15616. Citizens Bank (New York, NY)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
4d51d51a

Response Measures

Full suspension

Description

Newspaper accounts (Oct 13, 1857) describe heavy withdrawals and crowds at Citizens' Bank leading to a suspension of specie payments on Oct 13. Later reports state the injunction was removed and the bank resumed operations, and by Nov 2 the Citizens' Bank had resumed specie payments. Cause is the 1857 financial panic (macro news) producing runs on many NY banks.

Events (3)
1. October 13, 1857 Run
Cause
Macro News
Cause Details
Part of the broader October 1857 financial panic causing runs and heavy withdrawals from many New York banks
Measures
Paid out specie until compelled to suspend specie payments; later suspended specie payments
Newspaper Excerpt
Here, too, the crowd and excitement were great, and the drawing large, and so long continued that before the close of office hours the Paying Teller was compelled to announce a temporary suspension of specie payments.
Source
newspapers
2. October 13, 1857 Suspension
Cause
Macro News
Cause Details
General suspension amid the city-wide panic; banks including Citizens' Bank suspended specie payments to protect resources
Newspaper Excerpt
The following banks have suspended to-day: ... Citizens, ... — There is a general run on the Wall street banks
Source
newspapers
3. November 2, 1857 Reopening
Newspaper Excerpt
We are glad to learn that the Citizens' Bank of New York city yesterday resumed specie payments, and that specie continues to increase steadily and satisfactorily in the vaults of the banks of that city.
Source
newspapers

Newspaper Articles (13)
1. October 14, 1857 The New York Herald New York, NY
Article from The New York Herald, October 14, 1857

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THE WARE caterualy w T 187 Greenwich street 1-North River Back Cor. Fakton and Greenwich 2-Ocean Bank Car. Greenwich & Warren. 8.-Irving " 166 Greenwich street. M-Merchants' Exchange " if 187 6.-New York Exchange a-Otisens Bank 68 Bowery. 90 Wall street. T.Marine " 8-Market Oar. Pearl & Beek man eta. One. Chatham and Duane. a.-Chatham " 177 Chatham street. 10.-Tradesman's Bank " 7 Wall 11.-84 N I shoins " 12-Butchers' & Drovers' Cor. Bowery and Grand at. 395 Canal street. 18.-People's Back Third avenue 14.-Bull's Head BADK " 16.-New York Eights avenue and 14th at 16-Leather Manufacturers' 45 William street. " 19-Artisans' Bank 117 Nassan 18.-Broadway " Cor. Broadway & Park place. The banks in Greenwich street closed their doors early, and the news spread like wildfire up town, and EOOB thought down a stream of small depositors and bill hold. ers, wao eagerly crowded upon the staps, where they were met by the bank porters and policemen, who in. formed them that the banks we e closed, and could not transact any business. The anxiety increased as hour at. ter hear brought fresh batches, paie with excitement and starm, to the scene throughout the entire day they onesinced to throng around the deors of the banks, altogether presenting a ploto e of a paste stricken multitude rarely seen even in a greas financial crieis. The backs on the Bowery and Chatham street-the Citisens' and Chetham-did not exalet the same scenes of excitement as those on Greenwich street and Wall street. But round the Enterbers' and Drovers' the confusion was considerable for some same The American Exchange and the Beak of the Republic, for some reason or other drew around them van concourae of people, so much so that la the Ameri can Exchange a large police force was in requisition to keep the bank clear in order that business could be trare. acted. The attempts to allay the pacie, and the seminances of the safety of the city banks which had previously, dayage the FGB on the Park and other banks, been success 01, utterly failed to have effect yesterday, in the face of the fact that depositions found the back doors closed against them, and that every moment throughout the day was freighted with intelligence of another, and now another, bank gone. Each report, of courie, served at first to heap fuel on the fire, and increase the excitement, but as the extent of the failures came to be realized, alarm seemed to actile down into silent despondency; and at the 0 one of basiness hours the crowds round the emailer banks gradually diepersed, heavy with the presage that the morrow was des. Meed to bring increased disester. Probably the reason why the bank suspensions of yearerday created so marh external evidence or alarm may be traced to the fact that the pressure fell upon so many small depositors: jest that class whose fears are net easily wrought upon, and whose interests will suffer most seriously The condition of the eighteen banks which sussended yesterday, as exhibited on Saturday last, was as follows CONDITION OF THE SURPENDED BANKS Naminal Name

2. 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.

