15721. Dry Dock (New York, NY)

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: state
Start Date: April 29, 1837
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 43a73e92

Response Measures

Full suspension

Description

Multiple Herald articles describe a run on the Dry Dock in late April/early May 1837 and the bank's shutting up (suspension) in mid-May 1837. No article here reports a reopening or receivership for Dry Dock, so final disposition is not stated — classified as unsure. I infer 'state' because articles refer to the Safety Fund (a New York state banking system) and note Dry Dock did not belong to it.

Events (2)

1. April 29, 1837 Run

Cause: Local Banks
Cause Details: Public alarm from stoppages of other banks (e.g., Buffalo banks) and general depositor withdrawals caused heavy specie payments and runs on Dry Dock.
Measures: Other banks were urged to come forward and stand by the Dry Dock; discussions among bankers about aiding it; later the banks agreed to suspend in a body.
Newspaper Excerpt: In a very few months, a single bank, the Dry Dock, has paid out an amount of specie equal to its capital;
Source: newspapers

2. May 15, 1837 Suspension

Cause: Local Banks
Cause Details: After intense runs and loss of confidence (exacerbated by stoppage of other banks and general panic), Dry Dock closed its doors and then bankers agreed to suspend in a body on Wednesday.
Newspaper Excerpt: On Monday, instead of opening its doors, the Dry Dock was shut up.
Source: newspapers

Newspaper Articles (9)

1. April 29, 1837 The Herald New York, NY

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MONEY MARKE T. Saturday, April 29. The gloom and despondancy increase apace. Yesterday, stocks took another lumble-almost every one on the list, except two or three, failing several per cent. United States is now down to 1111-and the best bank stock in the street below par. Dry Dock and many others have fallen 50 per cent from their highest quota tions in two months. Utica Rail Road is at par, and every other under par, more or less. Failures also continue, and when they are tostop, no one can predict. There is, however, a much heavier calamity inepending over the money market than the failures of mercantile houses, or the expected bad news from England. Under the influence, and by the repeated advice of the government, the mass of the people are gradually abat acting the spec e from the banks. This drain was first set in motion by the ExPresident, in his efferts to restore a specie currency, and if it go on a few months longer, there is not a bank in the nation that will not have to suspend specie payments. The only dependence of the banks is now on the depositors If they were to take alarm, the whole fabric of paper credit would receive its final blow. From New Orle ins we learn that the country people- great mass-are continua ly changing their paper money for specie. The same spirit exists here. In a very few months, a single bank, the Dry Dock, has paid out an amount of specie equal to its capital; and if We take that as a specimen, it may be asserted with safety, that all the banks of this state have paid out an amount equal to twice their capita's during the last year. Our banks in the city have probably $2,500,000 in specie, and the United St. tes Bank about the same sum. A short time since, an agent of a country bank presented to a government bank a check of Prime & Co., for $23,000 and demand d specie. It was to aid he country bank. Th city back refused, replying that they had entered into an ar. angement with the drawer, not to pay any specie until the government made another draft upon tiem. It seems that some government draft had recently been refused to be paid 10 specie. Other rarrangemeats are in existence with other fo: eign exchange houses, not to draw specie, unless treasury diafts shou'd be presented for paymont. We are, th refore in a singular and a. emalous condition as respecial our specie and paper currency. The movements in these matters, during the last two or three years, in England, France and the United States, a'e remarkable and instructive. In January, 1335, according to the most accurate sources, the following was the in

