15346. Bank of Commerce (New York, NY)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
September 1, 1857
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
6ae187ca

Response Measures

Accommodated withdrawals, Partial suspension

Description

Contemporary articles describe depositors running on the Bank of Commerce in early September 1857 (after the Mechanics' Banking Association suspension), the bank participating in the collective suspension of specie payments in mid‑October 1857 (posting an Oct. 15 notice), and later notices (Oct. 20) describe its operating rules during the suspension. By mid‑December 1857 banks agreed to resume specie payments and resumption was carried into effect around Dec. 11–13, 1857. I corrected OCR issues and used newspaper dates to date events (run: Sept. 1, 1857; suspension notice: Oct. 15, 1857; resumption agreement implemented about Dec. 12, 1857).

Events (3)
1. September 1, 1857 Run
Cause
Local Banks
Cause Details
Run followed the suspension/defalcation at the Mechanics' Banking Association which triggered distrust and runs on several NYC banks including Bank of Commerce.
Measures
Reported temporarily refusing depositors' checks (Sept. 16 article) and continued to redeem its notes while deposit withdrawals pressured specie reserves.
Newspaper Excerpt
there was quite a run upon the Bank of Commerce, the Metropolitan and the Nacsau Banks, from depositors.
Source
newspapers
2. October 15, 1857 Suspension
Cause
Macro News
Cause Details
Citywide suspension of specie payments by New York banks amid the 1857 financial panic and widespread runs/strain on specie; not due to a discrete misinformation event or unique bank insolvency in this bank's case but the broader panic and withdrawals after earlier failures/defalcations elsewhere (Mechanics' Banking Association, Ohio Life & Trust, broker failures).
Newspaper Excerpt
The resolution of the banks to suspend specie payments yesterday was carried out by all these institutions ... The Bank of Commerce ... temporary suspension of specie payments.
Source
newspapers
3. December 12, 1857 Reopening
Newspaper Excerpt
a resumption was formally agreed upon, and we learn by telegraph that it was carried into practical effect yesterday. The recent accumulations of specie in the New York city banks have been so great that further suspension was not justified ... (Dec. 13 report).
Source
newspapers

Newspaper Articles (15)
1. September 2, 1857 The New York Herald New York, NY
Article from The New York Herald, September 2, 1857

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FERMENT. A IN WALL STREET The Defalcation in the Mechanics' Banking Association. SUSPENSION OF THAT INSTITUTION. MORE FAILURES. The Case of Thompson, the Wall Street Banker. AFFAIRS ELSEWHERE, do &c., to., THE EMBEZZLEMENT IN THE MECHANICS BANKING ASSOCIATION. APPEARANCE OF THE PRISONEH-THE SENSATION IN WALL STREET. Wall street presented y esterday a soene of more exotte most, fever and panic, than on any day since the present financial crists has afficied that locality. The suspension or the Mechanics' Banking Association, and the house of Beebee & Do., specie brokers, the run upon the Han ver Bank, the Metropolitan and the Bank of Commerce, and failure of several business houses, all reported yesterday-the particulars of which will be found in our money article-contributed to swell the tide of the anxious and alarmed crowd which throughout the whole day made Wall street the theatre of an unusual drama. But the centre of the excitement was the office of the Mechanica' Banking Association. The announcement in the HERALD yesterday morning that one of the clerks had been detected in embezzling to the amount of some seventy thousand dollars, created a deep sen. antion throughout the city ; and when it was announced that the bank had suspended business in con sequence of the defaication, crowds began to assemble in frout of the building in Wall street, and continued to swell during the day. The inside of the building was crowded, and a stream of people continued to flow in and out without cessation. With regard to the alleged embezzlemen it appears that some suspicion had been entertained for a long time that something was going wrong in the bank, from the fact that a large deficit in the specie had been from time to time observed. Buspielen rested upon Mr. Edwin Van Biarcom, the paying teller, a gentleman who had for a long time ocoupled that position of trust. On Monday evening a request was sent from the bank to Deputy Superintendent Carpenter, to detail a couple of officers for special duty; and, accordlogly, the Deputy, accompanied by officers Elder and Mo. Cord, hastened 10 street, where they found the cashier of the Mechanica' Banking Association and the teller Mr. Van Blaroom, engaged in overhanling the books. They remained outside until about 11 P. M., when they were summoned, and Mr. Van Blarcom was given into their charge, They at once removed him and kept him in close oustody for the night. Yesterday the prisoner was taken down to the bank in charge of the officers to await the desision of the Board of Directors, which held a long session for the purpose of in vestigating the affair, and discovering, if presible, the amount of the defalcation and the best means of dealing with the prieener. During their session Mr. Van Bisroom sat in the passage leading from the bank to the directors' room, and walthe object of a(minute scrutiny by the crowd which filled the the bank. Helan elderly man-probably about forly. eight or fifty years of age. He is small in stature, slight, dark complexioned and slightly gray; wears spectacles, and is very hard of hearing. He seemed restless and embarrassed during the two or three hours be occupied his unpleasant position, exposed to the public gaze. He rarely lifted his eyes from the ground except when one of the directors came out and entered Into conversation with him, with a view to obtain some information as to the amount of the defaice Mon or the mode in which is was accomplished. It is well known that in all such cases the directors of the bank are found to be prefourdly Ignorant of the doings of their em ployés, and when a defalcation occurs they are dependent on the communications of the defaulter not only for the sine to the mystory of the wrong doing, but for the amount of which they have been defrauded. We learn that the Board of Directors separated yester day without taking any steps to prosecute the delinquent. No charge has been made against him, though we under. stand there is no doubt that some seventy or eighty thou and dollars are unaccounted for. Mr. Van Blaroom is a man of family residing in Bloccker sirret. His habits have been remarkably ex. travagant; and the opinion seems to prevail that he has been the victim of stock jobbers and speculators, who have obtained conveniences from him, out of which he has probably received little or no benefit. The Mechanics' Banking Association refused to redeem to own notes for the present; its bills, however, were re DRIVER on deposit in the Mechanica' and other banks. Blocks yesterday fell considerably, and the money marnot, as a matter of course, was very stringent. The panic extended to other banking institutions besides the Mechanica' Association, though the manifastations in their neighborhood were not as apparent No extraordi. cary excitement was observable about the Metropolitan or Hanover banks; but a considerable crowd was assem bled during a portion of the day round the Bank of Com merce. The Shoe and Leather Bank refused to pay a check of Comptroller Flagg, countersigned by the Mayor and Clark of the Common Council, for $68.83 The Teller stated that they had no money. On the whole, an ill suppressed anxiety and restless ners were displayed in the neighborhood of Wall street, which indicated a very unsettled condition of financial affairs in the city. IOUN