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

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Later: General Nuspension I : Messrs. Cook & Sargent received yesterday afternoon a dispatch stating that the following New York Banks had suspended Marine Bank. Irving Bank Citizen's Bank. New York Exchange Bank Ocean Bank North River Bank Merchant's Bank. It is expected that the others " il suspend forthwith, and there is but littl. 'oubt that the Boston Banks, and all the Panks of New England will have to suspend this week. A tremendous excitement prevailed at New York yesterday.

4. October 14, 1857 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, October 14, 1857

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BY TELEGRAPH. BY THE NATIONAL LINE. [Reports Furnished by the Associated Press.] NEW YORK, Oct. 12.-Cotton quiet. Flour dull. Wheat firm. Corn and lard heavy. Mess pork $22 30. Whisky 20a21. NEW YORK, Oct. 12.-Edward N. Archibald is appointed British Consul here. The sailing of the Atlantic is postponed to the 24th. WASHINGTON, Oct. 12-U. S. Stocks redeemed at the Treasury to day amount to three quarters of & million. The Bowery and Savings Banks of New York received $607,000. The entire amount redeemed is three millions. A half million is now out. NEW YORK, Oct. 12-The Bank statement shows an increase of specie $76,000. Decrease in loans four millions and eighteen thousand. Decrease in circulation 392,000. Decrease in deposits four millions six hundred and seventy-seven thousand. Sr. LOUIS. Oct. 13 -Gen'l Smith convenes a Court Martial at Fort Leavenworth on the first of November, for the trial of Col. Summer. The charges are not stated. The Legislature of Missouri meets Monday. There is confidence that provision will be made to pay the interest on the State debt January next. NEW YORK, Oct. 13 -The Steamer Empire Ciiy hence to Fall river, Massachusetts, struck the rocks at Hell Gate, and returned leaking. Her passsengers, freight and baggage, were saved. The Steamers Commodore and Matamoras collided on the Hudson river. The latter sunk; all but eight passengers saved. NRW YORK, Oct. 13.-Nothing doing in freight or exchange. Business unsettled. Money tighter. Affairs gloomy. RICHMOND, Va., Oct. 13-The Custom-house here was entered by robbers and $15,000 in double eagles stolen. The robbers left 46,000 dollars behind. NEW York, Oct. 13.-The following banks of this city suspended this morning: The Marine, Pacific, Irving, Merchants' Exchange, North River, New York Exchange, Citizens, and Ocean Bankeight in all. E. Fisher & Co., and Brown & Cain have suspended. The Cheatham and Bullheads banks have suspended. CHARLESTON, Oct. 12.-The S. W. R. R. Bank and Bank of South Carolina have suspended. Exchange Bank of Columbia, and Panters Bank of Fairfield notes not taken on deposit. NEW ORLEANS, Oct. 13.-The Granada with Havana dates of the 10th has arrived. The Northern Light takes a million and a quar ter. The Granada experienced a gale on the 3d and 4th. She alterwards saw & wreck, but the name was undiscernable. CALIFORNIA-Wellers majority over both candidates is eleven thousand. The Legislature is largely Democratic. Bates, the ex-treasurer, and Rowe, bis clerk, have both been committed to jail in default of bail. Chief Justice Murray is dead. Col. Casey, of Tennessee, was killed in a duel with Mr. Blair. The overland mail from San Antonia, Texas, reached San Diego on the 31st of August. All well. A report of the assassination of Alvarez, at Colina, Mexico, reached San Francisco. Disturbances occurednear the boundary of Lower Colifornia, between the Americans and the Authorities. A company is fitting out at San Diego, to assist the Americans. It is considered a fillibuster movement. It is reported that Gov. Castro, of Cower California is fearing a revolution. His own people having joined the Americans. Slight shocks of an earthquake was felt near San Francisco. The Constitutional Convention of Oregon was in session. Slavery was slightly agitated. California markets dull. Accounts from the Mines are good. PERU-The English and French fleets have left Chincha Islands, placing them on the mercy of Vivanco. The murderer of Sullivan has been discovered to be a hired bravado. He has not been arrested: His employers are yet unknown. Nothing important from Central America. NEW ORLEANS, 13.-The Louisiana Savings Bank has closed. It was a small affair. A meeting of the marchants is being held tonight. Co ton-Sales $,000 bales. Still lower, at 91a10. Stock 108,000 bales. Decrease in receipts 88,000 bales. Decrease at all ports 130,000 bales. No movement in exchange. Affairs are gloomy and depressed. The news of suspensions in New York caused an uneasy feeling. Gen. Heningsen arrived to-day. Gen. Walker's movements will probably be determined on in a day or two. NEW YORK, Oct. 18-Additional bank suspensions: Market, St. Nicholas, Tradesmans, Artizans, Butchers and Drovers, and the Bank of New York. It is feared that a general suspension is inevitable. Several of the old Banks announce their ability and determination to pay specio, BOSTON, Oct. 13.-George T. & W. Lyman, China Merchants have suspended. HARRISBURG, Oct. 13.-The relief bill as passed by the House fixes the third of April next for redemption. NEW YORK, Oct. 18.-Cotton quiet; Flour 4 25 a4 55; Wheat, white 1 20a1 35, red 1 10a1 20; Corn heavy; Mess Pork 22 25; Lard advanced c; Whisky 20; Tobacco 8 to 17c. CINCINNATI, Oct. 13.-Flour exchanged; Oate 30; Whisky 14a144. Business is neglected on account of the news from New York.

