15362. Bank of New York (New York, NY)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
5efd48ca

Response Measures

Full suspension, Books examined

Description

Multiple contemporary dispatches (Oct 13–16, 1857) describe a heavy depositor run on the Bank of New York (paid out large specie sums until gold exhausted), followed by suspension of specie payments. Court motions for a receiver were denied and the bank's board resolved (Oct 16) to receive deposits and hold specie during the suspension. The articles document the run and ensuing suspension but do not show a definitive permanent reopening or final closure within the provided set, so the outcome is uncertain.

Events (4)
1. October 13, 1857 Run
Cause Details
General panic/withdrawals during the 1857 financial crisis; heavy depositor demands in Wall Street amid widespread bank runs (not attributed to a discrete false rumor).
Measures
Paid out specie to depositors until funds exhausted; certified checks when specie ran out; later (Oct 16) board resolved to receive specie deposits and hold them subject to drafts during suspension.
Newspaper Excerpt
BANK OF NEW-YORK continued to pay demands until ? o'clock, when the run became so great that they ran out of gold and were compelled to occupy the remainder of the time in certifying checks. Over $300,000 in cash and bills of other banks was paid out.
Source
newspapers
2. October 13, 1857 Suspension
Cause
Macro News
Cause Details
Part of the broad 1857 financial panic: general contraction, failures and runs across New York banks leading to suspension of specie payments by many institutions including Bank of New York on Oct 13–14, 1857.
Newspaper Excerpt
Up to two o'clock, fifteen city banks had suspended, of which the following is a revised list, viz: Bank of New York ...
Source
newspapers
3. October 15, 1857 Other
Newspaper Excerpt
Judge Roosevelt has denied a motion for an order citing the Bank of New York to show cause why a receiver of that institution should not be appointed.
Source
newspapers
4. October 16, 1857 Other
Newspaper Excerpt
At a meeting of the Board of Directors, held this day, it was unanimously resolved that during the suspension of specie payments this bank will receive deposits of specie, and hold the amount subject to the depositor's drafts in coin. JOHN OOTHOUT, President. WM. B. Marter, Cashier.
Source
newspapers

Newspaper Articles (20)
1. October 14, 1857 Western Reserve Chronicle Warren, OH
Article from Western Reserve Chronicle, October 14, 1857

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Financial Matters. The money panic rather increases than diminishes, but we think it has about reached the worst. Most of the Pennsylvania banks have suspended specie payments. The Legislature of Pennsylvania is now holding an extra sossion to take into consideration measures for financial relief. The following is the latest money news from New York: New YORK, Oct. 13. The following banks have suspended to-day: Marine, Ocean, Merchant's Exchange, N. Y. Exchange, North River, Irving, Citizen's, Chatham, Bull's Head St. Nicholas and Market Banks. There is a general run on the Wall street banks and intense excitemeni in the street.Policemen are stationed at many banks to preserve order. NEW YORK, Oct. 13. To-day has been a very exciting one in financial affairs. Up to 2 o'clock 15 city banks had suspended, the following in addition to those given above: Bank of New York, Artizan's, Butcher's and Drovers and Tradesman. The Marine it is said was stopped by an injunction procured by one of its customers, and it is presumed other banks have been stop ped in the same way, as by this means the penalty of winding up which is at. tached to suspension, is evaded. It is believe that suspension in most cases is but temporary. This state of affairs when generally known will undoubtedly serve to allay the present undue excitement.. All the Ohio Banks are paying specie, and there has been little excitement in any part of the State. Ohio has the best currency in the Union.

2. October 14, 1857 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, October 14, 1857

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Monetary Matters in New York-Great Excitement. NEW YORK, Oct. 13.-Today has been a very exciting one in financial matters. Up to two o'clock, fifteen city banks had suspended, of which the following is a revised list, viz: Bank of New York, Artizans', St. Nicholas, Chatham, Ocean, Market, Butchers' and Drovers', Merchants' Exchange, Irving, Citizens', Tradesmen's, Bull's Head, New York Exchange, North River, and Marine. The latter, it is said, was stopped by injunction procured by one of its customers, and it is presumed other banks have been stopped in the same way. By this means the penalty of winding up, which is attached to suspension, is evaded. It is believed that suspension in most cases will be but temporary. This state 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 mass of people. The steps of all the banks were also blocked up by people forcing their way into the banks. At the American Exchange Bank, David Leavitt addressed the crowd, assuring them that that bank would pay all up to the last dollar. He also announced that an agreement had been made with several of the strongest banks, to go through without suspension. It is believed, however, in the streets, 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 specie deposit. 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 3 o'clock P. M. The others, it is believed, continued to meet their liabilities up to the clocs of businss hours. The sales of Railroad Stocks at the first board were small, at a general decline. In the State Stocks the business was large at a decline, ex cepting Virginia and Missouri. Bank Stocks all sold at a decline. The run on the Brooklyn Savings Bank was renewed today but with less vigor, the banks paying promptly. Several failures in the Dry Goods line are announced, but none of very prominent firms.

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

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Their loans were reduced $17,000 yesterday, and the specie $45,000. Bills receivable during the balance of this month, $500,000. LEATHER MANUFACTURERS' BANK. The Leather Manufacturers' Bank has closed its doers. MERCHANTS' EXCHANGE BANK. This Bank, located at No. 185 Greenwich street, suspended specie payments at 20 mnutes before 11 o'clock yesterday. During the time it was open, a large amount of specie was demanded and paid-our reporter could not learn the exact amount. The run upon this institution was mainly by depositors, and aton ded with much the same features as those already relat ed of the other banks. MANHATTAN BANK. The h 'ank of the Manhattan Company lost $140,000 in specie. MARINE BANK. The Marine Bank alosed its doors in the forenoon, in consequence of in in junction laid upon it by some of its stockholders. The hank needed only $40,000 to carry it through. Although it had ample security none of the Banks would land a dollar. It had NewYork stocks, but could not 2. aise $10,000 on $19,000 worth of them. MARKET BAN. 8. A very large crowd gathered 4 bout this back (located at the corner of Beekmen an d Pearl streets) as early as 11½ o'clock, and their effort to effect an entrance were 80 pressing that five polie emen found plen ty of employment in keeping the door ways passable. Depositors were present in strong force, and deposits were passed out to a great extent. But still 1 they came, and the stream of gold that passed from b ehind the deeks of the paying-tellers was dried up about 1 o'clock p. m. A notice was then stuck a, on the door, that the bank had suspended specie pey ment, but would remain open for the payment of notes. This gave great dissatisfaction to many among the crow outside, and some of them behaved 30 badly that the Police deemed it necessary to interfere to prevent a disturbance. MECHANICS' BANK. The Mechanics' Bank experienced a considerable run, commencing soon after 10. To checkholders they paid out notes as long as they lasted. Then they were compelled to pay everything in specie-in which about $130,000 was paid. MECHANICS AND TRADERS' BANK. The Mechanics' and Traders' Bank, in Grand street, paid every dollar up to 3 o'clock, the closing hour. MERCANTILE BANK. The Mercartile has nearly $60,000 less of specie in its (offers. MERCHANTS' BANK. The Merchants' Bank, out of nearly & million of speeie, paid $160,000. They paid out more bills than ever in any one day before. METROPOLITAN BANK, The Metropolitan Bank paid out something lover $200,000. NORTH RIVER BANK. This bank, one of the oldest in the city, whichris located at the corner of Greenwich and Dey streets, expèrienced a heavy run, in common with the other banks in that part of the town on Monday. During that day they paid out $50,000 in gold and silver. Yesterday morning the doors were opened, but a bulletin was immediately placed outside announcing to & large and anxjous crowd that they had suspended specie payment. This was received with ill humor by the congregated expectants of gold in exchange for their checks, but the announcement soon had the effect of diminishing the crowd. It may with truth be said that this institution has been run upon for more than a week, as they have for the past ten days been paying an average of $5,000 a day in specie to depositors. NASSAU BANK. The Nassau Bank paid out $80,000 in specie, paying straight through. NATIONAL BANK. The National Bank paid out some $43,000 in coin, which leaves it $458,000. BANK OF NEW-YORK continued to pay demands until ? o'clock, when the run became 50 great that they ran out of gold and were compelled to occupy the remainder of the time in certifying checks. The doors were kept open until 31 o'clock. Over $300,000 in cash and bills of other banks was paid out.