2. May 8, 1837 The Herald New York, NY

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Liabilities. Resources. 200,000 Capital, Loans and discounts, 1,128,811 303,046 Circulation, 72,946 Real estate, 569 Profits, Expenses and personal 20,403 Dividends unpaid, 2,399 estate, 100,000 Due Canal Fund, 82,911 Specie, 150,000 Deposites, U. States, Notes of other solvent 893,909 Deposites, individual, 669,197 banks, Due other banks and Due from other banks 545,041 261,704 corporations, and corporations, $2,217,968 $2,217,968 It is said that the circulation of the Dry Dock is now reduced to $100,000. Be that as it may, its existence now depends entirely on its depositors. If the government, or the private depositors, take the alarm, and withdraw their funds, it is over with the Dry Dock. We trust that they will deal leniently with it. These are not times to press to the wall a feeble creature. Another circumstance increases the run on the Dry Dock. Not belonging to the Safety Fund, its notes depend on its own solvency. It participates nothing in the Bank Fund, which the bill-holders of those banks have a claim upon. Of course the first come the first served at the Dry Dock. Unless the other banks come forward today at ten o'clock, and unanimously agree to stand by the Dry Dock, it cannot be sustained. For their own safety, they ought to do so. The stoppage of the three Buffalo Banks has caused great consternation-as much by the manner of stoppage as any thing else. The Albany Argus," the accredited organ of the Safety Fund confederacy, simply states that they have violated their charters, and are put under an injunction only for a few days, assuring the public that its bills are good-the banks solvent-and the safety fund safe-quite safe. It may be so, but it is a curious fact for solvent banks to stop payment, and take breath in that way. When, in 1797, the Bank of England was brought to a state of insolvency, it did not suspend specie payments of its own accord. It went to the government, Do for God's sake do us a favor?" "Certainly," said the government, what do you want?" Issue an order in council, forbidding U: to pay gold for our paper, or we shall break." "We will do ec," said the government, and accordingly, on the 27th February of that year, the order was issued. The Bank was relieved instantly. When the billholders demanded specie, the bank officers shook their heads--" we cannot give you guineas-we are forbid-there's the order in council-we must obey the law"-stroking their chins, and looking quite cool on the matter. Thus it is with the banks of Buffalo. Since the Branch Bank of the U. S. was driven like a vagabond out of Buffalo, by our "venerable party," speculation has found no let or hindrance. Rathbun and his compatriots ran headlong into all species of overtrading. The public confidence became shaken in the Buffale banks, from the developments made by the Rathbun trial. Their paper has been returning upon them for three months past. Hiram Pratt, and all the managers, have been here trying to force a circulation upon the community, as Rathbun forced iris paper, at vast sacrifica No espedient was found sufficient. At last a clause was discovered in the Safety Fund Law, giving the right to any bank in the League to apply to the Court of Chancery, and to procure an injunction, on shewing cause therefore. They immediately jumped at this "hook." The Bank Commissioners were applied to, who in joint consultation with all concerned, have shut up the Buffalo banks, under the pretence of a violation of their charters, but in reality a mere expedient to prevent a suspension of specie payments, which was unavoidable from the vast extent of their business, and the very small amount of gold and silver on hand. The following is the statement of the three Buffalo banks for January 1857:

3. May 12, 1837 The Herald New York, NY

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edition of the Herald had arrived, and every body was pressing forward to obtain a copy. It is impossible to describe the struggle. The run on the Dry Dock was nothing to be compared with it. The news boys had no time to fold them, and were unable to make change fast enough to satisfy the eager multitude. James Watson Webb came up from the Courier and Enquirer office to see what was going on, gnashed his teeth in envious malice, gave vent to a curse or tws, and took refuge in his editorial arm chair. Perhaps there has been no time in Wall-steet within the last five years, when intellect and sugar candy found so ready sale. Returning to Broadway, we noticed that white Navarino hats are beginning to be worn, with artificial flowers. They look cheap and tasty. Economy is the order of the day, and especially economy in foreign fabrics. The run at Stewart's continues, though with abated violence. They must be pretty nearly bought out by this time. For three days past, their store has been crowded from morning till night, and a long line of elegant carriages have blockaded one side of the street in front. There was a pressure at the Park last night and the before. Ellen Tree has been showing her fair we should say, little Hill a large Yankee night limbs-branches kept audience in in Ion, good and humour. If not the best, he is the most natural Yankee we ever saw. The National is running a strong team, and ought to Miss in Romeo and got played draw. Wallack, Juliet Cushman last night. and Mrs. They Flynn it. Miss Cushman as as could but still net a natural, through be expected, plays well. Romeo for It is woman well physical, philosophical impossibility a to play Romeo. Wallack's Mercutio is not liked so well as Ball's, and Mrs. Flynn, though quite pretty enough for does not act it flared with the last days of Bowery Juliet, up surpassingly Pompeii-to well. little The not the best house of the season, and the great Franklin did a cash business, on the wood cut principle. Sefton has engaged our friend Butler to furnish two mahogany cuts a week through the season, and if the plays are as well done as the pictures, they will be sure to draw. Thus have e given a faithful picture of the scenes of yesterday. Heaven only knows what will happen to day. Gold and silver are at a premium. If something is not done soon-very soon-it will be higher, and paper, of course, depreciate in proportion. Let us try and hang together another day, and see if some life boat wont appear to us. o, if we were but on some in the far west, a and a a wife and two one rifle, broad prairie chubby boys with and and log the little hut blue eyed girl, Wall-street and New York, money market might all go to the devil together. THE JUGGLERS.-T great juggle and secret confederacy by whose ambition and avarice calamity has been forced upon the world, is composed of three classes of beings-t bankers-the politicians-and the editors of the large papers. Take Wall-street for a sample. The managers of the banks-the of the daily papers, and the leading politicians form two antagonist cliques, by whose quarrels for the money power" the nation HOW suffers. The same confederacy exists in Albany, in Philadelphia, in every large city. The first race of bankers who began the game that the world with rains, were those of Utica, and New York. In this NOW Albany the strews Manhattan, George Newbold city and Rebert G. Grisweld White of of Preserved in with several men, the Bank conjunction America, leading Fish of the and politicians Tradessuch as Thaddeus Phelps, Stephen Allen, many others began the crusade against the United States Bank which will end in the ruin of all and every bank in the Union. By their success in controling the independence and usurping the rights of the press, in conjunction with the confederates at Washington and Albany, they succeeded in imposing upon the world the great jaggle which has at length burst to atoms before them. Supported by the great mass of the honest, industrious, and intelligent classes yet in solvent circumstances, it is time for the moral, intellectual and independent to develope a true, a faithful history of to trace the present to the wise past calamities times-and press heads responsibility who have of the caused them. If no other print in this city will do so, we shall. We have a personal knowledge of the rise, history and issue of this terrible juggle by nation has been to its condition. shall not even spare progress, which the We hurried the pencil present of truth from justly the agency had in the great plot of past years Biddle developing has He which is not Nichelas against much the rights and morals of society. so blame as Martin Van Baren and his creatures are, buthestill aggravated and exasperated the evils caused by these charlatans. In this developement we shall make some revelations that will astound the country-but society and morals must be renovated and placed on a stable foundation. SMALL BILL-HOLDERS.-TI Sun" of yesterday recommends the banks to gather up a few fragments of the specie yet left in their vaults, and pay the poor men and laborers who hold small bills. We cordially join in this recommendation, and would even willingly go further. The State granted the charters of these banks, and gave them power to issue: The State The is to proState currency. morally bound created make bank immediate their bills character. that the vision to redeem in specie all the city banks have issued. If any loss is to be sustained, let the corrupt, and ignorant, and rich bank managers be the sufferers. We trust that all the banks in the city will make arrangements, at an early day, to redeem the paper of all poor people who hold their bills. We do not speak this on our OWR account, for we have perfect