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

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officer and clerk was buay with bis pen, and all remained at work long beyond the usual hour. CITIZENS' BANK. Here, too, the crowd and excitement were great, and the "drawing" large, and 80 long continued that before the close of office hours the Paying Teller was compelled to announce a temporary suspension of specie payments. Most of the depositors in this bank (it is located at No. 58 Bowery) are small traders, likely to feel most sorely a bank suspension, however brief; but such as failed to obtaintheir deposits yesterday took the matter with seeming coolness, hopeful that it would " all be right in & few days." BANK OF COMMERCE. The Paying Teller of the Bank of Commerce did not feel authorized to give the amount of specie paid out. CONTINENTAL BANK. At the Continental Bank a heavy run commenced at about 11, o'clock, which was continued until 3 o'clock. The greater portion of the run was from bill holders: No gold was paid to depositors. The run was very quiet; there was no call for a policeman. At 3 o'clock people were assured that the bank would open in the morning. About $75,000 in gold was paid out. DRY DOCK BANK. The Dry Dook Bank was also compelled to seek protection from the calls of its depositors by a suspension of speoie payment. Nothing particular attended the circumstance, A few who applied early received their deposite, but only a few. The great majority were doomed to depart empty-handed; with the assurance, however, that they would not be losers by the painful but necessary step which the Bank, like meny others, felt compelled to take. GROCERS' BANK. Charles D. Garrison has been appointed Receiver of the Grocers' Bank, and will immediately enter upon the discharge of his duties. HANOVER AND COMMONWEALTH BANKS. The run on the Hanover and Commonwealth banks was not very active, and both banks paid promptly up to 3 o'clock. IRVING BANK. This bank, located at the corner of Greenwich and Warren streets, suspended specie payment very soon after opening their doors yesterday morning. The run upon them was commenced on Monday, and 80 vigorously continued that $42,000 in specie were drawn from them during the day. They opened on Monday morning with $75,000 in specie. When the doors were thrown open yesterday morning they were at once besieged by a crowd of people who had been for some time in waiting, and the checks presented were 80 lange and numerous that $9,000 was paid out in less than fifteen minutes. From outside indications it was evident to the officers that they could not long breast the current, and they determined to close at once. This caused a good deal of dissatisfaction and grumbling among those who were awaiting their turn," but the excitement soon subsided and the crowd dispersed. The demand upon this bank came almost wholly from depositors. IMPORTERS' AND TRADERS' BANK. The Importers' and Traders' Bank have paid out $60,000 in specie; but they have received $15,000 in gold on deposits. They run out of bills between 11 and 12 o'clock, and were consequently obliged to pay out much more specie than they would otherwise. The statement of the bank on Tuesday morning was: $1,425,525 Capital 100,000 Surplus $1,525 525 Total $1,627,447 Loans 182,000 Circulation 215,000 Secured on State Stocks, par value 421,102 Deposits 194,000 Spucie