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

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Total Suspension To-Day. PARTICULARS OF THE PANIC. Yesterday was the climax in this city in the present financial panic. Such intense excitement was never witnessed in Wall street in any monetary crisis which has heretofore been visited upon the country. The suspension of the Bowery Bank on Friday, the East River on Saturday, and the GroCers' on Monday, fanned the sparks of distrust the manic-mengers had scattered among the people into a flame, which soon spread over the entire city, and the fears which until recently only pervaded the minds of small depositors and bill-holders be. came rife with even those who had asserted their confidence in the soundness of the banks of this city. At 10 o'clock yesterday the fronts of the different institutions indicated by the number around them that the ability of the vaults to yield up their treasure at the call of depositors and bill-holders was to undergo no ordinary test. Check after check was presented and paid, and still they cåme; and soon word went forth that a run was commenced on the banks, and it passed from one house to another until the whole lower part of the city was alive with excitement. Bank books were examaned; but a moment was required to prepare a check a signature was hurriedly dashed off at its foot, and in another moment it was on its way to the bank. The crowd increased in numbers; and, though not clamorous, yet the presence of so many indicated the extent of the pressure upon the institution. Each person took his place in the line and awaited his turo, while policemen kept those out who were present only from motives of curiosity. One after another was paid, and with the shining treasure departed. Scores of hands, skilled by long experience in counting coin, were taxed to their utmost in their efforts to keep pace with the demands for gold. Outside was a scene of the wildest excitement. Tens of thousands were at the same moment in the street-some rushing onward in the hope to secure their deposits before the hour of closing should arrive, and others clustered together, surmising and discussing the probabilities of the Banks being able to stand up under the pressure. Later rumors came of suspensions of Banks on Greenwich street, and here, there, everywhere, were inquiries made to know if they were true. Bulletin boards were scanned for comfirmations of the reports, which, when they received them, only hightened the excitement. One after another of the announcements of banks failing under the continued drain made upon them fell upon the ears of the people, and confident predictions were made that 10 o'clock of Wednesday would tell the story of the suspension of all. But not & few there were whose belief in the ability of the moneyed inetitutions of this city was still unshaken, and they asserted with earnestness that every demand in checks and bills would be met to the last by the more solid banks, and Panic be laughed to acorn. About 11} o'clock hopes were hightened for a time by the appearance of an unauthorized circular, in which a consolidation of the banks was indicated as the course that was to be pursued in the present exigency; but the suspensions soon dissipated the delugive hopes, and Panic was again king in Wall street. At three o'clock eighteen suspensions of City Banks had been announced, and later intelligence was reDeived of the suspension of the Jersey City Banks. By half-past three all of the Banks had closed their doors for the day, and by four the street had resumed its usual appearance at that hour. The following are the Banks which suspended yesterday: BROADWAY BANK. OCEAN BANK. IRVING BANK. LEATHER MANUFACTURERS' BANK. NORTH RIVER Bank. MERCHANTS' EXCHANGE BANK. MARINE BANK. NEW-YORK EXCHANGE BANK, Sr. NICHOLAS Bank. BUTCHERS' & DROVERS' BANK, TRADESMEN'S BANK. ARTISANS' BANK. CITIZENS' BANK. BULL'S HEAD Bank. CHATHAM Bank. PEOPLE'S BANK. MARRET Bank. BANK OF NEW YORK. HUDSON COUNTY BANK, Jersey City. LATER-A GENERAL SUSPENSION. A meeting of bank officers was called at the Clearing-House at 31 o'clock, to consult upon the crisis, and to consider the propriety of & suspension of specie payments by the banks which had withstood the run during the day. The meeting was adjourned to 6 o'clock, to give the non-suspended banks an oppor-

5. October 14, 1857 The New York Herald New York, NY
Article from The New York Herald, October 14, 1857

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At the second board there was quite a buoyant time in the stock market. The small amount of business transacted was pretty generally at better prices. Missouri State G's advanced x per cent; Reading Railroad, 4; Passma Railroad, 5; Chicago and Rock Island, 3; New York Central Railsond, 2. Theimprovement in some of the railroad stocks this afternoon warsomething strange, in the face of the complete annihilation of public confidence. It will be seen that the improvement was confined to three or four of the most speculative railroad stocks, and that all the sales under the advance were for cash. The excitement in Wall street to day exceeded anything ever before seen in that excitable locality. From one end to the other the sidewalk and the street were covered with a dense mass of people, engaged in drawing gola from the different banks, or as mere lookers-on. The banks ware crowded with bill holders and depositors, and the culward current of gold was strong and rapid. The impression in the early part of the movement was, that the Well street banks would go safely through and meet every demand against them, but the army of clai mants increased as the hours run on, and bank after bank went down until some of the oldest, and what were believed to be, up to the last moment, the strongest institutions in the street, had closed their doors and announced a state of suspension. The muspensions to day were as follows:-Irving Bank, Bank of New York, Citizens' Bank, Merchants' Exchange Bk., Marine Bank, North River Bank, N. Y. Exchange Bank, Bt. Niobolas Bank, Butchers' and Drovers' Bk., Ocean Bank, Chasham Bank, Buil's Head Bank, Tradesmen's Bank, People's Bank, Broadway Bank, Artisana' Bank, Leasher Manufacturers' Bk. Market Bank, At the slose this afternoon the following banks had not suspended, and many of them announced their ability to go through a good many days equal to this:American Exchange Bank, Manhattan Bank, Bank of Commerce, Merchants' Bank, Oriental Bank, Mechanics' Bank, Atlantic Bank, Union Bank, Importers' and Traders' Bk. Bank of America, Mercantile Bank, Phoenix Bank, Pacific Bank, City Bank, Fulton Back, Bank of Republic, Bank of North America, Continental tank, Hanover Bank, Commonwealth Bank, Nassau Bank, Metropolitan Bank, shoe and Leather Bank, Chemical Bank, National Bank, Corn Exchange Bank, Mechanics' and Traders' Bk. Dry Dook Bank, Greenwich Bank, New York County Bank, Park Bank. Seventh Ward Bank, Bank of State of New York, According to this eighteen banks suspended to-day and thirty-three closed in full and active operation. It will be osen that with one exception all the old Wall street banks yet stand, and we have no doubt most of them can " through If It shall be deemed the best policy to prepare for the dght. It was clearly evident to-day that a new ele. ment of discord and distrust was at work. The run upon the banks to-day was evidently from a more powerful party than has heretofore appeared in the field. The demand to day was principally from depositors. Very few checks were paid in gold over the counter, but the bills were taken by the drawer of the check, and then in a new movement demanded the gold. The banks in paying checks paid out the bills of different city insiltutions, and these bills, as soon M assorted, were presented at the dif. farent banks for gold. It is a very extraordisary fact the the aggregate amount of specie drawn from al the suspended banks to-day was not equal to onequarter the amount in their vaults. The run upon the banks to-day was evidenly by the mercantile classes, a portion of which have become exasperated by the conManal contraction of loans and discounts. A# soon as 11 became apparent that such a movement had been fairly nangurated the banks most apprehensive suspended to protect their discounts. In sautting down upon their depoadtors they retain more or less security for their loans, for . many cases parties owing the banks en promissory notes not due were drawing their deposits down to the last dolar. So far as this goes the banks acted in self defence. The belief has been long entertained by many active busiases men that a suspension of specie payments would reLieve the pressure, and that the banks would in some way avoid the penalties of a suspension. This pollor has been powerfully advocated and appeared quite plausible. The determination of the banks to resist a suspension and Its penalties has created a better feeling among that portion of the community apprehansive of failure on their individual account, and the drat active operation of this faction was visible (a-day. It WM from the first indication of such a feeling