2. September 2, 1857 The New York Herald New York, NY
Article from The New York Herald, September 2, 1857

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ATINANCIAL AND COMMERCIAL MONEY M A E MARKET. TUESDAY, Sept. 1-6 P. M. There mm a very severe panic in Wall street this morning. n is may years since we have seen anything like 18. The suspers tom of a New York city bank is rather an uncommon but coming at this part cular june. ture in an even calculated to alarm the most courageous. The public mind is not in . condition to bear such an an nonnoement with composure, and It is not, therefore, at all surprising that quite . panto was produced. We are not at all astonished at the on suspension of the Me shanios' Banking Association. We mentioned a few days since that " was in difficulties at the Clearing House, and had to call upon the other banks for assistance It is now reported that the immediate cause of the suspension was the defalcation of one of the clerks of that Institution. The cause will be found more in the action of the management generally than in the acts of the clork, ho wever criminal they may be. The Institution has from the first been raiher an unfortunate one. We believe that several defalcations have before this been developed among its officers. The suspension of the Mechanios' Bansing Association led to distrust of several other banks, and there was quite a run upon the Bank of Commerce, the Metropolitan and the Nacsau Banks, from depositors. The excitement in Wall street and its vicinity was most intense. Crowds filled the sidewalks, and public confidence appeared to have completely deserted the minds of the masses. The ma nagers of the banks seemed to realize for the first time the danger of their position. Several failures were announced this morning among the me reantile classes, and that added fuel to the flame. We are, beyond, all question in the midst of fearful revulsion; and where it will end the wisest among us cannot tell. We do not look for any miligation of our embarrassments and difficulties until soores upon scores of failures have taken place, and a long period of prostration. The recovery from this collapse must be very gradual, and it will leave marks of its exist ence and power for years. The end is by no means yet. We have just entered upon it, and as 11 extends it will gather force. It is to be hoped that our banking institutions may safely weather the storm; but an examination of their last returns shows that COME of them are entitled to no sort of consideration. A close investigation of our trust companies would not be amiss just now. The New York Life Life and and Trust Company, for ox ample, bad, according to its last report, upwards of two and three quarter militons of bills receivable; and we an derstand that 11 is a very "sweet" lot, In other words, there is considerable "sugar" among 11. Here is Life and Trust Company daily in the street buying notes of hand, because, we suppose, they can get them at high rates of interest. The Bank of Commerce is another weak concern. The last report showed that its loans and discounts were $12,101,368, and the deposits but $6,107,263 It It is our duty to hold up such management on the part of a leading banking institution to public condemnation, and we intend to take the responsibility of doing so. The Bank of New York used to be considered one of the strongest backs in the city. Look at It now. With loans amounting to $4,144,341, It has a deposit line of but $2,630,056 There are good many other weak ones on the list; but the two we have named are among the most prominent, and therefore the most culpable. The circulation of our city banks is without doubt pretty safe. It is secured principally by State stocks, deposited with the Comptroller. In the event of large amount of these securities being thrown upos the market at once their margin for depreciation would no doubt be partially used up; but such a contin gency is not likely to occur. The failure of Beebe & Co., brokers and bullion dealers, was reported this morning. This is one of the oldest houses in the street, and was sup. posed to be very rich. The immediate cause of failure was entanglements with the Ohio Life and Trust Company. The securities received on loans to the Trust Company, amounting to more than $800,000, were not available in the market. We understand the house has a large surplus. Mesers J. H. Prentice & Co hat and fur dealers; Adams & Buckingbam, flour dealers; and Breese, Kneeland & Co., car and locomotive manufacturers, Jersey City; were also reported to day. These comprise the principal events of the morning in financial circles. The effect upon the stock market was, of course, very bad. Lower prices were realized than have been touched at any time within the history of the securities named. There appears to be no bottom to railroad stocks. It is true, there is very little value in most of them, but at the present rate of decline most of them must soon run completely out of sight A1 the first board to day Indiana 5's fell off ½ per cent; Virginia 6's, %: Missouri 6 6's, 2; LaCrosse and Milwaukie Railroad, 5; Illinois Central bonds, 2; Harlem first mort gage bonds, 2; Delaware and Hudson, 3; Pennsylvania Coa Co., 1; Pacific Mail Steamship Company, 2; New York Central, 3; 3;Erie, 3%, advanced afterwards IX per cent Cleveland and Toledo fell off 8½ per cent; Milwaukie and Mississippi, 5; Reading, 4; Michigan Central Railroad, 2 Michigan Southern, 3; Galena and Chicago, 2½; Cleveland and Pitisburg, ½; Chicago and Rook Island, 2½. The Erte Railroad Company succeeded this morning in raising the money to pay the interest due to day. The company ha not, therefore, failed upon its interest just yet. The banks made a bold push this morning, and came up to the scratch just LE time. It was a narrow escape for the foreign bondhelders. The company now have until the 1st of November to gather strength for the interest pay. ment then due. The position of the New York Central Railroad Company is one of great danger to stockholders The road does not much more than pay its operating ex penres and provide for the interest on the funded debt Every cent of dividend is borrowed and added to construc tion account, or indebtedness, just as much as with the Cleveland and Toledo, or any other rotten concern. The Central Railroad Company is not to-day a bit better off than the Erie Company, so far as the stock is concerned The Central Company manages at present to pay the in terest on its indebtedness without borrowing money, which is more than the Erie Company does. It is well khown among railroad men that two cents a mile for express trains, to which the New York Central Company is held as a condition of consolidation, dees not pay running expenses We have in the finances of the Erie Railroad Company an index of those of the Central. No man in his senses can compare the gross earnings of the two roads and come to a conclusion more favorable to one than the other. In a few years the funded debt of the Central will be full as large M the E- le company. Every addition to the Central's debt endangers the dividend. The company's credit is still good, and probably will continue so for a while longer; but the time is not far distant when a large loan will have to be negotiated directly for construction account, and then we shall see where the stock stands. The roadway of the Central is running down in the face of reduced earnings All repairs which can for the moment be die pensed with are left for some future time. In this way the expenses may be for the moment reduced, but the company will ultimately have to crowd into a short period heavy outlays, M If did a year or Nwo since, when It sus. pended dividends for that purpose. stocks State Ohio of following the

3. September 17, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, September 17, 1857

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THE LATEST NEWS, RECEIVED BY MAGNETIC TELEGRAPH) FROM WASHINGTON. Special Dispatch to The N. Y. Tribune. WASHINGTON, Wednesday, Sept. 16, 1857. Private letters from Messrs. Le Sere & Benjamin admit that the new Tehuantepec grant concedes the possession of no land, but Mr. Benjamia thinks that likely to be obtained hereafter. Col. Foreyth's instructions contemplated as amendment to the eighth article of the Gadaden treaty so as to give the use of the canal or railroad to the American Government when required-this Government, on the other band, consenting to abrogate the Garay and Sloo grants. It is understood that a successor to Judge Cartis was fixed upon yesterday, but his name has not yet transpired. The Republic, Mr. Weston's new paper, is to be issued semi-weekly. Its publication commences next week. A sharp contest is progressing between The Star and The States for the department advertising, which is worth $12,000 a year. To the Associated Press. WASHINGTON, Wednesday, Sept. 16, 1857. Official advices are received from Commander Foote, of the sloop-of-war Portsmouth, dated off Menam river, Siam, June 16. On arriving he proceeded in the King's steamer to Bangkok with Consul Bradley. the bearer of the treaty concluded between the United States and Siam. During their stay they were presented to the two Kings of the country, and were received with marked consideration by all the members of the Court. The second King, by invitation, visited the Portsmouth, the first instance of a King of Sism going on board a foreign vessel. The King senta present of lamp oil, rice, sugar, dried fish and fruit to the ship, for which payment was positively declined. Commander Foote 18 of the opinion that the treaties between Siam, Great Britain, France and the United States are rapidly developing the resources of Stam. Several vessels were about leaving for the United States with sugar, the chief staple of the country. Of the sixty millions of domestic specie exported during the year ending the 30th of June, thirty-one millions and nearly a third were bullion; and of the upward of twelve millions and a half of specio imported, little less than half was bullion. The above makes more specific the official table recently publisbed. W. R. Calhoun of South Carolina has been appointed Secretary of Legation at Paris, in place of O. Jear nings Wise of Virginia, resigned. Associate Justice Curtis was to-day officially notified of the acceptance of his resignation of his seat is the Supreme Court. The President, through the AtterneyGeneral, thanks him for postponing the time for it to take effect until the 1st of October. The United States practice ship Plymouth was at Lisbon on the 18th of August. The ordnance practice was continued during the voyage. There was in post a large Dutch vessel, which had on board a number of Midshipmen who had passed the first stage of service in a smatler vessel. The financial excitement has in a great measure subsided. The Bank of Commerce continues to redeem its notes, but temporarily refuses depositors' checks. The run on the banking-houses is discontimed, and they all continue to pay, and confidence is generally restored.

