16017. Irving (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: 84fd9707

Response Measures

Accommodated withdrawals, Full suspension

Description

Contemporary reports list the Irving bank among those that experienced heavy withdrawals in early–mid October 1857 and suspended specie payments on Oct 13, 1857. The New-York Herald (Oct/Nov 1857) reports amounts paid out during the October run for Irving and a December 10–14, 1857 Tribune item lists Irving among banks agreeing to resume specie payments on Dec 14, 1857. Classification: run → suspension → reopening (resumption of specie). Bank type inferred as 'state' because name lacks 'National' or 'Trust' and context is mid-19th century New York city state-chartered banks.

Events (3)

1. October 13, 1857 Run

Cause: Macro News
Cause Details: Part of the broad October 1857 financial crisis and generalized runs on New York city banks; heavy withdrawals over Sept 28–Oct 14 period.
Measures: Paid out large sums to depositors during the run (reported $51,009.53 paid out over Sept 28–Oct 18 period; heaviest Oct 1–12).
Newspaper Excerpt: IRVING Paid out $51,009 53, the deposits amounting to $11,773 44 The run was heaviest from October 1 to 12, averaging from $2,000 to $14,000.
Source: newspapers

2. October 13, 1857 Suspension

Cause: Macro News
Cause Details: General suspension of specie payments by many New York banks amid the 1857 financial crisis; Irving listed among banks that suspended on Oct 13, 1857.
Newspaper Excerpt: Up to two o'clock, fifteen city banks had suspended, of which the following is a revised list, viz: ... Irving ...
Source: newspapers

3. December 14, 1857 Reopening

Newspaper Excerpt: on and after Mond[ay] next, the 14th inst. they will resume specie payments ... The fourteen banks which are parties to this movement are ... Mercantile, Irving.
Source: newspapers

Newspaper Articles (13)

1. October 14, 1857 Worcester Daily Spy Worcester, MA

Article from Worcester Daily Spy, October 14, 1857

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Money and Business. Early yesterday afternoon the telegraph announced the failure of the following banks in New York city: Capital. $1,235,009 Merchants' Exchange: Ocean 1,000,000 Mercautile 1,000,000 North River 655,000 Irving 300,000 Marine 309,000 New York Exchange 100,000 St: Nicholas 750,000 Citizens' 400 009 Bull's Head 173,800 Pacific 422 000 Peoples' 412,000 Total 812,200 There was reported. also, at the same time, a heavy run upon the Bank of the Republic. There seems to be an entire want of confidence in the banks among the New York people, and Wall street was almost impassable on account of the crowds of people assembled aboutsome of the banking houses in that locality. In another part of this] day's paper, we publish a list of New York business[firms that "succumbed to the pressure yesterday. The returns of the week show that the New York banks have contracted their loans four millions of dollars within the last seven days, and the deposits have fallen off about the same amount. The stoeks of the New York banks have run down to a very low figure, even the best of them, and this is probably not only an indication of the severity of the pressure, but also that those in the secrets of the back parlors, think unfavorably of most of their paper The stocks of some of the leading New York city banks, sold as follows, on Monday: Bank of Commerce 70, Bank of New York 76, Bank of America 75. Phoenix Bank 55, American Exchange 55, Metropolitan 58, Park 58, Bank of the State of New York 65. At Boston yesterday, the following additional failures are reported, viz: Francis Skinner & Co., the largest dry go ds commission house in the city-they were agents of the Pepperell, Bates, Vassalboro', and many other prominent manufacturing companies; Blanchard & Gross, shoe dealers; Hutchins, Brown Co., F. & F. Rice, John P. Whiton, West India goods; Geo. T. & W.P. Lyman, commission merchants; Otis, Cushman, & Bancroft, dry goods; and Crane & Glover, paper dealers It is reported that Moses Taylor & Co., of New York the largest and wealthiest grocery house in the country, has failed. The Boston Transcript of last evening, says: "The Boston banks are stronger today than they have been for a considerable time. Last week the increase of specie in their vaults was over $300,000. and yesterday this amount was augmented. Should the New York banks suspend, it is the opinion of many prominent financiers, that the banks in Boston would not suspend, but would breast the storm, manfully redeem their promises, continue to pay specie, and thus show to the boasters of the metropolitan city that the disgrace of violating pledged faith, does not rest upon the managers of our city banks at least." The following is from the Providence Journal of yesterday morning: "Yesterday was apprehended as a day of disaster, but it has passed off not only without a failure, but with the assurance that the failure of David B. Brown & Co, and J. W. Corlies & Co. and Hall, Dana, & Co, which latter was made public today. although it had been confidently known here since Friday, would not drag down anybod in Providence The houses most immediately and deeply affected by these failures are abundantly strong, intrinsi cally, and have received, unsolicited and without concert, such liberal ffers of assistance from banks and capitalists, as leave no doubt of their ability to meet all the paper that comes back upon them. The banks discounted liberally yesterday, but much of the accommodation afforded was for New York and Phila delphia. The chief domestic houses in the great "specte paying centre," have been seeking from our discredited banks the aid which their own refuse them. Al'more cheerful feeling prevailed yesterday, after bank hours. The wise and liberal pollcy of the banks, and the dispo sition of men to stand by each other, gave new courage and confidence."