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

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THE FINANCIAL CRISIS. We subjoin additional particulars in relation to the financial pressure, which seems to be extend ing over almost every section of the Union. At an early hour yesterday morning, the Farmers' Bank of Virginia, and the Exchange Bank of Vir ginia, in this city, suspended specie payment. The announcement created no excitement as such an event was ex pected: and so far as we have been able to judge from conversation on the streets, it is generally regarded as judicious measure. un der the circumstances We have observed no ma nifestations of alarm among bill holders, in conse queuce of the suspension. The Bank of Virginia still holds out against the pressure It will be observed by our special dispatch, that the Branch of the Farmers' Bank of Virginia at Petersburg. spended yesterday but the branches of the Bank of Virginia and Exchange Bank, con tinned pay specie. BANK OF THE STATE OF SOUTH CAROLINA The Charleston Courier of Monday thus alludes th the suspension of the Bank of the State of South Carolina: we have before stated the notes of the Bank of the State are secure beyond all question Hay ing the whole credit, and the power of taxation of the State sustain them. they are better secured than the notes of those banks in New York 4 elsewhere which have deposited dollar for dollar in stocks, to secure their redemp having to be sold at the market depreciation. in order to redeem the notes. far as the proceeds will Haring then, the fullest idence in the of would mend them to the unity as lation answer would the local of trade. The purposes banks of the city. we think. ought to take them their counters. under certain and pay them out for certain purposes. It true there penalty recovered. at the suit of the State where one bank pays out the notes of another: but case like the present. the State certainly could not take advantage of her own wrong. and course for penalty hich is the only one that will preserve the credit and currency of her notes, and which furnishes the only means lief o a community perfectly sound and solvent pressed to the utmost point of pecuniary durance, for the want of those facilities which the banks are accustomed to afford: but which. under the present pressure. impossible The funds of the State and all the means of the city are now only to be in Bank of the State as also alarge amount of desposits, the pro perty and only available means others Should the Banks decide to reject these notes. the result will be disastrous: many substantial houses in this community must be dishonored and when that begins, who can say stop. There are many who would be glad pretext to remit exertions. and await until the over. storm is of the many poorer class, with money in their hands. must suffer rious inconvenience The small notes of this Bank large of so this part circulation. city that there is thing to supply its place: if that is tl jected, needed coin small could not be found. and endless would distress be the result AFFAIRS YORK NEW IN The bank officers of New York held meeting the Clearing House Tuesday morning and to maintain specie payments at all hazards. passed plausible resolutions about influx of specie from California; the probable ceipts from Europe, in obedience to the trade; the circulation of coin from the States Treasury and B natural tendency cumulate the banks invoke They community to sustain them in their tain specie payments, and conclude with the lowing That in the judgment of this meeting even for this object, DO further traction of nor will there exist any obstacle to such an expansion of them as will afford the aid bring forward the crops and alle ate the present commercial distress unless it shall be created by the demands of causeless alarm. Yet, in the face of these resolutions, unanimous ly adopted, and despite weekly statement which all things considered, must be regarded as remark ably strong, the telegraph the same day the enspension of fifteen banks and at late hour the night: report comes that the bank officers had held another eeting and upon general suspension. It was day of great excitement, the follow will show: NEW October Wall YORK, street been has cked The to-day all business paralized. The Post of this afternoon. There has been some drawing by depositors, banks from the city for nun of past. carried on though quietly there was.the first decided of It was particularly against the North River, Ocean and Merchants first Banks The named was reduced $10,000 A three o'clock. coin then had of the officers of the lead banks proper course be pursued If the com menced this morning the advice was to close the doors once. soon as the hour for drawing checks arrived this morning, the depositors showed unmistaka withdraw determination balances their gold. They paid long enough to assure the the that officers process would that on and go AD exhaustion of their means was only a question of few hours The North River, the Merchants' Exchange and the Ocean Banks have resolved to close immediate ly. The intelligene spread over the city rapidly alarm of fire. In an hour more the Marine Bank added to the list. Knots of bank direc in other seen officers and consultation The alarm was every banking room. tablished mic. who dents yesterday would the of asuspension. be gan share rnation. Soon after Nicholas. the People Butch ers'and Drovers Bull Mead. Bank of New York Irving, Market Chathan Tradesme 's and New York Exchange Banks all announced their inabili ty to continue specie payments. Heavy runs upon the Cont inental Metropolitan, American Ex change, Nassan and Phenix Banks followed, but all of met demand the them David Leavitt Esq. of the American Exchange Bank, made speech to the crowd. declaring his determinati pay to the last dollar. He also announced that an had made with several of the strongest banks to go through with out suspending The officers of one of the princi pal Wall street banks advised its dealers yesterday that it would not take certified checks on deposit without reserv ing the right return them if not made good at the clearing-house The quence was that gold was drawn from all the banks that were not This another through day go aggralikely vated the excitement among dealers, and it is un some heaviest the that of derstood have houses drawn gold and replaced it as special deposit, with the understanding that it might be counted in the average The street isfull of rumors, with eager crowds at every corner The country bankers here are numerous, some telegraphing their own banks, and others awaiting the results of events during the day. Of course if suspension here general it is inevitable the suspension will follow throughout the State, if not throughout the conn try l'he Broadway, the Artizans' and the Leathe also Bank Manufacturers' n. and nally the suspe nsion of the Bank of the State of for alogue York ends making the New -day, the total suspensions o-day number eiget and Jea ing thirty -three selvent institutions. The grea portion of these, however, will, it is expected, to-morrow. stop The Merchants Exchange Bank refuses to pay either specie or bills. only certify ing checks The Bank of North America was protested this after noon. Several of the banks held open till after three o'clock, the nsual hour of closing, meeting every demand others shut down promptly at the regus lar hour. leaving large number of applicants to try again All of the savings banks paid up prompt ly. THE B NKR RESOLVE TO SUSPEND The following is the official report of the meet ing held in New York Tuesday evening The Banks hav all resolve to suspend specie payments fax as paying at the counter is con cerned and to make regular exchange of encl others bills at the Clearing House. It has also been resolved to send committee to confer with of the Governor in refere nce to calling meeting the Legislature The committee will leave for Al to-morrow at 12 o'clock. bany THE EFFECT IN BOSTON.

