Article Text
News was received this morning, (Monday, December 30,) that the Banks of New York, Boston, and Philadelphia, have suspended specie payments. This will, of course, be followed by all the banks of the country.
15437. Banks of New York (New York, NY)
Bank Information
- Episode Type
- Suspension → Reopening
- Bank Type
- state
- Start Date
- December 30, 1861
- Location
- New York, New York (40.714, -74.006)
Metadata
- Model
- gpt-5-mini
- Short Digest
e0296642
Response Measures
None
Description
Contemporary newspapers report that the Banks of New York suspended specie payments on Dec 30, 1861. Articles describe a coordinated suspension (precautionary, to prevent specie export and in reaction to wartime developments). No articles here mention a run or permanent closure; historically this suspension was temporary, so I classify as suspension_reopening. Reopening is not explicitly reported in these excerpts.
Events (1)
1.
December 30, 1861
Suspension
- Cause
- Macro News
- Cause Details
- Coordinated suspension in response to wartime/macro political developments (surrender of Mason and Slidell, concern over specie export); precautionary measure by banks to suspend specie payments nationwide trend noted in articles.
- Newspaper Excerpt
- The banks of New York ... have suspended specie payments.
- Source
- newspapers
Newspaper Articles (10)
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SUSPENSION OF SPECIE PAYMENTS IN NEW YORK. New York, Dec. 30.-The banks of this city this morning resolved upon a suspension of specie payments. The suspension causes 11. excitement here, as it has bean anticipated for some time as approper procetationary me. sure on the part of the banks. Boston, Dec. 30.-All the banks in this city have suspended.
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From Cincinnati. Cincinnati, Dec. 30.—The surrender of Messrs. Mason and Slidell and the suspension of specie payments by the Banks of New York, produced a feeling of relief in business circles here.
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NEW YORK HERALD, TUESDAY, DECEMBER 31, 1861.-TRIPLE SHEET. mand of England, and surrenderd James M. Mason and stroyed by fires in the loyal and secoded States respective. LAST OF THE PATRIOTS OF THE REVOLUTION. THE PORT R John Slidell, rebel commissioners, and E. J. MacFarland and ly, as exhibited in the foregoing record:George Eustes, their secretaries. Seceded States. Loyal States. Names of the Heroes who have Died DuGeneral Prentiss, with four hundred and fifty men 210,000 January $1,210,000 encountered and dispersed nine hundred rebels, under ing the Past Year. 60,000 February 352,000 Colonel Dorsey, at Mount Sion, Boone county, Missouri, March 385,000 On the 1st of July last there were butsixty names 880,000 Official Report of killing and wounding one hundred and fifty, and capturApril 250,000 312,000 of Revolutionary pensioners left upon the rolls in the Pen" ing thirty-five prisoners, ninety-five horses and one hun445,000 May 685,000 dred and five guns. Our loss was only three killed and North 1 sion Office at Washington. Probably not over fifty are June 305,000 960,000 eleven wounded. now living. We give a list of the names of those who 35,000 July 1,558,000 29th-A slight skirmish occurred in Adair county, 500,000 August 722,000 have died during the year, as far as we [have been able Ky., in which the rebels lost Ave killed. No loss on the September 40,000 750.000 to collect them Union side. -October 310,000 Capt. Davis' Re Massachusetts Joseph Holmes November 100,000 30th-The people of the United States exhibited un580,000 John Barkhalter Georgia December 7,000,000 mistakeable signs of satisfaction at the happy termination 341,000 Blocking Up of Vermont Cornetius Bracoy of the misunderstanding and threatened difficulties beMichigan Hooper Bishop Total €,330,000 tween this country and Great Britain, in relation to the $8,690,000 Maine James W. Head Mason and Slidell affair. Add to the above the value of property destroyed by Jacob Rhodes Maine The banks of New York, Philadelphia, Albany and BosEngagement Between Foster Webster Maine fires in the United States during the year where in each ton suspended specie payments. Joel McGregory New Hampshire instance the loss was estimated at less than twenty thou31st-The army of the United States at this date was Samuel Yendell Tatnall's Massachusetts made up of the following forces:sand dollars, and also the value of property destroyed in Volunteers 640,637 the South and West, such as the destruction of the pro&c., Regulars 20,334 ducts of Southern plantations, the burning of railroad and PASSAGES OF CALIFORNIA STEAMERS IN 1861. Total 660,971 other bridges, together with private houses, barns, hay REPORT OF THE El The effective force of the navy, not including vessels stacks, &c., which have been destroyed by order of miliAmount of Treasure. on the stocks or unfit for service was as follows:TO