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

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FUD took place they throw themselves on the rales of the bank, asd requested of their depositors a month's notice, M provided for. Before the month transpired the panto passed off, and there was no further occasion for infulgence; everything went on as usual. This stipulated no tice the trustees feel should be always demande as pro tection to themselves and their depositors We learn that in the year 1837 the pazio mania as the Bowery Savings Bank resulted in an extra dividend to those of their deposit who held on. The same will be the result of the present panic mania. PUBLIC MEETING OF MERCHANTS AT THE EXCHANGE. EXTRA SESSION OF THE LEGISLATURE RECOMMENDND CON-COMMITTEE APPOINTED TO GO TO ALBAN FIDENCE EXPERSEND IN THE CITY AND et ATK BANKS -UNDUE HASTE IN CLOSING THE PROCARD ING8-DIFSATISFACTIONOR THE MERCHANTS. The following call was circulated among the merch unia on Change yesterday :meeting of merchants le Invitei at the Exchange al half-part block day to consider the state of public interests as connected with the suspens item of specie pay ments by the banks, and to adopt such measures 45 the public welfare may require. Henry Coll. Mones Taylor & Co Gorden Talbot & Co. D. Morgan & Co. Adams, Brown Brothers French, Maitland, Phe pe & Ob. Son, William Nelson & Barclay & Livingston Foster, Eusot & Oo., Grinnell Wintarn O)., Howland & Aspinwall Tucker Cooper & Co., Charles H. hussell, Augustus Schell, J. H. Brower & Oo There was quite a large attendance of merchants and others interested in the object of the mesting, and had not the proceedings been characterized by unseemly have, and the meeting commenced and closed prematurely, some important results might have flowed from 18. At al, events, some measures might have been agreed upon that would have proved beneficial in the orials. Bat for res sons best known to the prominent actors in the affair, snap judgment was taken; as interchange of opinion was had or permitted; the resolutions were declared car. ried because few understood what they were, and the meeting ad journed within five minutes after the time fixed for its convening Full ten minutes before the hands on the dial on Trinity church pointed to half past three, the meeting was called to order by Mr. Morgan, who read the call, and pro posed as chairman Mr. James Brown. The proposition was unacimously carried, and Mr Brown took the chair smid some dem strations of ap plause On motion of Mr MORGAN, Mesers. James Lee and Robert Goodhue were appointe Secretaries The following resolutions were then offered by Mr. PELAResolved, as the sense of this meeting, that the exigen cies of public affairs require an immediate extra session of the Legislature, in or for that such measures of relief may be granted in their wisdom may be deemed just and pedient for the public good, and to enable the backs to continue their aid to the manufacturior. mechanical, agri cultural and commercial induary of the State,to five em ployment to the labor of the city and to renew specie pay ment an early day Resolved with the view to liquidate the indebiedness of interior. and to hasten the shipment of produce I seaboard, that is the duty of New or me chante and of the banks to afford every facility in their power without delay Resolved, That in the judg ment of the Nev York chante looking as those great elements of wealth, the varied and large crops of the United states. the existing monetary dera ement may with certainty be speedily corrected, and be followed by restoration of confidence to the ordinary machinery and credit or busi nets; 10 that while everity of the crieis will be long remembered too the speedy arrival of prosperity committee to these present be That Resolved, resolutions to the Governor of the State, at Albany, and to sollcit bis immediate action thereon Mr. Paris submitted some brief remarks in support of the resolutions. He said that the merchants found them selves to day in novel condition of affairs, with the city banks obliged to suspend payment, although the day before their respension they were known to be perfectly solvest As it was the merchante had still perfect cont dence in the solidity of these banks: and there could doubt that their assets were sufficient to meet all their liabilities. In this state of circumstances, then, he held duty of the merchants to sustain the banks means in their power. He considered that It perative duty of the merchants to represent to the Governor of the State the necessity that existed for the immediate celling of an extra session of the Legislature, to remove the penalties now imposed upon of specie payments, in order that the regular current of business mar be restored to legitimale channel That step was provided for in 11 the Imperative also the resolutions was the duty merchants their and all their aid to sustain the banks in the present crists, and also in their dealings with each other to use all the poest ble, and to give every indulgence allowable by the times the pressure CORNER seconded the resolutions, which were put adopted Mr. THEODORE DEMON moved the appointment of the Albany proceed to to mittee The CHAIRM named the following gentlemen John C Green, Mours H Grinnell Charles H Russell, Abraham Hewiss, Mores Taylor, Royal Phelps, Schay lar Livingston, R Marahali Chas to motion, the Chairman and Secretaries were added the committee, and the appointments were unanimously confirmed Mr. Mouns H. GRINNELL said that he did not rise to offer extended smarks upon the present state of things Mr. the offered seconded Perit; they spoke for FEE They had Hittle do now except he these who, had present no doubt, would respond mediately request tained in them He would, therefore. leave that subject had another resolution to propose, which was as Resolved, That we, as march ants and citizens, have en tire confidence the ability of the banks of the cliy and State of New York to meet all their engagements, dollar dollar said that felt it to be the imperative duty of the merchants this juncture to unite this deciaration confidence in the banks, although they yesterday been compelled to suspend was a mared that although the banks had payments, as (Mr. fide had. they had toma (the merchants) know they intended to pay their debts, banks meet all their liabilities (Applease Therefore. he urged the confidence resolution this of had passage banks ibe ability and would The resolution by Mr. James Brown, and was carried unanimously On motion. the meeting then adjourned. The committee appointed to wall upon the Governor left for Albeny in the train Much dissatisfaction was expressed on all at fee hurried and loose manner in which the business meeting had been forced through without Interchange opinion on the part of the was charged. seemed to he universal opinion. that meeting got up in the interest not of the merchants but of the banks Conspl among those protested vehe h whole was Mr. mently Richard against Schell, brother to the Collector of the Port He his regret that man of Mr. Integrity should presided at this meeting and allowed to be conducted twas. He remarked that the meeting controlled such men as Pelettah Perit, E D. the of Bank Oom family of "the Klage, merce He sald that that bank by cashier and who named had Vall. Blevens gone principle of breaking all of their neighbors were Habilities. their to meet show means large And now said these men have had the effrontery have they whom seek and sided to rain this strain remark for him collected and time around cashiers of spoke sympathising hearers. Wal the street and of three presidents of noodles who held their places commans whose and services favorition, salary or $600 in any He describes meeting mutual distinction society directors of the Bank of Commerce and he charged officers of the bank. of the Mer hanta Bank, of the Na. tional Bank, and of the Bank of America with endeavor lag by their course at the Clearing House to create all possible difficulties and to throw every obsta they could is the way of merchants paying their debts said that the first resolution that ought 10 have been offered at the

