn, he had been identified for many years with the artistic life of that city, and had aided in founding the Brooklyn Academy of Design and the Brooklyn Art Club. He was a brother of "Frank Mordaunt," the actor, whose name to private life was Tisdale Markham.