6. 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-

7. 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

8. 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

9. October 15, 1857 Holmes County Republican Millersburg, OH
Article from Holmes County Republican, October 15, 1857

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Suspension of New York Banks. NEW YORK, Oct. 13. The following banks have suspended today: Marine, Ocean, Merchants Exchange, N. Y. Exchange, North River, Irving, Citizen's, Chatham, Bull's Head, St. Nicholas and Market Banks. There is a general run on all the Wall Street Banks, and intense excitement in the street. Policemen are stationed at many of the banks to preserve order.

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

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PROGRESS OF THE RESSURE EFFECT OF THE GENERAL SUSPENSION. EXCITEMENT ABATED. New-York City Bills taken at Par. ARRANGEMENTS IN REGARD TO STATE MONEY SAVINGS BANKS FALL BACK ON THE LAW. DEPOSITORS REQUIRED TO GIVE NOTICE. The Run Running Out. MERCHANTS ASK ACTION FROM THE LEGISLATURE THE EFFECT OUT OF THE CITY. From the unparalleled excitement of Monday, Wall street yesterday fell back to comparative apathy. Everybody seemed satisfied that the suspension was the only course to be pursued, and, although the event was the leading theme of conversation, no surprise and but little dissatisfaction was manifested. The ordinary course of business, which had been in a condition of derangement and uncertainty, began to take its usual form, and from the chaos of the past week some promising signs of order began to appear. Of course, the run on the Discount and Circulation Banks in a great measure ceased; but the Seamen's and Bowery Savings Banks were besieged at an early hour. In order to avert the serious consequences which would inevitably result from the exhaustion of their specie, the officers of the various Savings Institutions held a meeting, and resolved to take refuge behind that clause of the law which requires depositors to give notice of their intention to withdraw their money. This course materially checked the flow of specie, and will probably terminate the unwise panic among depositors. In the course of the day our reporters visited all the Banks in this City, Brooklyn and Jersey City. Below we give the result of their inquiries: ARTISANS' BANK. The Artisans' Bank is doing a very quiet business. It is restored to the Clearing-House, and stands now on a par with its fellow-suspenders. BANK OF AMERICA. The business was conducted at this bank as at the others-no specie being paid out. But few persons were in attendance, and there was no excitement. AMERICAN EXCHANGE BANK. The business transacted at the counter of this bank was large. The line of persons numbered over fifty Checks were certified and received on deposit, and, as in the case of the other banks, no coin was paid out. BANK OF COMMERCE. The Bank of Commerce has paid checks in the bills of other banks, received considerable deposits of gold, loaned $30,000 or more, and conducted business as usual, with the exception of paying specie. The Bank of Commerce receives special deposits of specie, checks drawn against which will be paid in specie. BANK OF THE REPUBLIC. The Bank of the Republic refused our reporter information on Tuesday. It was not applied