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

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

3. October 14, 1857 The Day Book Norfolk, VA

Article from The Day Book, October 14, 1857

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LATEST NEWS. NEW YORK, Oct. 13, P. M.-This has been a day of intense excitement in financial circles. Business is almost entirely suspended. As may be observed below, several of our city banks, which were considered strong, have given away before the pressure, and suspended specie payment. According to the State Constitution they are obliged to go into liquidation; though some scheme, in this general crash, may be devised as an emergency for their future relief. The following Banks have suspended, up to 2, P. M. to-day, viz:-Merchants' Exchange Bank; Marine; Irving; North River; Ocean; People's Bank; Citizen's; Bull's Head; New York Exchange; Pacific; Park; and East River; Chatham; St. Nicholas and Market. A heavy run is now being made on the American Bank, and it is thought it will givein. Indeed, all the banks are being run upon, both here in Brooklyn, Williamsburg, Jersey City, &c., as also in many parts of the State. It is a blue day.More failures of merchants are announced.

4. October 14, 1857 The Washington Union Washington, DC

Article from The Washington Union, October 14, 1857

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NEW YORK, Oct. 13.-Tne Marine, Pacific, Irving, Merchants' Exchange, North River, New York Exchange, Citizens', and Ocean banks have suspended-cight in all. E. Fish & Co., and Brown & Cary, merchants, have suspended. Also, the Chatham and Bull's Head Banks have suspended.

5. October 14, 1857 Wheeling Daily Intelligencer Wheeling, WV

Article from Wheeling Daily Intelligencer, October 14, 1857

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SUSPENDED. NEW York, Out. 13.-The following Banks of this city suspended this morning. The Marine, Pacille, Irving, Merchants, Exchange, North River, New York Exchange, Citizens and Ocean Banks, in all eight Banks:

6. October 15, 1857 Daily Iowa State Democrat Davenport, IA

Article from Daily Iowa State Democrat, October 15, 1857

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LATEST NEWS. The Financial Crisis. New York, Oct. The following banke have suspended today Ocean, Merchant's Exchadge, Chatham, Marine, River, Irving. Citizen's Banks North St. Nicholas and Market Wall-st. Bulls Head, geneneral runson the the streets. There is and a intense excitement in banks to Policemen are banks, stationed at many preserve order. LATER. New York, Oct. 13. was an exciting in had financial susToday 15 city banks list matters. The following is the revised New York, Artirans. St. & Dropended. of Butchers Nicholas Bank Ocean, Market, Citizens, Catham, Merchants Exchange, Irving, River and vers, Bull's Head, North said, was The latter, it is stopped and it Marine. an injunction other Tradesmans, customers, by is presumed procured by way! one of banks its have been stopped in the with same an anx Wall st. at 2 P. M. was crowded of all mass blocked up by banks into the banks. At addressed way David Leavitt them that all also anious can their Exchange were assuring of people. people He the the forcing Ameri banks the the crowd, the last dollar. been made would pay an arrangement had to go of the strongest It is without suspension. nouced through with several that the banks suspension believed however, in the street, that is understood that will be general. heaviest It houses have replaced withdrawn it some of our from the banks and rumors du their special gold deposits. There were nearly all the ring the morning city, affecting but the list 'gives all that The banks certainly in the suspended up to 8 to p. m. meet all had it is believed, continued hours. others. to the close of business at the liabilities sales of railroad stock In State 1st The were small, at a decline. decline, exMo. stocks Board business was large at Bank a stocks are cept in Va.'s and Run on Brooklyn Savings vigor, sold Bank at was decline renewed to-day with less the bank paying promptly. LATEST-FOUR MORE SUSPENDED. run upon the Mechanics and & Merchants, American The of America, Manhattan and continued Bank Banks severe. Broadway Exchange close of business. The out $140, up to the held out till nearly 3, paying The LeathBank when it gave out. 000 in Bank held er and Fulton Banks a tremendous The7th under Manufacturer's specie, 'Ward pressure. subsequently o'clock. closed. out afBank closed at 2 during the The People's out $19,000 specie New York ter paying Bank of the State of certified day. The dollar, and The paid checks out presented, and Bank then paid all demands, its Exchange last yielded. customers all American others shut out their North America but several The Bank of Corn Ex at was 3 o'clock. protested this P. pay M. specie The or bills, change Bank checks. refused to The Oriental, Mecha- Shoe but certified Traders, Brewery American Savings, Exand nics and Leather, Continental, Banks paid their change demands and up to Metropolitan 3 o'clock, the usual hour for closing. number suspended to-day, the The those whole that were included in returns with of yesterday, meeting was is sixteen. held this P. of M., gen- at which A bank it is understood discussed, a proposition as also the propriety eral suspension of urging was the of Governor the Legislature. to conan second board of under the At the all took a rise paychange banks will suspend 60 that the Missouri sixes, lief vene to-morrow. Stocks extra session the Reading, specie Stock 1-2; 33; Ex be- the ments Chicago and Central, Rock Island, F5: Panama, 58; 31. on New There York was no run of any account the Broadway Savings Banks, Blecker excepting street. They are of hand the and the in the city and The have former on at strongest of specie. availathe large opening quantities -day had $100,000 in dited ble The means following country banks are discreto-day River Bank, Goshen, Clyde, Merchants Bank Bank, Oswego, Syracuse. Carmel, Briggs Eagle Bank, Bank, Rochesof Commerce, Hudson County ter, Bank Poughkeepsie Farmers Bank, and Traders Bank, of Bank, Newburg, Ulster County City Bank, Bank, Sussex State of N. Y., Hoboken, Bank of Bank, Jersey Bank City Bank, Farmers the Montague. following are in substance: The resolutions passed this at of the New York meeting The That official the banks Bank Presidents of the paying suspend it even- over specie payment is as concerned, but bills made at of one Committee be aping: lar their exchanges counters that far another's as u of regu- the the Clearing to House; confer with the Governor an extra session State pointed in reference to calling legalize the suspension: 12 o'clock to-morrow. that of the such Legislature Committe to leave for Albany at Boston, Oct. 13. & W. Lyman, The suspension commission of Messrs. merchants Gen. on T. State street, P. is announced. considered Harrisburg, yesterday's Oct. 13. 32. vote The on the House relief re bill, by a vote of 55 to