4. May 15, 1837 The Herald New York, NY

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[From the Weekly Herald, of May 13.] News of the Week. The news of this week is probably of the most important character that has taken place since the revolution. The banking system that begun when the present constitution went into existence in 1789, has, the and mismanagement of many years, about political parties, by brought corruption by entirely, finally and fully exploded into a thousand atoms. The suspension of specie payments, first brought about by the banks of New York, on Wednesday morning, and followed, as far as heard from, by every other bank, large or small, in the country, is the funeral knell of the system of convertible credit from which so much good and SO much evil has sprung, during th last half century. The ruin of this glorious looking, gingerbread, fragile edifice, are scattered over the whole country. The crash does not excite a sin gle tear, a single regret. Every body appears to be rejoiced, as at the removal of a heavy weight from their mind. The week opened most loweringly. On Saturday of the preceding week, the run en the feeble Dry Dock, the return of the Masonic Hall Committee, with the refusal of the President to call Congress 10gether, accumulated such a weight of evil that men's minds became mad. On Saturday and Sunday night the bankers were in consultation over the Dry Dock -and the merchants in another, on their general evils and misfortanes. A proposition was made to aid the Dry Dock, but the other banks, after a debate, came to a resolution to let it go by the board. Mr. Gallatin, the President of the National Bank was one of the principal opposers to the granting of relief to the Dry Dock. On Monday, instead of opening its doors, the Dry Dock was shut up. A terrible excitement began to pervade the street. The other banks got alarmed. A consultation was held. They agreed when it was too late, to redeem the notes of the Dry Dock-but the public confidence, that had been rudely shaken by its stoppage, was not to be restored by an expediency adopted in an emergency, under a feeling of public alarm. From being a run on the Dry Dock on Saturday, it was increased to an overwhelming tide rolling against every bank on Monday and Tuesday. On Tuesday night the bankers again met under a species of panic and consternation. After an angry and exciteable debate, they agreed at a late hour to suspend, in a body, on Wednesday morning. This was the general signal for the crash of the whole fabric. For two or three days the public mind has been utterly paralyzed and astonished. The news from England or the South has been unheeded-nothing attended to but the great and overwhelming prostration of the banking system. In this state of confusion, dread, alarm, and terrible disorder, the bankers have gone to Albany, and concected a new law to legalize their self-destructive acts, and to give to a sheer paper currency, by the va pid efforts of a legislature, the same value that a piece of gold and silver bears. The sudden and extraordinary explosion of the banking system is not greater than the measure proposed in Albany to meet the present crisis. The principal measure projected to protect the banks is a bold invasion of the rights of a free people, guaranteed by the constitution. The channels of justice are to be shut up, and the bill-holder of a bank is to denied his remedy at law. During the worst periods of revolution and revulsion in France or England, the history paper money has never been disgraced by a law setting at nought the principles of right and justice, as the one now in Albany proposed to give a continued existence to the banks. If it passes, their bills of five dollars will not be worth more than twenty-five cents-nor so much. At this moment, the valued bank notes is altogether derived from the fact that the holder of the bill has a remedy at law, with damages, as in any other case of debt. Exempt banks from the obligation of contracts by the intervention of any legal machinery _prevent their sure collection, and you at once attempt to establich a paper currency without value or use. The effect of this singular explosion is yet to be experienced. What measures the government at Washington will take, we cannot dream. We trust that in this great crisis, Mr. Van Buren, surrounded as he is with misfortune, will not sanction, by any act of his, a departure from the principles of justice, of good faith, of honor, of public integrity. From the state legislatures we expect no relief. They are utterly inadequate to the crisis. Loek at Albany. They are entirely under a species of panic, and seem resolved to set the first principles of society, justice, and the constitution equally at nought.