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The News. Gen. McClellan was sick on the 26th. It was expected that he would be in his sad die in a few days. Col. Mu ligan and his men have been reinstated in their command. box The reported escape of Col. Corcoran is contradicted. Gen. Scott reached Washington from Europe, on Wednesday last, greatly improved in health. Ely also arrived the same evening, direct from the South. It is said tha+ the President has resolved to appoint Hon. o. H. Browning, Senator from Illinois, to the Supreme Bench, in place of Judge McLean deceased. Fenwick Island has been occupied and Federal lines extended to Edasto River, 35 miles from Charleston. Price is reported again fleeing southward in the direction of Arkansas. The great event of the week is the surrender of Mason and Slidell to Great Britain. They are now probably on their way to England. The reasons for this step of the Government will be found elsewhere. The banks of New York, Boston and Phil adelphia, have suspended specie payments. This measure will promote, rather thar im. pair the interests and prosperity of the coun try. An important movement has started from Rolla, Mo., headed by Gens. Curtis, Seigel, and Asboth. The object is to intercept 978 Price. yedT
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GENERAL NEWS. The preparations for Gen. Burnside's Na. val Expedition are rapidly being completed. and it will probably soon sail. There are nowat Annapolis 14 steamers, 1 propeller, 4 ships, 3 barks, 1 brig, 11 schooners, 5 floating batteries, besides 2 little despatch steamtugs-in all, 41 vessels. Gen. Burnside and staff have also taken possession of the Picket, a handsome little propeller of 400 tons, and have made it the flag-ship of the transport fleet. The preparations are all on the most extensive scale, and the expedition is strong enough to strike as hard a blow as Com Dupont did at Port Royal. The Banks of New York suspended specie payments on Wednesday, and their example was followed by the banks of Philadelphia, Boston and other places. The specie fund of the New York banks decreased near seven millions of dollars last week, and amounted on Saturday to about twenty-two millions, Advices from New Mexico contradict the reported massacre of twenty men by the Indians The legislature has petitioned Congress for an appropriation of land for Indian reservations, and that the territory may be relieved of the tax recently imposed. The law for the protection of slave property has been repealed by an almost unanimous vote. In Kentucky a slight skirmish has taken taken place in Adair county; five rebels were killed, but no Union men. Humphrey Marshall, with 6500 men, is fortifying Prestonburg. Gen. Buell has sent a brigade, under Col. Garfield, against him. Writs of attachment have been issued against the property of Buckner, Preston, Crutchfield, and other prominent rebels. An anomaly in the social life of Washington, and in the etiquette established by Presidential precedent, is the fact that the President dined at Secretary Cameron's or Tuesday evening. The dinner, given in honor of Gov. Curtin, was attended by Secretaries Chase, Blair and Seward : Senators Chandler, Wade and Summer; Speaker Grow, Adjt.-Gen Thomas, and Gen. McCall. The President's entry was informal, and after the other guests were seated. The steamtug Starlight left Fort Warren at 11 o'clock on New Year's day, with the traitors Mason and Slidell, and their secretaries, for Provincetown, where they will be transferred to the British war steamer Ri. naldo, now lying there. Private letters received in Washington state that the sea voyages have had a very favorable effect upon Gen. Scott's health. He does not intend soon to visit Washington. Gen. McClellan is said to be quite ill with typhoid fever. A vast concourse was present at the Presidents levee, on Wednesday. The menihers of the Supreme Court, the foreign ministers, including Lord Lyons and Mr. Mercier with their ladies, the officers of the army and navy, headed by Gen. McDowell, and civilians in great numbers were present. The runor published a few days ago to the effect that Jeff Davis had appointed Messrs. Preckinridge and Hunter ministers to the Court of St. James and St. Cloud, is prouably true. The Halifax (N.S.) Express of December 13th says that Mr. Breckinridge errived in that place about a week before. and that he sailed on the 13th in the Canard steamer Canada for England. Some dissatisfaction appears to be mak. ing its way into the southern press on account of the unpromising condition of rebel affairs. The Augusta, Ga., Constitutionalist and the New Orleans True Delta are out in full cry against the management of Jeff. Davis & Co., whom they charge with peculation, mistaken policy, selfishness and want of vigor. -
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FINANCIAL.-It appears by a late dispatch that all the banks of New York, Boston and Philadelphia have suspended epecie payments. # This measure, we presume, was adopted to prevent the export of specie to Europe, rather than from any inability of the banks to meet their obligations in cash. At latest advices by mail, the banks of the Eastern cities had in their vaults a larger amount of specie than ou any former 00casion, and as none has been exported dur ing the past year, itis evident that immense quantities of the precious metals is boarded among the people.
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From Cincinnati. Cincinnati, Dec. 30.—The surrender of Messrs. Ma-on and Slidell and the suspension of specie payments by the Banks of New York, produced a feeling of relief in business circles here.
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The suspension of specie payments by the Banks of New York, Boston, &c., will undoubtedly be followed by the adoption of a like measure by all the Banks of the country.
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SUSPENSION OF SPECIE PAYMENT banks of New York, Philadelphia and Bos. ton, have all suspended specie payments, and of course all others must follow their exam ple.