7. October 15, 1857 The Daily Gate City Keokuk, IA

Article from The Daily Gate City, October 15, 1857

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News. The following banks are reported suspended on the 13th : Marine, Ocean, Merchants' Exchange, N. Y. Exchange, North River, Irving, Citizens', Chatham, Bulls Head, St. Nicholas, and Market. There is a general run on the Wall Street banks, and intense axcitement prevails in the street. Policemen are stationed at many of the banks to preserve order. Banks.-We add to our list of suspended Banks: Pratt Bank, Buffalo, Pine Plains. The Bank of Worthington, N. Y., and Marine, Chicago, are againreceived. Samuel Hueston, of New York, the publisher of the Knickerbocker Magazine, died Tuesday of last week.

8. October 15, 1857 Quasqueton Guardian Quasqueton, IA

Article from Quasqueton Guardian, October 15, 1857

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Bank Failures NEW YORK, Oct. 13. To day has been a very exciting one on financial' matters. Up to 2 o'clock, 15 City Banks had suspended. The following is a revised list: Bank of New York, St. Nicholas, Chatham, Ocean, Market, Butchers' and Drovers', Merchant's Exchange, Irving, Citizens, Tradesman, Bullshead, North River and Marine. The latter, it is said, was stopped by an injunction precured by one of its customers, and it is presumed other banks have been stopped in the same way, as by this means the penalty of winding up which is attached to suspension in most cases of affairs, when generally known, will undoubtedly serve to allay the present undue excitement. Wall street at two o'clock was crowded with an anxious crowd of people. The steps of all the Banks were also blocked up by people, forcing their way into the Banks, At the American Exchange, David Leavitt addressed the crowd, assuring them that all the banks would pay all to the last dollar. He also announced thrt an arrangement had been made with several of the strongest banks to go through without suspension. It is believed, however, in the street, that the suspension will be general. It is understood that some of our heaviest houses have withdrawn their gold from the banks and replaced it as specię deposts. There were rumors during the morning affecting nearly all the banks in the city, but the list gives all that had certainly suspended up to 3 P. M., The others, it is believed, continued to meet their liabilities tothe close of business hours. The sales of Railroad stocks at the first board were small at a general decline.— In State stocks business was large at a decline, excepting in Virginia's and Missouri's. Bank stock all sold at a decline. The run on the Brooklyn Savings Bank was renewed to-day with less vigor, the Bank paying promptly. Several failures in the dry goods line are announced, but none of very prominent firms. LATEST.-Tne run upon the Mechanics & Merchants Bank of America, Manhattan and American Exchange Banks was severe, and continued up to close of business.