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

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WALL STREET YESTERDAY. SCENES AND INCIDENTS-A THE STORM A CALM -THE BANKS PAY NO SPECIE-GENERAL SCARCITY OFCOIN-UROWD8 AROUND THE BULLETIN BOARDS -1 SUGGESTION FOR THE POLICE, ETC., ETC. The resolution of the banks to suspend specie payments yesterday was carried out by all these institutions except the Chemical The crowd in the street was no greater than usual, and everybody seemed relieved. The general Idea seemed to be that the notes of the city banks would have to be taken as a circulating medium until the banks saw as to redeem them. Within the banks the usual business was transacted, a good many depositors drawing out their money in notes, while others displayed their confidence by bringing forward deposits is coin. People who had not read the morning papers bad the pleasure to see the following notice posted upon some of the bank doors, and upon the bulleMa boards:BANKS. The business of the banks will be transacted exactly as hereinfore, with the exception of paying specie. Ohecks will received on deposit, and in payment of notes, and bank notes will be paid out and received as usual. Several of the banks redeemed their small notes with gold. There was, strictly speaking. no FUN upon any of the Wail street banks, except the Seamen's Havings, which WM over at two o'clock. This bank is used by the steve dores, longshoremen and dook laborers generally, so that the crowd was somewhat rough compared with the cus tomers of the banks of deposit and discount There were a good many lonfors and pickpockets in the street, who discussed the crisis after the Humaby fashion As a general rule these fellows are terrible not mances, having not one cent of money to lose, and therefore being in DO way concerned in the matters which they discuss so flippantly. They hang about the banks, hoping in the general excitement to gieas some plander, and earnestly advise timid depositors to get hold of their money in some way or other, that they (the loafers afore. said) may have a chance at it. With the exception of these follows, and some fiash traders who have been broken down by the panic, and who helped to bring is about, the street was very quiet There was some swearing about the banks, and a little around the bulletta boards, where were posted the following notice :PUBLIC MEETING. A meeting of merchants is invited at the Exchange, at sk o'clock to day, to consider the state of the public in herent as connected with the suspension of specie payments by the banks, and to adopt such measures as the public welfare may require. Goodhue & O2., Moses Taylor & Co., Brown, Brothers & Co., James G. King & Sons, Grinseil, Mintern Co., N. L & G. Griswold, Henry One Tacker, Cooper Co., R D. Morgas & Oo., Gordon falbo! & Oc., Adams, Foster, Cillott & Oo. M. French, Howland & Apinwaii, J.H. Brower & Co., Wm. Nells in & Son. WEDNESDAY, Oct. 1857. And the following notice was learned at noon, and die. driveted all over:BANK OF COMMERCE At meeting of the Board of Directors of this institu. Mon this day, the following resolutions were usani mouely adopted Received, That the Bank of Commerce in New York, having been forced, in common with the other city banks, late a temporary suspension of specie payments, will bereafter, and unil forther notice, receive ment and on deposit the notes and certified checks of other banks in good standing, circulating as current funce, and will pay checks of depositors in similar currency, and that no Moe thereof be given to its dealers. Recolved, that until the resumption or special payments on all its engagements, this bank will receive specie on spental account in deposit, and will repay the same on de mand to the depositors on their checks, drawn payable in soin. JOHN A. STAVENS, President HOURT F. VAIL, Cashier. There was a general scarcity of gold and silver for the purposes of small traders. The Post Office usually has a superfiuity of email silver coin with which it accommo dates the shopkeepers, but Uncle Sam bimself ran abort yesterday, and the office needed all its silver for exchange As a general thing yesterday, Wall street seemed ler than before. Men who were worth a hundred thousand six months ago now looked jolly, although without a penny, and this courage under difficulties is a siegular developement of the elasticity of the American mind I that courage and perseverance alone which will bring as out of our present difficulties. is our Wall street walk yesterday we notice that th men who really had business despatched 11 at once and west way, while others who have nothing to do but babble, blocked up the sidewalks and seemed to take especial delight in getting up some kind of a panic. In the whole street we saw but one rusty old polioeman on duty, Would it no: be as well to have a strong force to look out for the pickpockets and make the leafers move on. The nasty, drizzling rais is. berfered slightly with the sucment of these gentry, but some of them held on, even in spite of that The panic in the street has been pretty nearly quelled by the action of the banks, and the support which they have received from the Judges of the Supreme Court, as account of which will be found in our columns this morning. The business at the Clearing House was resumed, the balances being paid, as usual, in coin. The North River, Bowery, Ocean, Oltizens', Greene's and Artizana' were not represented, and ere therefore regarded as insolvent. The Union, National, Manhattan, Chalbam, Pasific,

6. October 16, 1857 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, October 16, 1857

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THE MAJESTY OF NEW York.-There is something to laugh about, even in a time of panic. The managers of the New York banks have arrogated to themselves a degree of importance lately that has greatly irritated our sensitive Athenian friends, and the dig. nity of State street was really very seriously disturbed. The New York men seemed to forget that they were wholly in the hands of their depositors, and imagined that they owned the whole concern. So, on Tuesday they met and passed a string of " whereases" and resolutions" as long as one's arm, declaring that their institutions were growing stronger and stronger every day, that they must and should grow stronger, and that under no circumstances would they suspend specie payments. Hem ! Mr. John A. Stephens, president of the Bank of Commerce in New York, writes a letter to Boston, boasting of what the banks of New York were doing and were going to do, and really pitching into the Boston banks about their way of doing business. But the merchants, having made up their minds that the managers were either mules or asses, swept up their deposits, and in twenty-four hours the whole batch collapsed like a punctured bladder. Therat a long chuckle ran along State street. It was wicked, but it could not be helped.-Springfield Republican.