5. May 16, 1837 The Herald New York, NY

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# MONEY MARKET. Tuesday, May 16. We are still in a state of anarchy in relation to exchange, paper currency, and all large commercial operations. The treasury order received on Saturday by the collector to demand specie for all government dues has been suspended for the present. Yesterday, generally at the treasury banks, city paper was received, under the belief that the government will give way to the emergency, and legalize the transaction hereafter. The attempt of a single paper in Wall street to get up an excitement on this point has signally failed. It called a meeting in the Exchange, but none-no, not one of the respectable but excited merchants of this city obeyed the preposterous funtoons. Mr. Price, the U. S. District Attorney, has written a long and able letter to Washington, explanatory of the situation of things here, and showing the necessity of relinquishing the new specie order, till the Treasury Banks in Wall street be able to resume specie payment. Mr. Price deserves well of the commercial community for his forbearance, good sense, and coolness, in the present excitable condition of things. No doubt exists of the imperative duty of the government to demand specie-but as a matter of policy, we should think the President would relax as far as his duty and oath of office will permit. During this and next month, the amount of bonds due at the Custom House is fully $2,500,000. While the Treasury banks in Wall street continue to suspend specie payments, the government ought to indulge the merchants in a like suspension. Not that such a course is legal or absolutely right-but it is needful-it is necessary-it is wise in such a condition of affairs as we now find ourselves in. The specie circular at the Post Office is a different affair. The payments there are small, and it may easily be carried into effect. We.learn, therefore, that the postmaster receives nothing but specie for letters. This is proper enough, under the circumstances. The general government is bankrupt-the state governments are all bankrupt-all the banks are bankrupt-a large portion of the mercantile world is bankrupt-in fact, none are solvent in these droll times but the locofocos, whose property, capital, treasure, and specie consist in the labor that springs from two hard fists and one harder head. All, therefore, have been trading on borrowed capital except the locofocos, who have been doing a very prudent business, and run into no speculations for certain reasons now unnecessary to mention. Stocks yesterday again rose from 2 to 5 per cent. on an average. We adhere to the opinion already expressed, that this rise gives no real indication of the money market. There is little concert or co-operation among the banks-every one is now driving along on his own hook. The Manhattan, it is said, pays out none of its own bills, and it is furthermore positively asserted, that it will resume specie payments per fas aut nefas in twenty days. Accounts from Philadelphia state that Mr. Biddle is preparing another letter on the recent suspension, and the project for a resumption at an early day. If the United States Bank, the general government, and the banks in Wall street would only come together like three reasonable men, willing to act properly, they could restore specie payments in a week. If they do not-if politics actuate them-if politicians be permitted to rule-if prints as the "Courier and Enquirer" have any influence, we will venture to say that the whole banking system is exploded forever. There is among the great body of the people, a greater asperity towards the banks than towards the government. From Albany, we have all kinds of rumors. Until we see the bill, legalizing the suspension carried into a law, it is impossible to predict the consequences, or even to know our exact position. There is a proposition to make all Safety Fund Bills receivable all over the state at par. If this should be incorporated into the law, it will shut up every solvent institution, and leave only the rotten banks standing, as memorials of legislative wisdom. The country members, it is said, are in favor of such a change. This course may be ascribed to their hostility to the city banks, or the consciousness that their own banks are utterly worthless, If the law should be defeated, and the provisions of the Safety Fund, now in force, go into operation, all the banks in the state would be shut up. This event would bring about a new and extraordinary state of things. Some predict terrible conse-quences-others the reverse. In the meantime the cash trade of the city is lively, in spite of the general explosion of the banks. Specie is prodigiously abundant at 5 to 12 per cent premium on city paper. We hear that the Delaware and Hudson is issuing its paper quite readily. Some brokers in the street are selling it at 10 to 15 per cent discount for specie. We would advise all persons to be chary of Delaware and Hudson bills. Dry Dock bills are discredited entirely at the banks. It is said that in the packet that sails to-morrow about $500,000 in specie will go to Liverpool. The United States Bank and foreign bill drawers are now sending home specie abroad to meet their recent engagements in post notes there. This, together with the enactments of the legislature, make specie vary so much from city paper. The convulsion in the money market has entirely put an end to usury.-etne nenors specie circular, usury has repealed itself.-The following are the prices of money yesterday in city bank bills: American Silver, 5 to 6 per cent premium. Do. Gold, 6 to 8 do. English Sovereigns, $5,30 to $5,40. Safety Fund Bank Bills 5 per cent discount, few sales. New England do. do. 1 to 2 do. Dry Dock, discredited entirely. Delaware and Hudson, ticklish concern. All other bank bills, mere loafers in the street. GENERAL MARKETS.

6. May 18, 1837 The Herald New York, NY

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WHITEWASHING.-The Wall street banks have published a statement saying :- "this bank "appears to have been well conducted"-that bank" appears to have been well conducted"-every "bank appears to have been well conducted." Even the Phoenix, the Dry Dock, and the Mechanics, are all washed as white as China platters. What confidence can the country place in such studied attempts at public deception ? A day before the suspension of spocie payments, these very same banks were equally forward with their promises. "We can pay specia" - " we can pay specie" - we can pay specie," was the general cry. The community now can put no faith in these statements. The banks say they are solvent, but notable to pay in specie-nor will they pay in any thing else. What quibbling Even our old friend Boyden, of the Astor House, is more honest than the banks. He issues his bills of twenty-five cents each, and when all his specie is gone he will redeem it in "cold wittals," which is better than nothing.