to yeeterday. BULL'S HEAD BANK. Notwithstanding the reports which have been circulated for some days past relative to the suspension of this bank, it continued to pay specie upon its notes, as well as upon checks, until about 2 clock p. m. yes. terday, when it complied with the advice given by other banking institutions, and suspended specie pay. ments, having between $10,000 and $11,000 in its vaults. Quite & number of deposits were made in the bank yeeterday. BUTCHERS' AND DROVERS' BANK. The Butchers' and Drovers' Bank, which suspended Tuesday, with considerable specie on hand, opened again yesterday for business, on the non-specie paying baris, giving bills for some checks, certifying others. The officers of the bank express confidence that in the course of a few days they will be enabled to cash checks where the amounts are small. BROADWAY BANK. At the Broadway, the usual business was transacted, with the exception of paying specie. There had been 8 run on the United States Marshal's office, and Capt. Rynders came around about noon for a pile of bills. A large amount was drawn out in bills. CENTRAL BANK. The Central Bank is situated at the junction of Fulton and Washington streets, and was the first to stop. It is stated that this bank is endeavoring to make settlement, of which it will in due time apprise depositors, checkholders, and others having business to transact with it. CITY BANK. This institution resumed business on Wednesday morning in all its branches except the payment of specie. CHATHAM BANK. The business at this bank is carried on as usual, specie payments excepted. Checkholders exchanged largely for bills cn Wednesday morning. A few small specie deposits were made. On Tuesday $17,000 were paid out before stopping. Only $800 remained at the time of suspension. When our reporter called at 4 m. for further information, the officers had gone home. CITIZENS' BANK. The injunction which was recently put upon this bank, and precluded it from transacting any business whatever, was removed yesterday morning, when it immediately resumed operations, except paying out specie. CHEMICAL BANK. The Chemical Bank paid specia all day. It resolutely refuses to suspend. There was quite a brisk run from 10 to 12; it fell off then to almost nothing. The business of the day resulted in & diminution of specie of, say $35,000, a much less sum than was expected. The officers feel an increased confidence in their ability to meet everything in coin. They have received deposits to a large extent, principally in specie. One man deposited $9,000. One man said yesterday that he had about $15 000 locked up in his safe, which he would send round in the morning. When it becomes generally known that it is determined to pay specie, there can be no doubt that its specie will be largely increased. The average amount of coin in its vaults last week was $343,000. To-day it has $400,000. The Chemical Bank receives the bills of other banks on deposit; checks on these its are payable in currency only. This will protect the bank from depositors who deposit merely for the purpose of running it, and will preserve the specie value of the old deposits. The President of the bark, Mr. Jones, assures us that he voted against suspension in every instance at the meeting of the banks on Tuesday evening, and that he can by no means be held as acquiescing in the