7. October 16, 1857 Wheeling Daily Intelligencer Wheeling, WV
Article from Wheeling Daily Intelligencer, October 16, 1857

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many 168 firms staggied, cannot be known for anibady after such min matters Lien But If David, when his bai had died, rise up and was comforted, 50 di people, when they NEW bottom, shork hands 27 locked cibertul out ad their missary. The mus being out any, the slip was eased. Peag generally are their breakfasts in tranquility F' terday morting, and registed to their places business, as men de in the cholera Retist thankful that if the plagne is DIE stred, is DIE much aggrarated. And so things west till about 10) o'clock-inlf an hour befo landa time, -when the first peal of thand muttured in the distance. The Ocean Bar chened its doors, and placarded the following notice: This bank las citaed and suspended A great many people, who had = funds in th bank, and possibly no funds in any bank are ted a Ettle excitement by blocking up the sid walk in front of the building, and monderia what was to cume text. The buy with his in bet of applies stopped; the girl with ber back of peasures stopped; the sosp-fet man stopped in short, there THE ROOD a large crowd collects and people who lad deposits in the had bills on the tank, or bad in some expectancy 00 the bank, came au went away. And that made tounder. the Half an hour later, Grander closed its doors. The er. All the people and Greenwich bill themselves of the stey checks, stem front and met your institution liters The porter, wit had The bill-holder positors said, with empha is Fourth Commandment, it 10°1 not go way, And 50 the crow shame, the thunder kept coming near and growing louder and londer. Just at this time the Merchants' Exchang Bank followed suit. Then went the Irving Bani then the Marine Bank, then the New York E: change Bank, then the Citizens Bank, then th Bull's Head, and then the Merchants Exchang Everybody could hear the thunder now. was full upon the City, presaging tornados, earth quakes, volcanox, universal destruction, Th pante was immense. A rush was made on a the Banks by holders. In quick successio went the Butchers' and Drovers' Bank, th Chatham Bank, the St. Nicholas Bank, th Tradesmen's Bank, the People's Bank, the Bai of New York, the Market Bank, the Broadwa Bank, and the Leather Manufacturers' Bank These succumbed to the storm, but other though Bereely tried by the whirlwind, resisted The American Exchange, the Nassan, the Part the St. Nicholas, the Mercantile, the Metropol tan, the Phenix, the Bank of Commerce an the Continental, were severely run upon, be had specie left in their coffers at the hour ( closing. They were shaken by the storm, be did not fall. But long before the closing hour the way th Banks were going got abroad, and set everybod agog through the City, Business was suspend ed, almost to the cases, civil and criminal, be fore the law Courts-the Judges on the Benef and the lawyers engaged in argument havin got wind of the thing, and sending out specia messengers to bring in extra news every te minutes. The American Exchange Bank, a tracted, perhaps, more direct notice than an other. The crowd on Wallstreet was very grea The President of the American Exchange Ban appeared on the steps and made a speech, assui everybody interested, or otherwise that ti Bank would pay everybody in specie. Th crowd, especially that portion who had nothin to expect from the Bink's solvency, vociferous) cheered, but every moinent the throng kept in creasing. The Bank, however, came well or of the difficulty, up to the hour of closing. Before the doors of every Bank, and with every Bank in the City, yesterday, the crow was immense. As a rule, nothing but good hi mor prevailed. Men even smiled when their to were trodden on. There is a feeling of cont dence and security when all suffer alike. such cases there is a mirth in misery which shared in common. And didn't those who got and force their way out, chuckle at their eager frien who were forcing their way in, especially with a few minutes of the closing hour? "Eve Bank shuts off specie to-morrow." they wou say, "No get in as soon as you can." Never d n double eagle look more gølden,-never was more the representative of the wealth "of o muz and of Ind" than yesterday afternoon. f Even the thieves had n respect for the man W had his pocket full of them, and only dared follow him for the space of a block and a half. But we noticed a sad background to yeste day's rush upon the banks. The men who ma the rush were moneyed men, least in all ses, comparatively so, Bnt standing, not wit out interest, but without object, in crowds 1 yond these who werestriving to pass in and of were hundreds of discharged workmen,-m who had no hope in the future of the terril Winter that is before us. It seemed to us ti they looked on with n melancholy pleasure; perhaps we did them injustice; let us say th regarded the scene with blank despair. WI the coming Winter will bring to many the sand of our fellow-creatnres in this city, i contingency too disagreeable to contemplate. d There is a great rush of the unemploye the Intelligence Offices. Quantities of servi girls out of work, and unable to obtain it, go these places in the hope of getting something do, but even here, as a general thing. they unsuccessful. At one of these establishme in the Bowery we were told yesterday that re many as 250 girls presented themselver dai offering their fifty cents a piece for a situati Most of these were turned away, for the app cations for servants are by no means proporti