7. October 15, 1857 The Weekly Portage Sentinel Ravenna, OH
Article from The Weekly Portage Sentinel, October 15, 1857

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Financial Matters in New York. NEW YORK, Oc. 13.-The following banks of this city, suspended this morning: The Marine, Pacific, Irving, Merchants' Exchange, North River, New York Exchange, Citizens' and Ccean banks, in all, numbering eight banks. The Chatham, Bull's Head, Market and St. Nicholas Banks have also suspended. (SECOND DISPATCH. NEW YORK, Oct. 13.-The bank suspensions have attracted a dense crowd into Wall street this afternoon, while other business streets were comparatively desert. ed. In addition to those announced up to two o'clock, the Tradesmen's Bank, Artisan's Bank, Butchers and Drover's Bank, and the Bank of New York have since sus. pended. It is feared that a general suspension is now inevitable, though several of the old banks announce their ability and determination to continue specie payments. It is reported that the Marine Bank is stopped by an injunction obtained by one of its cus. tomers, and it is presumed that the same course has been pursued with regard to oth. er banks. By this means the penalty of winding up which attaches to the act of suspension is evaded, and it is generally thought that the suspension will, in most ca. ses, be only temporary. This understanding tends to relieve some of the excitement. [SECOND DISPATCH.] To-dey has been the most exciting one in financial matters. Up to 2 o'clock filteen of the city banks suspended specie payments, of which the following is a revised list, viz: The Bank of New York, Arti. zan's, St. Nicholas, Chatham, Ocean, Market, Butchers & Drover's, Merchant's Ex. change, Irving, Citizen's, Tradesmen's, Bull's Head, New York Exchange, North River and Morine. Wall street at 2 o'clock was crowded with an anxious mass of people The steps of all the banks were blocked up by people forcing their way into the banks. At the American Exchange Bank David Leavitt addressed the crowd, assuring them that the banks would pay all to the last dollar. He also announced ithat 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 f e houses have withdrawn their gold from the banks and replaced it as a special deposit. There were rumors during the day effecting d nearly all the banks in the city. The above list gives all that certainly suspended up to three o clock. S The run on the Brooklin Savings Bank h was renewed to-day, but with less vigor, the bank paying promptly. Several raifures among the dry goods firms are announced, but none of them are very prominent. d [THE LATEST ] The run upon the Mechanic's, Merchant's Bank of America, Manhatter, and Ame ica

8. 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.

9. October 15, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 15, 1857

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ceivers in future, the following occedings took place on Wednesday morning: At a meeting of Justices of the Supreme Court, held for the purpose of determining s uniform course of action among themselvesPresent-Justices Strong, Emott, Birdeaye, Mitchell, Roosevelt, Davies, Clerke and Peabody, the following opinions were unanimously concurred in: In all cases in which the act of 1849 is applicable, it is deemed to supersede the provisions of the Revised Statutes (2 R. S., 464, sections 47 and 39). Accord. ingly, no creditor of a bank who may have relief under that act CBB have it under the Revised Statutes. That act gives the creditor a right to apply to & Justice of the Supreme Court only, after the expiration of ten days from the refusal of a bank to pay itsdebts or liabilities. Even then a temporary and immediate injunction can be granted, only if in the opinion of the Judges it be expedient in order to prevent fraud orinjustice. After both parties shall be heard before the Judge, he is to determine whether the bank is clearly solvent or not. A bank is clearly solvent which is clearly able to pay all its debts, although it may have suspended specie payments for a time. In the case of the North American Trust and Banking Company, this principle was held by the Supreme Court and the Court of Appeals. When a bank is clearly solvent and its officers are acting in good faith, no receiver should be appointed. Where the act of 1849 does not apply, if the part of the Revised Statutes above referred to does apply, it IS discretionary on the part of the Supreme Court to grant an injunction or not. That discretion is controlled by legal rules, and the injurction should never be granted if the bank is clearly solvent. An ex-parte order for an injunction should not be granted even after a suspension of specie payments, unless it satisfactorily appears to the Judge that it is necessary to prevent fraud and injustice. The mere fact of suspension of specie payments (when it is general) is not of itself sufficient proof of fraud or injustice to authorize such injunction. As a general rule, it is not expedient to grant an injunction against a bank, without previous notice. It was also resolved that Justice Mitchell be requested to furnish a copy of these opinions to each of the Justices of the Supreme Court in the other Districts, with & request that they respectively communicate to him their views on the same points. It ie understood that in the course of their consultation the Judges were of opinion that it admitted of great doubt whether the clause in section 5. of article 8 of the Constitution, prohibiting the passage of any law sanctioning in an manner, directly or indirectly, the suspension of specie payments by any person, association or corporation, issuing bank notes of any description-applies to any liability of such an association or corporation other than bank bills or notes, which are by statute to circulate as money, and for the payment of which the faith of the State is pledged. This seems to mean that a bank may suspend specie payment in regard to everything but their notes and bills, and yet not infringe the provision of the Constitution above quoted. APPLICATION FOR A RECEIVER DENIED. A few minutes after the meeting of the Judges and the resolutions passed on Wednesday morning, Mr. John Livingston made application to Judge Roosevelt at Special Term against the Bank of New-York for an order to show cause why a Receiver or Receivers should not be appointed for that institution. The Judge, in view of the resolutions at the General Term, denied the motion for the present, but took the papers for examination. It is understood that in cases of fraud or bad faith in a bank, receivers will be appointed and injunctions granted as heretofore. The plaintiff in this case was the holder of two $100 notes of the bank. They were presented on Tuesday afternoon and payment refused.

10. October 16, 1857 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, October 16, 1857

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DISCREDITED BANKS. The following is a corrected list. to date, of recen SUSPENDED and DISCREDITED Banks: The Marine Bank, New York City. The Pacific do do do do do The Irving do The Merchants' Exchange, do do The North River b'k, do do do N. Y. Exchange, do do Citizens' b'k, do Ocean do do do Chatham do do do Bull's Head b'k do do Tradesman's do do do Artizan's do do do Butchers & Drover'sb'k do do do Bank of New York, do Market Bank, do do St. Nicholas Bank, do Arcade Bank, Providence, R I. America Bank, Trenton, N.J., Agricultural Bank, Tenn. Agricultural Bank, Herkimer, N. Y. Bergen County Bank N.J. Bank of Canandaigua, N. Y. do Naperville, III. do Belleville, do do Nashville, Tennessee. do Springfield, Ohio. do Tecumsch, Michigan. do Orleans, N. Y. do New Jersey, New Brunswick, N.J. do Kent, R.I. do Hallowell, Me. do America, Tenn. do West Tennessee, Tenn. do Paris, Tenn. do Corning. N.Y. do the South County, R. 1. do North America, Connecticut. do Kanawha. Virginia. do Elgin, III., S. S., small circulation. do the Capitol, Indianapolis, Ind., s. s. do Middleton, Penn. do Watertown, N.Y. do Chester, III. do Elgin, do do Pike County, III. Central Bank, Indianapolis, Ind., S. 3. Chemung County Bank, Horse Heads, N.Y.,a. s. Clinton Bank, Columbus, Ohio. City Bank, N.J. Cumberland Savings Institute, Md. Commercial Bank, Columbia. S.C. Citizens' Bank, Tenn. Corn Exchange Bank, III. Charter Oak Bank, Hartford, Conn. Colchester Bank, Conn. Danby Bank, Vt. Dayton Bank, Ohio. Dairyman's Bank, Newport, N. Y. Ellsworth Bank. Maine. Exeter Bank. N. H. Exchange Bank, Pittsburgh, Pa. Exchange Bank, Hartford, Conn. Farmers' Bank of Saratoga Co., N. Y.,s.s. Farmers' and Manufacturer's Bank, Poughkeepsie. Farmers' Bank, Wickford, R.I. Farmers & Mechanics' Bank, Kent county, Md. Farmers and Merchants' Bank, Md. Fairfield County Bank, Norwalk, Ct. Farmers & Mechanics' Bank, Detroit, Mich. Honesdale Bank, Pennsylvania. Hollister Bar k, Buffalo, N. Y., s. Hancock Bank, Maine. Hugenot Bank, N.Y. Hopkinton Bank, Westerly, R. I. Hamilton Exchange Bank, Hamilton, N. Y. Island City Bank. N. Y. city. Jefferson County Bank. N. Y. Lee Bank, Massachusetts. Mechanics' Banking Association, N. Y., S.S. Mount Vernon Bank, Providence, R. 1. Maratine Bank, Maine. Monson River Bank, Me. Macomb County Bank, Michigan. Mechanics' Banking Association, N. Y.city. Morgan Bank, Ga. Miami Valley Bank, Ohio. Medina Bank, Medina, N.Y. Munson Bank, Mass. Merchants & Manufacturers' Bank, Pittsburgh, Pa. Mercantile Bank, Hartford, Conn. N.Y. Security Bank, N. Y. Nebraska money has been thrown out by St. Louis brokers, excepting the Bank of Florence. Niagara River Bank, Tonawanda, N. Y-, reported failed, s. S. Ontario Bank, Utica, N. Y. Ohio Life Trust Company, don't issue notes. Oliver Lee & co. Bank, N. Y.-reported failed, S. s. Ocoee Bank, Tenn. Ontario County Bank, Phelps, N.Y. People's Bank, N.Y. city. reported failed, S. S. Paweatuck Bank, Pawcatuck, Ct. Port Plain Bank. N. Y., S.S. Reciprocity Bank, Buffalo, N. Y. new tank, 8. S. Rhode Island Central Bank, R.I. Sanford Bank, Me. Sackett's Harbor Bank, N. Y. South Royalton Bank, Vt. Seneca County Bank, Ohio. Southern Bank, Georgia. Stock Security Bank, Illinois. Tippecanoe Bank, Logansport, Ind. Tiverton Bank, Fall River, R.I. Union Bank, Frenchtown, N.J. Unadilla Bank, N.Y. Warwick Bank, R. I. Wooster Bank, Danbury, Conn. Warren County Bank, Penn. Yates County Bank, Penn Yan, N.Y. NOTE. S." means secured by state stock. Most of these Banks will pay their circulation in full, and holders of their bills should not submit to a large discount on them.