7. July 13, 1837 Herald of the Times Newport, RI

Article from Herald of the Times, July 13, 1837

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[From the N. Y. Commercial Adv. of Monday. # SIX DAYS LATER FROM ENGLAND By the arrival of the packet ship Oxford, Rathbone, from Liverpool we have received our files of English papers, embracing Liverpool dates to the 3d and London to the 2d June. The intelligence of the suspension of specie payments by our banking institutions, had not been received at Liverpool at the time of the Oxford's sailing. The proceedings of Parliament are of no general interest. The Roscoe had arrived at Liverpool, carrying thither the account of the unsuccessful mission of the committee of New York merchants to Washington, and its return. The Liverpool Chronicle of June 3, remarks:- The apathy of the new President had excited, necessarily, a strong feeling of indignation; and, in truth, the Americans have soine reason to feel dissatisfied. No government in the world stands in so proud a position as the American executive-none so able to restore effectually the all but bankrupt state of the country's commerce. While the government is wallowing in useless wealth, and the public revenue far exceeds the current expenditure-while squabbles loud and lengthy have arisen in Congress and elsewhere, respecting the appropriation of what is termed the "surplus revenue," it is a leetle too bad for the chief magistrate of a great nation to sit quiet and indifferent at the almost universal ruin which every where surrounds him, when he possesess the means, if he had the inclination, to mitigate its severity. Look at the conduct of the Bank of England toward the American houses in this country-establishments towards which she could not feel very favorably disposed--and contrast her disinterestedness with the apathy of the American President toward the misfortunes of his own countrymen. To the latter, the comparison is by no means complimentary." The Roscoe carried out the news of the run upon the Mechanics' Bank and the Dry Dock, with the suspension of the latter. The news of the general suspension of our banks, however, had not reached England. Still, so important, did they consider the Roscoe's news at Liverpool, and so gloomy withal, that two expresses were instantly despatched to London. At the moment the advices reached the metropolis, the directors of the Bank of England were considering the propriety of extending their assistance to the American houses, already propped up by them, to the end of the year. But the intelligence by the Roscoe appeared so alarming that they broke up without coming to any decision. Two or three days were subsequently spent in profitless discussion, and the directors parted on the evening of the 1st of June, without having arrived at any conclusion. Meantime both the London and Liverpool packets were detained to bring out the ultimatum of the Bank. That ultimatum is contained in the annexed article from the Liverpool Chronicle of the 3d. We have ascertained that the directors of the Bank of England have declined to support the embarrassed American houses beyond the time originally agreed upon-the first of June. The directors have had several meetings on the subject, and the bank parlor has been the scene of protracted and angry discussion. They met, we understand, on Thursday afternoon, and, after remaining in deliberation for a length of time, adjourned until 5 o'clock, when they again assembled and continued in deliberation until after 8 o'clock; when they came to the determination, in consequence of the present critical state of monetary matters, both here and in the United States, of withholding any farther support from the American firms, which they had previously guaranteed to support for a specified period. That period having expired, they were determined to incur no farther responsibility. This resolution on the part of the directors of the Bank of England, had necessarily produced a great sensation among the monied interest of London, to whom it had become known." The latest French papers contain no news of importance, save the accounts of the marriage fetes of the Duke of Orleans, at Fontainebleau. The royal marriage took place on the 30th of May. The intelligence from Spain is so chequered and contradictory, that it is impossible to arrive at satisfactory opinions. The existence of the plague at Poros, in the Grecian Archipelago is confirmed by letters from Athens of May Sth. A set of quarantine regulations was immediately formed by the Greek minister, and ordered to be enforced on the diseased island.