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

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Oct Financia the New York Times, Oct. 15. The state York Money Market-The Day After Suspension. circle III No WEDNESDAY, Oct. 14. is ome de new order of business through the extract of a of the city of New York, rendered neto ommer and convenient by the stoppage of payments yesterday, was inaugurated My DEAR evening by the following proceedings at - fusion, as of bank officers held at the Clear"N THE House. New York. esolved, That we will take, at par, notes as me -h as on the State of New York, secured New York, Bank Department, at Albany, and tions at pres of each Safety Fund Banks as may to all you ha matters to esignated, from time to time on deposits of our customers only, and in payment trust any bod due our Banks, respectively anything like we will receive, or pay balances, at a parallel, W Clearing House, in such notes, the same adv counted, enveloped, tied and sealed, sidered whol the amount certified on the parcel. never the sum shall exceed $1,000 000 proTh the same be certified by an officer apby the Clearing House Association OHIO.-T will be seen that they recognize the egraph that of all the solvent banks of the City and Ohio, we reg of New York as part of the basis of have seen no are to be known. in ordinary dealings, the defeat of Funds. These and the certified ticipated cl of the bank dealers, payable in CurRepublican Funds as well as Gold and Treasury O victory. at the option of the bank, holding eiapprised the or all, will be employed in the adjust Democrats a of the daily balances growing out of lovingly in 0 inter exchanges through the Clearing Pro-Slavery The Bank of America will continue Democratic the key to the common vault in repugnance h the specie of the Associated Banks is opposition to and represented by certificates, and the didate. But opolitan Bank, it is understood, will be truth to say, the common depository of the country them gave tl notes. belonging to the Association, and racy also will be represented by certificates, Fremont's new arrangement will extend to all fall, was 16,6 bank paper secured at Albany, and 28,126. 28. It registered notes of the old Safety 10A banks as the Committee of managewould almos on this subject-aided by the experality. ^s of the Metropolitan system- shall deslast Tuesday and overeffect of the suspension upon the ex Chase's grea was not fully seen to-day. The steamtheir ticket. closed before twelve o'clock.and only thousands st transactions, and at very irregular tend to othe were made on London. We heard of The finance thousand pounds at 108 per cent. and vulsion that quotations at 105 per 107, banking men. withdr And few produce bills, with the local polities documents attached, were done at their influen but whether to carry out previous enas four-fifths ments or not, we could not ascertainBut the pe rellef to the market, however, is very mustered for and the improvement in the rate on That class and not because of the apprecia vote. As \ of gold, as compared with current funds. the telegrap could not be sold to the Brokers better unreliable. from 1a21 per cent. premium, and there tual vote is a limited market to supply Customthe telegrap wants and a few of the banks exhausilton county their supply before three b'clock yesterDemocratic, Several considerable parcels were rethe truth on general deposit to the banks free 611 Spuo remium. Most parties are disappointed 35; Ottawa indifference in the market. As 1837, fiance repor went to 13 per cent. premium immedigan is repo after the suspension. A close survey Chase 583. the circumstances attending the presties in which led us to anticipate yesterday that We think would be worth in the market not exocrats have 3 to 5 per. cent. The advice by telehaving carri that $1,250,000 is now at hand from The Repub fornia, and the general conviction to-day House bu the daring of the past few days on the nor any imp was from no popular attachment to gold legislative distrust in our New York paper currenwhich side 1 the sudden withdrawal of confidence We shall mercantile sympa thy with the City Bank count. that agement, no doubt influenced thedullness elected and market. And this will continue, unML Chicago the Southern Banks, particularly at New IOWA hold on to the specie basis, and gold changes fe equired for the purchase of cotton, or the enough, we aoption of New York State currenthat Judge bankable funds, should greatly enhance by four to fi value of foreign bills. publicans h: Democratic Exchanges will continue Legislature, ttled or immovable only a few days lonSenator, S. On the near cities little was done the present Philadelphia and Baltimore appretory more to 96a98. The Pennsylvania Legislais settled, tl has afforded the relief asked for by the yond all per in that State. They have until the April and A Monday in April next to prepare for general apa mption. The act provides for weekly strength.ments by the city banks of Philadelphia Pittsburgh, similar to the New York Important also It the jo currency equalizes The follow State in all banking operations, and it retorney Gene the depositors to the credit of the postmasters monwealth to be made specie for the SIR: You of the interest of the public debt received. in telegraph announces a general suspension aghout New England. right of post cases for sta Discount market, except in Bank, has returned not taken shape. There was not much the act of 0 paper offering to day. The failures partment, Monday have fallen off, whether from Court upon relief, or by reason of temporary exto live over a few days in the hope 578, 11 How it would be difficult to say. We ples of law brought me sure, however, that several impendfail res have been thus far averted, ing rules ou clear. cessation of such disasters fora few days A post will, from the present opinion atnong liscount brokers, bring down the rates on stamps cost them made, paper very materially. The sense of Their value from panic, if not from dear money, is general. them repres of postage. Sub- Treasury balance is down to $5,The reduction would have been no apprecial thus far in the week but for the withno gain at a ought not to of several large drafts by the Savdent hich Banks. As these institutions resolved 2. But it morning to pay only in City Bank notes lost, and g they will pr bably now re-invest proceeds of United States Stocks in oth may use the curities. ment of SO should be he Bank of Commerce yesterday seemed custody of olested by the run, and was so reported But notice of the Wall street scene. is paid for t it it by showin to-day that the quiet draughts made He insu the Specie reserve of the Bank amount ils of that k about $400,000 This reduced the 3. If he left belonging to the bank below $300, ton act. or n There appeared to be little or no run stroyed, he Corn Exchange Bank yet we hear that no man amount drawn out before 3 o'clock was The old Fulton Bank did not vantage from 4. When before 3 o'clock, as rumored in the street bank of the State, and Republic, po-tmaster him at the run pretty low, before the closing hour. sumption is was a hot purs pursuit after the gold in the demand ct ropolitan and American Exchange, an er got them, obtaining that they were weakened by the presump country bank redemptions. Both held all other pro and the American Exchange, on the he can pro of figures in the evening conference, General is S nja $400000 him, he oug more remarkable feature in the bank Wall street yesterday was that the responsibility has them in Bank of New York was the first to give 5. If he This announcement alone would have the of continuance payment by to the Depa

9. October 31, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 31, 1857

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BANK OF COMMERCE IN NEW YORK, Oct. 20, 1857, THIS Institution, in pursuance of the resolutions of its Board, already published, will continue to receive Gold and Silver Coin and Bullion on deposit from all its dealers and correspondents, and place the same to their credit respect- ively in Specie account, and will repay the amount on demand in specie to such depositors on their Checks drawn payable in Coin. And during the suspension of Specie Payments by the Banks in the City of New York or until further notice, this Bank will receive in payment of loans and discounted paper, and on de- posit the Notes and Certified Checks of other Banks in good standing circulating as current funds and will pay Checks of depositors on Current Account in such currency only. Parties depositing paper for collection will be deemed to con- cur in this arrangement, unless immediate and written notice to the contrary be given to this Bank. JOHN A. STEVENS, President. HENRY F. VAIL, Cashier.