11. October 17, 1857 Muscatine Weekly Journal Muscatine, IA
Article from Muscatine Weekly Journal, October 17, 1857

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THE NEWS. -The telegraph gives notice of a general suspension of specie payments by the banks of New York and Boston. CALIFORNIA.-The steamer Granada arrived at New Orleans on the 13th, having connected at the Isthmus with the Northern Light from San Francisco, Sept. 20th. The news is not very important. Weller's majority over both his antagonists is 11,000. The Legislature is largely Democratic. Bates, Ex-Treasurer, and Rowe, his clerk, have both been committed to jail in default of payment. Chief Justice Murray is dend. Col. Casey, of Tenn., has been killed in a duel with Mr. Blair. The 'onstitutional Convention of Oregon is in session. The Slavery question was slightly agitated. California markets were du.l. Accounts from the mines were dull. Nothing of importance from Central America. -A riot took place in Baltimore on the 14th between the Americans of the Sixth and the Democrats of the Eighth Ward. Mu-kets and pistols were used. Police officer Jordan was killed and others wounded. -The financial crisis is the burden of the telegraphic dispatches from the eastern seaboard. The following are the New York City Banks reported failed on the 13th: Bank of New York, Artisans, St. Nicholas, Chatham, Ocean, Market, Butchers and Drovers, Merchants, Exchange, Irving, Citizens, Tradesmans, Bull's Head, North River, Marine, Broadway Bank, People's Bank, Bank of the State of New York and Bank of North America. Great excitement prevailed. Policemen were stationed at many of the banks to preserve order. At the meeting of New York Bank Presidents, on the 12th, it was resolved to suspend so far as paying over the counter is concerned; and a Committee was appointed to go to Albany to confer with the Governor, and if possible induce him to call an extra session of the Legislature with the view of obtaining a legalization of the suspension of specie payments. -The election in New Mexico has resulted in the triumph of the Democrats. Otero is elected to Congress by at least 3,000 majority.

12. 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

13. October 19, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 19, 1857

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1,831,622 4 One 3,290 39.520 9,711 bble Beef 10,965 86.128 bble $8,684 Pork 387,282 604.400 Butter 569,814 6,807,200 9.248.500 Lard. 611.677 833.400 Cheese 1,555,08 2.744,500 Woel 2,089 446 7,705,800 Be..8,300,600 Bacon The Albany Argus says: It is understood that the Governor will not, at least at present, and until the necessity is more appsrent call the Legislature together. Indeed, the New. York bankere who at first requested it. have now taken the opposite tack and oppose it. If such is the determination of the Executive, we certainly hope that all backs which conduct their business in a fair manner, and clearly solvent, will be allowed to proceed, without any attempts on the part of any persons to embarrass them by legal proceedings. Public indignation will set very strongly against any person who may institute vexatious prosecutions at & time like the present The banks are only in the same condition of suspension which eb gracterizes the business community, and any annoyances inflicted upon them will embarrass their customers and business men generally. Mutual forbearance must be the feeling and the rule, and it will be highly creditable to the people of this State, if it shall be found unnecessary to adopt any legislative remedies in the present crisis. We think there is occasion for bankers and business men to take courage and struggle on, and they may reasonably expect that 8 few months of exertion will carry us into a greatly improved condition. But it must not be supposed that we are to be rapidly restored to prosperity. The causes of the present troubles lie too deep to be reached and removed except by slow process. remedy lies in & general and vigorous effort to reduce liabilities, curtail business and retrench expenditures. We are like a party of bathers who have ventured beyond their depth Part of them have been drowLed, and the only safety for the others is in hastening toward the shore, where they can plant their feet firmly on the bottom. and keep their heads above water. Let every man struggle for life to do this, and shall rapidly approach a condition of safety. The banks should not for an hour lose sight of the necessity of return to specie payments at the earliest moment. Until that is done there is no real soundness, and we are in state of partial insolvency. The sus pension should be regarded merely ae s breathing spell for the banks and business men. As soon as they have had time to rest they must return to their usual duties. After the Fall trade closes, business will naturally contract, and the Winter will afford an opportunity to bring the financial machinery again into gear and enter upon resumption. Since the above was in type we have received the following NEW York, Oct. 17 1857 To Thomas Tilevion, m and other Prodidate v Heaks represented tal be Now York Charing House GENTLEMEN: Is obedience to your instructions, we yesterday appeared before his Excellency Gov error King at Albany, to present your memorial and enforce your views with regard to the proposed extra session of the Legislature. The general scope and character of the public views then submitted to the Governor will sufficiently appear in the brief but comprehensive outline reported in the Albany newspapers, and opied this morning in the public journals of this city We deem it important. however, to add, that in addition to those broader and more general considera tions, we also submit in detail the legal technical rea. sona necessary to show that the 'insolvency) of banks contemplated by existing laws, and calling for the summary process of Receivers, and onsequent suspension of their corporate functions, was an actual, practical insolvency, in the common sense of the term, and not a merely technical or constructive insolvency, arbitra rily inferred from & momentary or temporary delay in paying all their obligations in coin, and that the creditors of banks actually solvent might safely and prop erly be left in such cases to their ordinary remedies by suit at law. We deemed it important to show that this view of the case bad been explicitly and authoritatively established by the Supreme Court in recent decisions, and also to satisfy the Governor that those decisions had been made in cases in Court actually arising, and were co sense voluntary or extra judicial. of For this purpose we showed to him that. in point fact, there had been three separate applications for in junctions and receivers against three different banks pending before two of the Judgee of this districtbefore one Judge and one before another; that those Judges, having deemed the applications important, called in their associates of this and the Second Judicial District for consultation, as is often done in diff. cult and important cases; that the result of their deliberations was decision by the two Judges before whom the applications were pending, deeying the mo tions for injunctions and receivers. The desisted was in accordance with the unanimore opinions of all the Judges present. As the community was deeply concerned is the questions thus decided, the Judges very wisely and properly stated the propositions on which their desisions were founded and allowed . report of them to be published. In this they did DO more than has bose often done by the old Court for the Correction of Errors and the Court of Appeals, via.: pass resolutions in important cases of pabilo interest, dictation the principlee settled to the case decided, end allow term to be reported and published Stace the ennouncement of these propositions Judge Roceevelt, on the application made to him for BE intunction and receives against the Bank of New. Yer's has desied the motion, and is preparing, as we understand his reasons is full for his decision. After promoting these and other facts and views to the Governor, w respectfully asked for in expression o his opinion on the subject. He was pleased to pay in areas that be bad listened with pleasure advantage to the reasons presented in behalf of the leading Banks of the City of New-York. but that he was not prepared, at present, to do more than to hold the question of as extra session in reserve. Respectfully, your aboden corrects, SAMUEL FOOT SAMUEL B. BUGGLES. The Philadeiphou Register saye: There is this important difference in the suspension of specie payments by the benks now and is 1387. Then the rate of sterling exchange was 20 22 . cent premium. Coin was ebipped out of the country by millions of dollars, all business was afterly prostrated, and to continued until the rate of exchange was reduced so low as to render cola shipments w prostable. It eventually, and months before resump tion, got below par, and coin in small amounts am to this country. Now. at the very time of the present suspension, the rate of sterling exchange is below per, and coin is coming here by almost every arrival. The country is also well filled with foreige imports; so that there exists no necessity for any very heavy importations. We have, also, of all the principal etaples a great abundance, ready to go forward at the first intimation of & demand for them, both facts guaranteening to some extent that the balance of trade will continue for some time in our favor, In these respects, the present suspension more favors it an early resumption than did that of 1837. Then required some considerable time to come down to & starting-point upward, as regards the foreign excharges. Now. in our foreign financial relations, we stand & right. There is nothing to fear in that quarter. The question of & resumption, therefore, resolves itself into one of a purely domestic character. It is simply & matter of adjustment of liabilities among ourselves and, while we fear & lengthened depression of all busiit ness, we hope for an early resumption, and through will come the earlieet relief from our present embar rassments. With economy and & on the part of