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

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F. M. French, Maitland, Phelps & Co., Wm. Nelson & Son, Barclay & Livingston, Foster, Elliott & Co., Grinnell, Minturn & Co., Howland & Aspinwall, Tucker, Cooper & Co., Charles H. Russell, Augustus Schell, J. H. Brower & Co. At 3½ o'clock the number of merchants present could not have been less than 1,000. Edwin D. Morgan read the call of the meeting and nominated James Brown as President. The nomination was acceded to. James Lee and Robert C. Goodhue were appointed Secretaries. Peletiah Perit, President of the Chamber of Commerce, offered the following resolutions for adoption: Resolved As the sense of this eeting, that the exigencies of public affairs require an immediate extra session of the Legialature in order that such measures of relief may be granted as in their wisdom may be deemed just and expedient for the public good, and to enable the banks to continue their aid to the manufacturing and commercial industry of the State, to give employ. ment to the labor of the city and to renew specio pay ment at an early day. Resolved, With the view to liquidate the indebtedness of the interior, and to basten the shipment of produce to the seaboard, that it is the duty of the New York merchants and of the banks to afford every facility in their power without delay. Resolved, That in the judgment of the New York merchants assembled. looking at those great elements of wealth. the varied and large crops of the United States. the existing monetary de mangement may with certainty be speedily corrected, and be followed by a restoration of confidence to the ordinary machinery and credit of business; so that while the severity of the crisis will be long remembere d, so too will the speedy arrival of prosperity. be a Committee to present these Resolved, That resolutions to the Governor of the State, at Albany, and to solicit his immediate action thereon. Mr. Perit advocated the adoption of the resolutions. He said he would not attempt to speak at length upon them, as it would be impossible for him to be heard by but a small portion of the assemblage, and he did not know it was necessary that he should speak at length, as he was positive that the resolutions would meet with the full acquiescence of the merchants. To day the merchants found themselves in a position new and novel. The banks yesterday had found themselves obliged to suspend specie payments, though on the previous day it was known that they were perfectly solvent. The merchants had anqualified confidence in the entire solvency of the banks; there could be no doubt that their assets were abundant to meet all their liabilities; and, if this were true, he regarded it as the duty of merchants to sustain the banks by every means in their power, and this duty he considered imperative. Mr. Perit thought that their first duty was to represent to the Governor of the State the necessity that existed for an immediate call for an extra session of the Legis lature, to remove the penalties now imposed upon the banks for & suspension of specie payments, in order that the regular current of business might be restored to its legitimate channel. That step was provided for by the resolutions. Further, he suggested that it was the duty of merchants to give all their influence and all their aid to sustain the banks in the presenexigercy, and also to use all forbearance in their dealt ings with one another, and to give every indulgence possible in the present pressure. Moses H. Grinnell seconded the resolutions, which were put to vote and unanimously adopted. Theodore Dehon moved that the committee provided for by the resolutions be appointed by the President. The motion was carried, and the President named the following gentlemen as such committee: Moses H. Taylor, John C. Green, Royal Phelps, Moses H. Grinnell, Schuyler Livingston, Charles H Russell, Charles H. Marshall Abraham Hewitt, On motion the President and Secretaries of the meeting were added to the committee. Mores H. Grinnell then offered the following resolution: Resolved, That we, as merchant, and citizens, have entire confidence in the ability of the banks of the City of New York to meet all their engagements dollar for dollar. Mr. Grinnell said he should not offer any extended remarks. The resolutions which had been adopted with such unanimity expressed his sentiments, and he did not doubt that the Governor would respond to the call contained in them. But in accordance with what he deemed to be their duty to the banks, he had offered this resolution of confidence in their soundness, and he hoped it would be adopted, notwithstanding the fact that they bad been compelled to suspend pecie payment the previous day. But if they had done so, the banks had as tangible property to meet their liabilities as any merchant in the room, and that they intended to pay their debts as the merchants intended to pay theirs. (Applause). The resolution was seconded, and afterwards unanimously adopted. The meeting then adjourned. A consultation between the members of the Committee was at once held, and at 5 o'clock they left, on the Hudson River Railroad, for Albany. THE COURTS-SUSPENDED BANKS TO GO ON. The universal suspension of specie payment has already made some change in the circumstances and prospects of the banks. On Tuesday orders were made at the Special Term of the Supreme Court that the Marine and Citizens' Banks should show cause why receivers should not be appointed. Yesterday these orders were vacated, the suits and all proceedings withdrawn, and the banks will go on as usual. The Judges say that in like manner they will vacate all orders which have been granted appointing receivers, excepting, of course, such banks as have gone into liquidation. Of such there is only one-the Mechanics' Banking Association. The result will be that all the banks will be placed on an equal footing, and all will on. go enting ininnetions and appointing re-

12. 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;