10. November 9, 1857 The New York Herald New York, NY
Article from The New York Herald, November 9, 1857

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their banks to resume, and a law is passed commanding them to do so before February 1, 1841. 1841, JANUARY 15. The banks of Philadelphia resume. The United States Bank publishes a statement, from which it appears that the bank owes twelve millions, payable on demand, while it had only three millions available cash to pay with. The stock is down to seventy, and falls still deeper. FEBRUARY 4. The Bank of the United States again suspends specie payments. The other banks are obliged to do so likewise, but they gradually resumed, the Legislature passing a relief act, by which the State took their notes as loan currency. APRIL-Important frauds are discovered in the management of the United States Bank. The assets have depreciated seventeen millions in value, making a loss to the stockholders, if the concern was wound up, of twenty millions. The bank officers borrowed money abroad and lent it at home on worthless stocks. Messrs. Biddle, Cowperthwaite and others likewise went into cotton speculations, using the money of the bank therefor without the knowledge of the directors, and allowing it only simple interest. There was a loss of $600,000 on one of these transactions, which after some difficulty, was assumed by Biddle, Wilder & Cowperthwaite. They settled with Texas bonds, wild lands and some cash. Other investigations proved that the bank was rotten to the core. AUGUST 19. Congress passes the Bankrupt law. 1842, JANUARY.-Biddle, Cowperthwaite, Jaudon, Andrews and Dunlap were indicted for conspiracy to defraud the stockholders. They were all brought before the General Sessions on habeas corpus, and discharged on the ground that there was nothing legally to justify the charge. FEBRUARY 1.-Bankrupt law goes into operation. Wipes out $440,934,615 of debts, and clears 33,739 bankrupts. MAY. The United States Bank closes up, and makes a partial assignment. In September an entire assignment was made. During this year the Girard Bank made an assignment, but afterwards paid all its debts and was allowed to resume its business. # THE RAILWAY SMASH OF 1854. 1852 and 1853 were flush times, and the people over-traded and over speculated as if there could not be another '37. They were all at once astounded in 1854, JULY 5. Panic in Wall street. It is announced that Robert Schuyler, President and Transfer Agent of the New York and New Haven Railway Company, has defrauded the bona fide stockholders of two millions of dollars by an overissue of stock to that amount. The NEW YORK HERALD (6th) says "most of the railroad stocks fell two per cent," and characterizes the affair as "another evidence of the extravagance in living and over-speculation which characterize the mercantile population of New York." JULY 7. The panic in Wall street is still worse. It is announced that there has been an overissue in Harlem Railway stock, not heavy, but sufficient to destroy confidence in this class of securities. Schuyler, the New Haven Railway swindler, escapes from the city, and nothing more is heard of him. JULY 12. The HERALD estimates the railway swindles at twelve millions. Stocks go down, but the money market remains easy. AUGUST. Things are still very blue in Wall street. Several stock houses are obliged to suspend. Another fall in fancies, and activity in breadstuffs. Other trade is very dull, and rents go down. The HERALD predicts a general collapse. SEPTEMBER. During the latter part of the summer there has been a great drought, and there are rumors of short crops. The HERALD sends a circular to prominent agriculturists throughout the country requesting information. The answers are of a mixed character, but generally unfavorable. OCTOBER. Fall trade opens dull. Light receipts of breadstuffs and high prices. Railway stocks have depreciated on an average thirty per cent, fancies seventy-five, real estate twenty-five. It has been a bad year all round through over-trading and over-speculation. NOVEMBER. Several heavy failures are announced in the West, and some small banks in the country are obliged to close up. DECEMBER. Hard times have come. No money to pay for the extravagances of the spring. Everybody contracts. Thousands of laborers thrown out of employment. Breadstuffs high. The effects of the hard times tell on all kinds of business. DECEMBER 19. The first soup kitchen is opened in the Seventeenth ward, New York city, and good beef soup is distributed free to all applicants. The number of applicants for admission to the Almshouse increases one-third. DECEMBER 22.- The workingmen hold meetings in the Park. Relief associations are formed in several wards and distribute fuel and food to the poor. DECEMBER 29.-Meetings are held in nearly all the wards and in several other cities, to devise means for the relief of the poor. 1855, JANUARY 6. Times are harder and more distress among the poor. A grand charity ball at the Academy is projected. A fashionable lady issues cards for a party where all the guests are requested to dress in calico. Several heavy failures announced at Boston and New Orleans. JANUARY 15. Several heavy arrivals of gold from California, without corresponding shipments to Europe. Fancy stocks go up a little, but things are as bad as ever with the merchants. FEBRUARY. Stagnation. Trade no better, money no easier. MARCH. Many of the New England manufacturers resumed work which had been suspended two months, and things began to grow easier. MAY. The spring trade opened pretty well, and business prospects being encouraging, things went on in the old way again. # THE REVULSION OF 1857. During the first part of this year, and indeed during the whole of the preceding year there were premonitory signs of a crisis, which were apparent to every one acquainted with the laws of commerce and finance. The HERALD, as in '36, predicted the crisis, from overtrading, stock gambling and inflation of all kinds. Some prudent men took heed of the warning and carried less sail; others however carried on more than ever. 1857, AUGUST. In the early part of this month a few failures were announced, and the list of the Independent newspaper was further enlarged about the 15th. The HERALD (14th) reiterated its statements that we are on the brink of a crisis. AUGUST 17. Over issues and frauds in some of the Western railway stocks. A fall and want of confidence in the street. AUGUST 21. The Persia takes out nearly two millions in specie. The HERALD says this will draw down the bank reserve, and blames the banks for expansion by wholesale. Severe stringency is anticipated. AUGUST 24. Panic among the stock brokers. Everything had a tumble. At about three o'clock great excitement was caused by the announcement of the failure of the Ohio Life and Trust Company. It was a bank of deposit and discount, with a capital of two millions. It had recently paid five per cent semi-annual dividend, and its stock sold at 102. It was ruined by loaning money to railway companies without sufficient security. Several failures in Rochester and Boston announced. Panic in Cincinnati, and a run on the banks. AUGUST 25. John Thompson, Beebe & Co., De Launay, Iselin & Clark, and Jacob Little & Co., heavy brokers in Wall street, are obliged to suspend. The liabilities of the Ohio Life and Trust, are stated at five millions. AUGUST 26.-Long list of country bank failures. The Banks commence to contract their loans. AUGUST 27, 28, 29. There has been a great pressure for money, and two per cent is the lowest street rate for money. AUGUST 31. The bank statement is unfavorable. The deposits and specie have decreased, and the contraction in two weeks amounts to five and a half millions, equal to the whole expansion of the previous six weeks. SEPT. 1. Panic in Wall street. The Mechanics' Banking Association closes its doors. Beebe & Co., specie brokers, connected with the Ohio Life and Trust, suspended. Also several mercantile houses. Mr. Van Blarcan, Teller, of the Mechanics' Banking Association, is reported a defaulter to the amount of $72,000. There was a run by depositors on the Bank of Commerce, Metropolitan, and several other banks. At the second board all the stocks declined. SEPTEMBER 3, 4 and 5. Stocks go up a fraction. Wall street recovers a little. General opinions that there won't be much of a shower. Saturday (5th), however, the market closed depressed. SEPTEMBER 7.-Bank contraction eight millions. The bank statement is bad, and more failures announced. SEPTEMBER 8. The money market tighter than ever. Panic at the stock board. SEPTEMBER 9 and 10.-Several heavy failures among the dry goods houses. Bad news from Boston and the Western cities. Bank of New Jersey, at New Brunswick, and several country banks closed their doors. More failures. SEPTEMBER 12-Wm. J. Bell & Co., bankers, suspend. News of the suspension of several banks in the interior. SEPTEMBER 15. Statement shows that the banks have sustained themselves at the expense of the merchants. Wesley & Co., "bull" stock brokers, are obliged to suspend. SEPTEMBER 16.-News of great stringency in Philadelphia and Boston. SEPTEMBER 18.-The total loss of the California mail

11. November 11, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, November 11, 1857

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Domestic Exchange more settled and growing better. Uncurrent money market active. There is a better demand for gold, and the rates of premium, 101 P cent, are firm. Sovereigos are selling to some extent at $4 85. It is uncertain how much the Persia will take out to-morrow, but we hear of sokae $600,000 engaged, which will probably be increased to three quarters of a million. Mr. S. Austin Allibone, brother of the late President of the Bark of Pennsylvania, has come out in a "Card," asking a suspension of public opinion in reference to the charges brought against his brother by the Directors of the Bank. The Street was taken by surprise to-day by a report that the Directors of the Bank of Commerce had voted to resume specie payments on the 1st December. The statement was made by one of the managers of the bank, but upon inquiry at the bank the officer denied that any day had been fixed for resumption. Pursuant to notice, the Committee appointed at the public meeting held in Jersey City last Thursday evening, to confer with the citizens for the purpose of raising funds to aid the New-York and Erie Railroad Company in completing their terminus, &c., in Jersey City, met at the office of D. S. Gregory last evening (Monday, Nov. 9). The subject was thoroughly gone over by the Committee, and discussed at length. The Hon. Camuel Wescott, Mayor of the city, manifeeted a deep interest in the subject, and said that this, being a work of so much interest to the citizens of Jersey City, and being so nearly completed, he thought they should cortribute to the full extent of their ability rather than let the work be stopped at this time, the completion of which would secure to them the greatast railroad terminus in the United States, and by which every citizen would be benefitted more or less. Measures were discussed to secure $250,000 to the New-York and Erie Railroad Company, to aid in the completion of their terminus, when the Committee adjourned to meet next Thursday ovening at the office of the Hon. D. S. Gregory, No. 1 Montgomery street. The following is the specie list by the Canada:

12. November 18, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, November 18, 1857

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BANK OF COMMERCE IN NEW-YORK, Oct. 20, 1857. THIS Institution, in pursuance of the resolutions of its Board, already published, will continue to receive Gold and Silver Coin and Bullion on deposit from all its dealers and correspondents, and place the same to their credit respect- ively in Specie account, and will repay the amount on demand in Specie to such depositors on their Checks drawn payable in Coin. And during the suspension of Specie Payments by the Banks in the City of New-York or until further notice, this Bank will receive in payment of loans and discounted paper, and on de- posit the Notes and Certified Checks of other Banks in good standing circu'ating as current funds, and will pay Checks of depositors on Current Account in such currency only. Dealers and parties depositing paper for collection will be deemed to concur in this arrangement, unless immediate and written notice to the contrary be given to this Bank. JOHN A. STEVENS, President. HENRY F. VAIL, Cashier.