14. October 20, 1857 The Davenport Daily Gazette Davenport, IA
Article from The Davenport Daily Gazette, October 20, 1857

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The New York Banks. The following clause is in the Constitu tion of the State of New York: The Legislature shall have no power to pass any law sanctioning in any manner, directly or indirectly, the suspension of specie payments by any person, association, or corporation issuing notes of any description. Suspension therefore, works the legal destruction of a bank. The proceeding cannot be legalized, cured, or smoothed over in any way-but a receiver steps in and the bank is wound up, "according to the statutes in such cases made and provided." Such, at least, we have regarded as the legal presumption in the case, but we learn from the Chicago Press, that to remove the public anxiety, the judges of the Supreme Court held 24 meeting on Wednesday, to consider the penalties that might result to the banks in consequence of suspension. Eight of them concurred in the opinion that a bank is solvent which is clearly able to pay all its debts, although it may have suspended specie payment for H. time; and that when in that condition, and its officers are acting in good faith, no receiver should be appointed. It is also added: The mere fact of the suspension of specie payments-when it is general--is not of itself sufficient proof of traud or injustice to authorize such injunction As a general rule, it is not expedient, to grant an injunction against the bank without previous notice. In short the judges take the ground that the banks have yielded to anoverraling necessity, and that ... long as they continue to work in good faith with the community, they will not be interfered with. In CORsequence of this action. later in the day, Judge Roosefelt denied a motion for an order citing the Bank of New York to show cause why a receiver of that institution should not be appointed. We are informed by despatch that Gov. King is not disposed to call an extra session of the Legislature, as he has been requested to do by a committee sent to confer with him upon the subject by the New York bankers and merchants.

15. October 22, 1857 The Cadiz Democratic Sentinel Cadiz, OH
Article from The Cadiz Democratic Sentinel, October 22, 1857

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the Times of last Friday: OF THE CITY OF NEW YORK HAVE SPECIE PAYMENT!-This This announce yet official, but practically it is the the case at the close of bank hour We have never, in a long expe essed any catastrophe 80 sudden, of with such wide spread popular ex The public were not generally preby the weekly Bank averages of the rhich appeared this morning.howed an average specie reserve, o -not well distributed to be sure no more inequality than had ofter exhibited. But the average of the to he a declining one. The chich might have been the true test in the middle of the week had millions on Monday (yesterday The generally quiet but steady yun and the pressing redemptions n par- the are supposed to have reduced stually on hand at the close of busin $8,500 000. The Clearing-House it seems, failed to secure unanimity mutual aid, such as were reflected and resolutions published this They did not stand up to the mutual least one, if not two, of the im on the West or North River were virtually denied assist all probably concerted together last the suspension early to day of with a capital of $1,000,000, ppage of the Merchants' Exchange, 00,000, the North River, Irving and Exchange Banks. This was well street by the hour afnoon. Then run. and for three hours the solutely indescribable, attended as popular commotion that brought in from Broadway to Hanover a could only be numbered by fives Every Bank was crowded, the boasted) impregnable.and the weak. Exchange, one of the redeeming New York State county bank and circulation, was first set upon.eavitt the first President (now an Director) of the Bank appeared of No 52 Wall-street, street, and ad owd. He mani ested game, speak for his own, but for six or eight banks. crowd pressed into each bankingvicinity. The paying ing tellers were employed. The gold went out by dreds of thousands. The old Bank chartered seventy years ago, and of $2,000,000, gave way about 2 struck the crowd as the giving keystone of the arch, and the sucincements of the suspension of the Leather Manufacturers, Tradesa dozen up-town banks, ceased Attention was turned to the run upon the other large constreet. The crowd at the Bank of New York, William street and place, was the most quiét; yet paid out in gold. At the Bank of Mechanics the pressure was more lost heavily. At the Union and in the day, the applications for merous, each yingabout $75,000. hants', the drafts were considerable The Republic and Metroheavily run upon, as well as the change. But-we believe that near street banks, except the old N. conference this alternoon only laout-right. was not seriously molested.though not esteemed strong, close. or the banks on Broad Metropolitan, the Mercantile. Chemical, Shoe and Leather, and into conterence without letting Broadway gave way. On the east and Nassua paid through. The payment at 2½ o'clock. The paid through. The Fulton and stopped. Further up town, on the Oriental paid through, and Traders', we believe, The Cit chers' gave way early in the fore. the New York County. The clock, P inted to a general declara in the morn n.4. and the reoof the banks as close their doors as to the course ofthe great body The currency from the Spe be changed to one of Current reurrent funds,and business transdepartment of trade, will at rined to the change. of writing, we do not question the bank conferences now going is not likely, in any event that in the conclave to be prolonged. lard has ceased to be the rule of York for the present The in the Clearing House might averted this catastrophe a week or yielding to counsels that symclosely and surely with the poputhe controlling minds in the asis even probable, as intimated in of yesterday, that and by Laided making by