8. July 20, 1837 Litchfield Enquirer Litchfield, CT

Article from Litchfield Enquirer, July 20, 1837

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Interest and principal on 161 89 Stock transferred, Such publishers of Newspapers as shall publish the foregoing Abstract, will please publish it in full. The Mount Vernon Farmer.-The fameiof Gen. Washington as a soldier and statesman is universally known, and highly admired by all who appreciate talents, worth, and love of country. but his character as a farmer was less known in his day, and his memory in this respect is not venerated according to its desert. Possessing ample means and the most ardent love for rural life, he was one of the first experimental and practical farmers in Virginia. His estate at Mt. Vernon, consisted of 10,000 acres of land in one body, equal to about 15 square miles. It was divided into farms of convenient size, at the distance of two, three, and five miles from his mansionhouse. These farms he visited every day in pleasant weather, and was constantly engaged in making experiments for the improvement of agriculture. Some idea of the extent of his farming operations may be formed from the following facts: In 1887, he had 500 acres in grass-sowed 600 bushels of oats-700 acres with wheat, and prepared as much more for corn, barley, potatoes, beans, peas, &c., and 150 with turnips. His stock consisted of 140 horses, 112 cows, 236 working oxen, heifers and steers, and 500 sheep. He constantly employed 250 hands and kept 24 ploughs going during the whole year, when the earth and state of the weather would permit. In 1786, he slaughtered 150 hogs, weighing 18,550, for the use of his family, besides provisions for negroes. The Van Buren papers are constantly charging upon the Banks, a preconcerted action to suspend payment to harrass the government. These consummate simpletons forget that the first Banks which stopped were government institutions, Pet banks, containing the funds of the national treasury. The Dry Dock stopped first in New-York, and a Pet Bank in St Louis and another in Natches. Northampton Courier.

9. July 28, 1837 The Charlotte Journal Charlotte, NC

Article from The Charlotte Journal, July 28, 1837

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FOREIGN NEWS. NEW YORK, July 10. SIX DAYS LATER FROM ENGLAND. By the arrival of the packet ship Oxford, Rath. bone, from Liverpool, we have received our files of English papers, embracing Liverpool dates to the 3d and London to the 2d June. The intelligence of the suspension of specie pay. ments by our banking institutions, had not been received at Liverpuel at the time of the Oxford's sailing. The Roscoe had arrived at Liverpool, carrying thither the account of the unsuccessful mission of the committee of the New York merchants to Washington, and its return. The Liverpool Chron. icle of June 3, remarks: The apathy of the new President had excited, necessarily, a strong feeling of indignation; and, in truth, the Americans have some reason to feel dissatisfied. No government in the world stands in su proud a position as the American executive -none so able to restore effectually the all but bankrupt state of the country's commerce. While the government is wallowing in useless wealth, and the public revenue far exceeds the current expenditure-while squabbles loud and lengthy have arisen in Congress and elsewhere, respecting the appropriation of what is termed the "surplus revenue," it is a leetie too bad for the chief magis. trate of a great nation to sit quiet and indifferent to the almost universal ruin which every where surrounds him, when he possesses the means, it he had the inclination, to mitigate its severity.Look at the conduct of the Bank of England toward the American houses in this country-estab lishments towards which she could not feel very favorably disposed-and contrast her disinterested. ness with the apathy of the American President towards the misfortunes of his own countrymen. To the latter, the comparison is by no means complimentary. The Roscoe carried out the news of the run upon the Mechanic's Bank and the Dry Dock, with the suspension of the latter. The news of the general suspension of our banks, however, had not reached England. Still, se important did they consider the Roscoe's news at Liverpool, and so gloomy withal, that two expresses were instant. ly despatched to London. At the moment the advices reached the metropolis, the directors of the Bank of England were considering the propriety of extending their assistance to the American houses, already propped up by them, to the end of the year. But the intelligence by the Roscoe ap. peared so alarming that they broke up without coming to any decision. Two or three days were subsequently spent in profitless discussion, and the directors parted on the evening of the 1st of June, without having arrived at any conclusion Meantime both the London and Liverpool packets were detained to bring out the ultimatum of the Bank. That ultimatum is contained in the annexed article from the Liverpool Chronicle of the 3d: We have ascertained that the directors of the Bank of England have declined to support the embarrassed American houses beyond the time originally agreed upon-the first of June. FRANCE The latest French papers contain no news of importance, save the accounts of the marriage fetes of the Duke of Orleans, at Fontainebleau. The royal marriage took place on the 30th of May.