13. November 23, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, November 23, 1857

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BANK OF COMMERCE IN NEW. YORK, Oct. 20, 1857. THIS Institution, in pursuance of the resolutions its Board already published. will continue to receive Gold and Silver Coin and Buttion on deposit from all its dealers AL and correspondents, and place the same to their credit respective y in Specie account, and will repay the amount oh demand Coin. in Specie to such depositors on their Checks drawn payable in And during the suspension of Specie Payments by the Banks in the City of New-York or until further notice, this Bank will receive ID payment of loans and discounted paper, and on de posit the Notes and Certified Checks of other Banks in good stending circu ating 88 current funds. and will pay Checks of depositors on Current Account in such ou rency only. Dealers and parties depositing paper for collection will be deemed to concur in this arrangement, unless immediate and written notice to the contrary be given to this Bank. JOHN A. STEVENS, President. HENRY F. VAIL, Ceshier.

14. December 13, 1857 The Washington Union Washington, DC
Article from The Washington Union, December 13, 1857

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RESUMPTION OF SPECIE PAYMENTS. A meeting of the associated banks of the city of New York was held on the evening of the 10th inst., when the resumption of specie payments was considered. A resolution was offered "that, after the 12th instant, all the balances at the clearing-house shall be paid in specie;" which resolution, if adopted, would have been essentially a resumption of specie payments. Fourteen banks voted in its favor and twenty-four against it; 80 the resolution was lost. Eight banks were not represented. On the day following the presidents of the Banks of America, Commerce, National, and Manhattan issued a circular letter to the other banks, urging an early resumption, and submitting the following agreement for their signature: "In view of the present strong condition of the banks of this city, and their duty to the community and themselves, the undersigned banks of the city of New York hereby give notice that, on and after Monday next, they will resume specie payments on all obligations." This seems to have resulted in another meeting on the evening of the 11th inst., when a resumption was formally agreed upon, and we learn by telegraph that it was carried into practical effect yesterday. The recent accumulations of specie in the New York city banks have been so great that further suspension was not justified by any principle either of honesty or sound policy. According to the last weekly report the banks held over twenty-six millions of dollars of coin, and although the exports of specie during the week have been large, the receipts from the interior are believed to be fully equal to the exportation.

15. January 31, 1861 New Orleans Daily Crescent New Orleans, LA
Article from New Orleans Daily Crescent, January 31, 1861

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New Orleans Daily Crescent. FINANCIAL AND COMMERCIAL DEPARTMENT Flebor Orleans Money Market. CRESCENT OFFICE. No 70 Camp *treet Wednesday Evening. Jun. 30, 1861 $ market to-day was it was remarkably quiet, about The banks money been quiet. under made In and this the large sales of produce which have week. The European advices have stiffened the cotton market and depressed exchange, as the more there is to be drawn for the larger the basis for exchange. The offerings for discount at the banks were not large. There were some and the usual of several new discounts granted, maturing number in renewals. The renewal of paper ac is, however, averse to the bank but the of affairs for tive code; movement position banks three adopt months the rendered it imperative on the to send a large amount of their rule, or protested porte-feuilles and into coventry. The amount of suspended paper held by the banks is trifling, very trifing. The outside movements in paper to-day were light, very light. Good mortgage securities can be placed at 10@12 Act. There were some sales of three and four months of good commercial paper at 1,@1} Ect. per month. The exchange market was weak to-day. The large transactions in cotton are placing large sums of bills before buyers, and though a good share of the cotton bought is intended to be held for lower it has to be paid for. checks on New York was freights, rate for yet steady The and counter uniform with one or two holding at an 1/2 dis. The banks were picking up some at at dis., fifteen small days parcels sight from 1@1 and 1 dis. Ten and at the same figures of few movements in sixty dis. was sold A yesterday, We days quote sight, from say we 11 also noticed at 2, 24,21@2&~dis. In the demand fell of were not maintained. We of yesterday @3 dis. sterling off. quote Rates weak sales clear bills at 1054, 105 1, 105&@106. the figures, though highest remittance 107. Very Document rates are much higher, running away up to bills taken at 1031@104. were were yesterday. Francs light not firm as We have only some trans- dull actions to note. We quote the market to-day at 5.40@5.32}-extreme ranges above and below, but difficult to realize. In Stocks there have been sales of 200 shares of Louisiana State Bank at 160. The half-yearly dividend of this good old institution will be declared on the 1st proximo. It is presumed it will be 6 or m 7 Oct. We acknowledge the receipt of a copy of the D Report of the Board of Currency made to the Legislature, in conformity to law. It is very explicit in general details, and as we have daily and weekly witnessed the management of the board, we can speak of its efficiency, its faithful management, the industry and attentiveness in which the duty and labor devolving on it have been carried out. The bank act of 1842 must, however, come in for great praise and commendation : on the faithful supervision of the board, as required by this act, is our community indebted for the present strong, sound and unblemished standing of banking institutions. We note, however, a recommendation by the board of the withdrawal of and the suppression of all issues of bank notes under ten dollars. We do not agree with this recommendation, particularly in on the grounds suggested by the report, that is, and pressure the small notes are the discredited and called for. soonest case of panics transpired This during is hardly the supported by events which panic of 1857. It was not the circulation of the banks, nor was it the holders thereof that comrun. It was the depositors who caused our banks to suspend; it was menced three of the New the depos- York, itors, with the banks in the city of caused the banks of that metropolis to susFor instance, the great Bank of pend. which had Commerce, circula. capital of $10,000,000, has no particularly in 1857, was with tion its for years, Furthermore, and it forced by depositors to suspend. the ten and twenty dollars is a prevenundue because, our notes tive of of five, expansion, according required to to have our banks are at all times vault to meet their issues-a sort term an insensible security or system, coin we may in provision. of what But if we are to have any suppression of bank issues, let us go the whole distance at once, and all notes under one hundred dollars. Then shall be on the real suppress we bullion order. The report also alludes rather ungraciously, though properly, and as in duty bound, to the kindness and disposition of the Canal Bank, and of its backing out after coming into an arrangement regarding some assistance desired for one of the free banks some few weeks ago. It places our Camp street bank in an unenviable position before the world. We have no space this evening for further remarks on the well drawn up report of the board. The last return of the Commercial Bank of Kentucky compares favorably with its cotemporaries, located higher up in the State, the Commercial being at Paducah. The item of exchange is large. A amount of the same is believed to be time the South running to gold in vault is not quite the amount required and bills large silver on maturity. The should by the banking system of Louisiana. It have been $710,000 in coin, and $1,420,000 in paper discounted, maturing and to be paid within ninety exchange may be as apto meet the two-thirds, yet it recogplicable days. Though considered is not nized by the law of Louisiana. The statement, though presumed to be made up as a holiday dress at the close of the fiscal year of the bank, nevertheless shows very well : Condition of the Commercial Bank of Kentucky and Branches on the 31st December 1850.