16. 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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THE WEEKLY PIONEER AND DEMOCRAT. dock laborers generally, so that the crowd was somewhat rough compared with the customers of the banks of deposit and dis- count. There were a good many loafers and pickpockets in the street, who discussed the crisis after the Bunsby fashion. We also take the following from the Herald of the 15th: The Supreme Court Judges of the First and Second Judicial Districts held a meet- ing yesterday, and decided to grant no in- junction against the suspended banks, ex- cept in cases where it was apparent that fraud existed. The Judges determined that a bank is clearly solvent when it is able to pay all its debts, and that when the officers of solvent banks are acting in good faith no receiver shall be appointed. The fact of a suspension of specie payments is not a proof of fraud. In consequence of this action, later in the day, Judge Roosevelt denied a motion for an order citing the Bank of New York to show cause why a receiver of that institution should not be appointed. A meeting of the merchants of the city was called yesterday afternoon at the Ex- change, to consider the state of public in- terest as connected with the suspension of specie payments by the banks, and to adopt such measures as might be deemed expe- dient. The meeting was largely attended, and was presided over by Mr. James Brown, of the house of Brown, Brothers & Co.- Resolutions were adopted in favor of the call of an extra session of the Legislature, and expressing confidence in the banks of this city and State, and a committee was appointed to wait upon Governor King to- day, to solicit him to issue a call for an ex- tra session. Much dissatisfaction prevailed at the character of the proceedings. The meeting was, in fact, one in the interest of the banks, not of the merchants. It was commenced ten minutes before and closed five minutes after the time for which it was called. The resolutions were read and adopted without discussion, and no inter- change of opinion took place. After the adjournment, merchants and others gave free expression to their disappointment: and propositions were made to extemporize an opposition meeting. That course, however, was not pursued. If, on reading our report of the proceedings this morning, the mer- chants believe that their interests were over- looked at this meeting, they ought to call another this afternoon. The committee appointed to proceed to Albany to urge upon the Governor the ne- cessity of calling an extraordinary session of the Legislature to meet the present emer- gency in financial affairs, proceeded to Al- bany yesterday, and, together with a depu- tation of bankers of that city, called upon the Governor, and made known their views. It is stated that the Governor will yield to their solicitation, and a proclamation con- voking the Legislature may be looked for to day. In reference to the Chemical Bank the only one of the fifty-one banks ir. New York, that refused to suspend the Herald says: Out of the thousands of banks existing throughout the Union, there is at this mo- ment only one specie paying bank the Chemical Bank, of New York. It has not only bees promptly meeting all the demands of this kind made upon it since the com- mencement of the panic, but is prepared to redeem, and will continue, if necessary, to redeen in the came way every dollar of its obligations. It has gold enough in its vaults at the present time to meet the whole of its liabilities; and on the system on which it is conducted there is no condition of things which can affect its character as a specie paying bank. With capital of only $300, 000, it has a surplus of over half a million. nearly double its capital, which surplus is included in its deposits. It is managed by some half dozen of gentlemen, who own all the stock; it pays a dividend of six per cent. semi annually, and its surplus is steadily in- creasing with these large dividends. Great Railroad Failure. From the St. Louis Republican. The Illinois Central Railroad has failed, and made an assignment. This is the great- est among the great failures of the passing day. The Illinois Central is the longest railroad in the United States. It is 704 miles long. At the last accounts it had cost over $23,- 000,000. Its gross receipts at the last year- ly return were $2,476,000, its net receipts were $1,031,000. On the 19th of Septem- ber its stock stood at 94, and as late as last Saturday, stood at 71. As every one knows, this road was richly endowed by the State with lands granted by Congress. The grant was 3,840 acres to eve- ry mile So that the whole grant was over 2,700,000 acres of land. These lands were appropriated by the company in the manner following: 2,000,000 of acres were mort- gaged as security for money to be raised for the construction of the road. The money expected to be raised in this way, was $17,000,000. The bonds bore 7 per cent. interest, payable on the 1st of Oct. and April in New York: 250,000 acres were to be held subject to sale, so as to form a fund for the payment of interest, until the receipts of the road should pay interest. The balance-some 400,000 acres were to be sold from time to time to "meet such de- mands as the exigencies of the Company may demand." The minimum value of the 2,000,000 acres, (mortgaged for construction) was set down at over $18,000,000. The Company also created stock to the amount of $2,000,000. The lands and the road were conveyed in trust to Morris Ketchum of New York, and to John Moore and Samuel D. Lockwood of Illinois. The trust thus created was to secure the construction of the road, and those who loaned it money on the strength of its lands and road. The bonds, called construction bonds, to the amount of $17,000,000, have been is- sued. Besides, there are $3,000,000 of 7 per cent. bonds secured by lands, other than those set apart to secure the construction bonds, have been issued. These $3,000,000 are called Free-land bonds. At the minimum valuation put on the $2,000.000 acres, which were mortgaged to secure the construction bonds, the whole landed property may be considered worth $25,000,000, The last sale of the bonds was 65. So sanguine were the proprietors of this road that the proceeds of the bonds, and the lands sold, would put them amply in funds, that they made it a condition of the construction bonds that the company might at any time purchase these bonds, or any of them by paying, in addition to the regular, interest, the principal, with twenty per cent. added. In fact, few supposed that such a road as this, endowed as it was, could fail of being excellent property. It had $2,000,000 of capital subscribed. It had such proceeds in money as neat 700. 000 acres of land would yield to pay inte- rest, as well as for construction. And it had the proceeds of the $17,000,000 con- struction bonds. The cost is set down by the Railroad Journal at, as we have stated above, a little over $23,000,000. The construction and free land bonds amount to $20.000.000. if they have been all sold. The interest at 7 per cent, on these bonds is $1.400,000. The report, were given at 81051000, ad gross at 82.476,060. Of the gross receipts 5 per cent, are payable into the Illinois State treasury, as the bonus agreed on for the land grant. Five per cent, on the gross receipts last year were over $123,000. And, if the sum above given as net receipts is what is left after deducting merely running expenses, this $123,000 must be deducted from these receipts, thus leaving the sum applicable to the payment of interest from the receipts at $907,200, which would fall short of the in- terest supposed to be due over half a million GLORIOUS NEWS FROM THE KAST. OHIO PROBABLY DEMOCRATIC-GREAT GAINS. PACKER ELECTED IN PENNSYLVANIA Democratic Gains in lowa. From Ohio we have most cheering news. We give below all received, premising that every county shows Democratic gains; CINCINNATTI, Oct. 14. NEW compa been Banks by all in Bre doors The Banks future pay ter The Bank e tan, it lieved A pa terday Saving- rious ba Ano Fairfield county all in but towns; Demo- cratie majority 1300; Brown county, 1 township dem. maj. 22; Clinton co. 2 towns, dem. maj. 116; Stark co. 300 dem. maj.; Ashtabula Borough 244 dem. maj.; Loraine co. complete 1383 Rep. maj. Medina co. 800 Rep. maj.; Hamilton. Lick Run town- ship, Chase, Rep. 76 maj.: Clifton township, 35 maj.; Starr's township, Payne, dem. 94. CINCINNATI--24 Ward, Chase 107 maj. busines 3d Ward, Payne 290 maj. 4th Ward, Payne tinued 560 maj. 5th Ward. Chase 13 maj. 6th Ward of spec Payne 387 maj. 7th Ward, Chase 35 maj. posits i Sth Ward, Payne 100 maj. 9th Ward, notes w Payne 550 maj. 10th Ward, Chase 520 maj. 11th Ward, Chase 225 maj. 12th Ward, Payne 120 maj. 13th Ward, Payne 400 maj. 14th Ward, Chase 100. 17th Ward. Payne 135 maj. Wayne co co. 300 Dem. maj.; Greene co, 1200 Dem. maj., Sandusky co. 409 Dem. maj.; Huron co. 1500 Rep. maj. Lucas co. 200 Dem. maj. Henry co. 150 Dem. maj. Defiance co. 200 Dom. maj.; Wood co. 250 Rep. maj.; Lake co. 1400 Rep. maj.; Brown co., Union tp., Chase 272 maj. Highland co., Madison tp., Chase 94 maj.; Clermont co., Ohio tp., Chase 34 maj.; Athens co., Athens tp., Chase 131 maj. Warren.co., Furthe Creck, Clase 301 maj heard from Chase loses 40 votes in this county. Man amount by the mium. At th it was made op general cent. James the mee banks o gagemen duty of produce session o mittee ha Ata As far as afford e Summ't Co, Clase 1037 maj.: Clement county, Paine 500 maj: Brown county, Bird township, Chase 25 maj: Preble county, Chase 500 maj; Futler county, Paine 1200 majority. Further returnsgive about 10,000 Dem. gain in 45 countes. Legislature is pro bably Democratic The vote for Governor is close and the reult doubtful. CINCINNATI, Oct. 14. of the t ernor to end. A ingly ap this ever A me Savings was held they dy banks. Sever The S Perry county, Payne 450 maj.; Morgan county, Payne 600 maj.; Hamilton county Payne 3,500: Hardin county, Chase, 130; yesterda Democrats clain gain of 7,000 in 40 counties: Pickavay county, 550 for Payne: Fairfield county, 1,635 for Payne: Warren against county, 727 for Chase: Jefferson county. 150 for Chase: Guernsey, with one town to hear from, 500 br Payne Hancock, 200 for Payne Clinton, 729 for Chase Mus kingum, 400 for l'ayne Marietta, line not working Licking, 450 for Payne. The a not give Mr. 1 resolutio ing spec held from to withh A ver Suome extra se cognitio islature jority of Republi measure The very wa of the I and the them There islature law agu Bove Preside the best of this sion of ing acte taking All t & Trad This of Prat is anno From l'ennsylvania, we have news which shows that the Americans have not united upon WILMOT. This indicates the success of PACKER by a tremendous majority. PHILADELPHIA, Oct. 14. Complete returns foot up-Packer, 28, 000; Hazlehurst, 14,000; Wilmot, 10,000. Lehigh Co., 1,000 majority for Packer. From California. NEW ORLEANS, Oct. 13. The steamer Granada from Havana on the 10th, has arrived. The Northern Light hrige & million and a quarter of bullion. Granada experten gele on the 3d and 4th. and afterwards saw a wreck- name undiscoverable. CALIFORNIA ELECTION, Weller's major ity over both his antagonists is 11,000. Legislatures largely Democratic. Bates, ex-Treasurer, and Rowe, his clerk, have been committed to jail in default of bail. Chief Justice Murray is dead. Col. Cassey, of Tennessee, was killed in a duel with Mr. Blair. The overland mail from San Antonio,