13. November 6, 1857 Evening Star Washington, DC
Article from Evening Star, November 6, 1857

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WASHINGTON NEWS AND GOSSIP THE TIMES IN NEW York.-Clouds portentious are gathering in, thicker and darker momentarily, around the condition no less of those who can find no work and are without the means of buying bread, in New York, than those who have bread and all the comforts and luxuries of life to spare. While gaunt hunger impels the first-mentioned class to deeds of violence, the timidity incident to possessions shakes the nerves of the class we mention last above. The newspapers of New York are already busily and earnestly discussing the chances of bread riots to come off there with perhaps the first freeze of winter The unemployed and hungry are holding open air meetings, demanding what they call their rights-thank God, no nativeborn Americans are yet of the same opinion as to their rights, because to be of that opinion argues one to hold to the doctrines of Danton, Robespiere, and the quite as dangerous Socialists of later times. They talk in their fierce appeals of "governing classes" in this country, which proves that they are persons wholly incapable of appreciating the theory and practice of our Government. That they are among us, but not of us. The trouble lies, in the main, in the interminable propensity of the improvident to insist on continuing to work in large cities like New York. instead of locating themselves in rural districts where less work will produce more wages, and where all surroundings induce one not to spend all one makes, as in New York city, but to saveas much as can, as in every rural district in the United States. Ten toone nine-tenths of the present hungry crowd in New York at this moment are improvident people, who, had they been working in villages instead of in such a seductive city, would have had by them the means of living comfortably throughout the winter without either begging or threatening to procure bread, without the loss of self-respect. or virtually proclaiming themselves enemies to society. That the reader may comprehend the state of things among them, we quote first the Courier and Enquirer of the day before yesterday, and, next, the New York correspondence of the Pennsylvanian "THE UNEMPLOY threats of personal violence uttered by a number of unemployed workingmen at their meeting on Monday do not appear to have been idle or unmeaning Yesterday morning a squalid troop of men, old women. boys and girls down the wooden railing that su rounded Tompkins Square, and carried them off for firewood Hammers and axes were vigorously applied, to root up the posts which remained fast in the ground, and so successfully was the work accomplished that. were it not for the trees. the Square would now present the appearance of a vast vacant lot. Even the benches were carried off. Another party encountering a baker wagon in avenue B, made an attack upon it, and seized some fifty loaves Many articles were stolen from stores where they were placed upon the sidewalk for show, and a general clos. ing of stores of all kinds was the necessary consequence throughout that quarter of the city Deputy Superintendent Carpenter instructed the commanding officers of the different precinets not to withdraw the men stationed at the polls on any account whetsoever. and to keep the rest of their force in the station houses, in readiness to be dispatched to any quarter where their services might be needed. The rowdyism which prevailed to some extent in some portions of the city, was looked upon as a feint to draw the potice away from the polls. and in consequence the spirit of lawlesness spent itself for the want of opposition to give zest to its enjoyment. [Correspondence of Philadelphia Pennsylvanian.] NEW YORK, Nov 2. 1857. There have been ominous doings in our streets to-day At o'clock this morning, a numerous body of workingmen. between 500 and 900 strong. assembled in Tompkins Square, in obedience to call published in the German newspapers, to deliberate upon the hard times, and to take coonsel in reference to means of relief. The great majority of these workmen appeared to be Germans and other foreigners Several speeches of arather alarming character were made, and then the workmen formed in procession, and marched down to the Park, ranging themselves in a semi-circle in front of the City Hall Additional speeches of an inflammatory kind were also made here, and for awhile not a little excitement prevailed. One of the speakers said nothing but physical force could be expected to redress their wrongs now There were but two classes in this coun try, now-those who eat roast beef and drank champagne, and those who could not get a crust of bread to eat. He proposed that those who had the roast beef should share with the latter After a good deal more of this kind of talkthe crowd all the while increasing- was finally resolved to draw up a petition to the Common Council, praying that the kmen out of employ may be given WO k on the Central Park also, that the Mayor's recommendation for the purchase of 50,000 barrels of flour be favorably acted upon A committee to prepare this petition was appointed, and the meeting then quietly dispersed. to meet again on Wednesday evening, to go to the Board of Aldermen in a body to present it Though not a little of the talk' at meeting was sound and fury, signifying nothing,' still these meetings of hungry men thus early in the winter foreshadow serious trouble. RESUMPTION.-We are glad to learn that the Citizens' Bank of New York city yesterday resumed specie payments, and that specie continues to increase steadily and satisfactorily in the vaults of the banksof that city. Of course. the banks now keep two accounts-a specie account, and a current-funds account. Otherwise, a depositor of specie might as well drop it into a fathomless well as SO to deposit it. We trust that each succeeding day will bring us news of the resumption of an additional bank somewhere. heat in Iowa, on the banks of the Mississippi river, is selling at forty cents per bushel, and standing corn, yielding well, in portions of Wisconsin and Illinois, at five dollars per acre-the work of the defaulting banks and speculators. That is to say, the derangement of the exchange of the country is traceable to the non-specie payment of the banks and the over-trading of the speculators and the impossibility of procuring safe exchange, or its equivalent, where the produce exists in immense quantities, compels its holders thus to give it away, as it were, to get rid of it. It strikes us that such lessons as the farmers of the West are now learning, will teach them the necessity for the enactment of laws by which speculation will be repressed and