17. October 24, 1857 Keowee Courier Walhalla, Pickens, SC
Article from Keowee Courier, October 24, 1857

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NEW York, Oct. 15.-Judge Roosevelt has denied a motion for an order citing the Bank of New York to show cause why a receiver of that bank should not be appointed. The Judge has determined that when the officers of solvent banks are acting in good faith, no receiver shall be appointed. The fact of suspension of specie payments is not a proof of fraud.

18. October 24, 1857 Keowee Courier Walhalla, Pickens, SC
Article from Keowee Courier, October 24, 1857

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Col. Casey, at Stockton, which resulted in the death of the latter. We quote from the Stockton Argus the following partieulars, which show this to be about the bloodiest and most desperate duel on record A duel came off at an early hour Tuesday morning, a few miles from the city, between Mr. C. M. Blair and Col. Casey, both of Mercer county. A bitter animosity has for some time past existed between the parties, growing out of a rivalry in the a effort to obtain the hand of a Miss Lyoung lady of prepossessing personal appearance and accomplishments, at present residing with her father on the Stanislaus. Mr. Blair and Col. Casey met in the barroom of the Weber House, on Monday morning, each accompanied by friends, where a conversation ensued between them, at first apparently in a friendly manner but Blair, becoming vexed at the indifferonce which his rival assumed, made some severe charges, which Casey denounced as false, and at the same time rising from his seat, struck Blair a severe blow with his fist. Casey drew his revolver, but was prevented from using it by persons present. Blair, being unarmed, stepped back, but was pursued by Casey, who dealt him anothor severe blow upon the face. The friends of the parties, however, succeeded in preventing bloodshed, and restoring order; shortly after which, arrangements were made for a settlement of the difficulty by other means. Yesterday morning was fixed as the time of meeting, at applace three miles from the city, where the parties met about day-light, accompanied by a few spectators. The ground Was measured, a distance of ten paces, and the word being given, shots were exchanged. On the first fire, each party missed aim. The second shot took effect upon Casey, causing a slight flesh wound. Upon attempting the third shot, the cylinder upon Casey's pistol refused to revolve in consequence of an exploded cap lodging upon the tube, Firing was then discontinued for about ten minutes, during which time the weapons, Colt's six shooters, were reloaded in every chamber, and firing was again resumed. Each party exchanged six shots in quick suecéssion, without the "word," three of which took effect upon Casey, while Blair escaped without injury. The most dangerous wound received by Casey, was a shot which entered the peritoneum or abdominal lining. A ball also passed through the abdominal muscles. Notwithstanding the wounds received by Col. Casey, it is said that he exhibited an apparent unconcern throughout the firing. He was brought into the city by his friends, and is at present at the Magnolia House. Blair, as might have been expected, has made his escape, probably to await the result of Casey's wounds. We have known Col. Casey for a number of years as one of the earliest settlers upon the farming lands along the Tuolumne river. He is known and esteemed by a large circle of friends and acquaintances, as a gentleman worthy of all confidence and we trust that the unfortunate affair in which he has become involved, may not terminate fatally. The duel is, undoubtedly, one of the most desperate on record, and we only regret the necessity that compelled a resort to such hazardous means of adjusting a personal difficulty. The San Joaquin Republican says, that badly wounded as Col. Casey was, he insisted upon having another round of six shots each, which his friends, of course, prohibited. NEW YORK, Oct. 15. Judge Roosevelt has denied a motion for an order citing the Bank of New York to show cause why a receiver of that bank should not be appointed. The Judge has determined that when the officers of solvent banks are acting in good faith, no receiver shall be appointed. The fact of suspension of specie payments is not a proof of fraud

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. October 28, 1857 The Spirit of Democracy Woodsfield, OH
Article from The Spirit of Democracy, October 28, 1857

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List of Suspended, Depreciated and Discredited Banks. Leather Manufacturers' Bank, New York City; Hudson County Bank, Jersey City; Broadway Bank New York City; People's Bank New York City; Bank of New York; Farmer's Bank, Petersburgh, Va; Union Bank, New Orleans; Marine Bank, N. Y. City; Tradesman's Bank, " " " " Artisan's Bank, Butcher's and Drover's Bank, New York city; Market Bank, New York City; " " St. Nicholas Bank, " " Pacific Bank, " " " " Irving Bank, " Merchants Exchange," " " North River Bank, " New York Exchange," " " Citizens' Bank, " " Ocean Bank, " " Chatham Bank, " " Bull's Head Bank, " " East River Bank, Pratt Bank, Buffalo, New York, Belleville Bank, Illinois; " Bank of Chester, Stock Security Bank, Illinois; " Corn Exchange Bank, Bank of Pike County, " State Bank of South Caaolina, Charleston;