9. October 16, 1857 The Tiffin Tribune Tiffin, OH

Article from The Tiffin Tribune, October 16, 1857

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Great Excitement in New York--Numerous Bank Suspensions--Heayy Run on the Wall Street Banks-Police Called Out!!! NEW YORK, Oct. 13.-The following banks have suspended to-day: Marine, Ocean, Merchant's Exchange, New York Exchange, North River, Irving, Citizens' Chatham, Bullshead, St. Nicholas and Market Banks. There is R general run on the Wall St. banks, and itense excitement in the street. Policemen are stationed at many of the banks to preserve order.

10. October 17, 1857 Muscatine Weekly Journal Muscatine, IA

Article from Muscatine Weekly Journal, October 17, 1857

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

11. October 17, 1857 Semi-Weekly Standard Raleigh, NC

Article from Semi-Weekly Standard, October 17, 1857

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More Bank Suspensions. NEW YORK, Oct. 13.-Eight Banks have suspended here to day, viz : the Marine, the Pacific, the New York Exchange, the Merchants' Exchange, the North River, the Citizen, the Irving and the Ocean. -

12. October 31, 1857 The New York Herald New York, NY

Article from The New York Herald, October 31, 1857

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THE LATE "RUN." During the "run" on these institutions, If we as sume that only ten per cent of the deposite were drawn out, It would amount to $3 400,000 in spacie. From statements our reporter has received, the amounts drawn on from the respective banks were, from 26th September to 14th October:SEAMEN'S. Paid out $544,728 82; the deposits nt the same time amounting to $152,666 95. The days of the heaviest "run" were the 2d, 9th, 10th, 12th, 13th and 14:h of October, averaging from $80,000 to $66,000 a day. BOWERY. Paid ont $577.2 76; the deposite at same time amount tog to $135,000. The "run" was heavies. on September 28, 20 and 30, and from October 1 to the 18th-averaging from $30,000 to $179,079.30 sach day. HAST RIVER Paid out $88,064 71; the deposits amounting to $20,874. the "run" was heartest on the 10th, 12th and 13th Octo ber averaging from $13 000 to $17,000 a day. MARINERS'. Paid out $30,536; the deposits amounting to $15,670 The daily drafts from the 28th September to the 18th October averaging from $1,000 to $8,700. BROADWAY. Paid out $78,542 78; the deposits amounting to $15,418 37 The days of heaviest "run" were from the 28th Sep tember to October 13, averaging from $3,000 to $14,000. IRVING Paid out $51,009 53, the deposits amounting to $11,773 44 The "IUD" was heaviest from October 1 to 12, averaging from $2,000 to $14,000. BMIGRANT. Paid out $157 319 16; the deposits amounting to $45,809 98. The "Ton" was heaviert from October 1 to 18, aver. aging from $6,000 to $28,705 88. MECHANICS' AND TRADERS'. Paid out $25,116 29: the deposits amounting to $7,696, The "run" was heaviest on September 30 and October 10 and 12, averaging from $3,000 to $6,000 a day. From the immense importance of the interests in volved in here institutions, the greatest attention sh uld be de voted by the proper authorities to their honest administra tion. The late " orisie" through which they all have passed RO creditably-some most miraculously-eb vaid suggent further checks to guard the Interests of depositors. Resides the weekly statement, which all our dis count banks are obliged to submit, there is also the "Clearing House" system, that gives additional security for the acliency of such trati utions. Our savings banks are not so well provided for, and need such oxfeguards more than the former. They are only called upon to publish an annual statement of their assets and liabilities, bich has to be sworn to, and submitted to the Legisla ture and Common Douncil. In that st: tement will be found the amount of deposits invested in city, State and government stocks, and money loaned OD mortgage, with such real estateand personal property as each establish ment may own. This includes the entre officts to the liabilities of each savings bask. Further than this there is no examination or investigation and all is taken on the sworn stement of the officials. It is true the Comptroller of State, or Bank Com missioners, by bin authority, can at any time during bank nours, examine the books, vouchers, &c. But when is this done? Besides annual statements, there should be monthly reports, and, If n were possible, something as efficacious as the Clearing House system should be establi hed, DO that the public might be fully protected agains loss. As It now is, the depositors have entirely to vely on the integ ity and standing of the trustees; and, allowing them all to be "bonorable men," they could not object to having their administration of the deposits placed in their hands for safe keeping secured beyond suspicion.

13. December 12, 1857 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, December 12, 1857

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in forces of this party having been divided, and a portion of their stock having found its way back into the street again, the bears in their turn have beco ne the influential parties, and now, strengthened by moderate success and the continued indifference of their rmer opponents, their movements become more determined and confident for a decline. Thus the market stands in its essential points, and while entsiders keep 80 entirely clear of the field, the chances for improvement do not appear encouraging. A more decided fall, together with cheerful accounts from Europe, may stimulate a reaction rapid and strong; but the market needs some items of nourishment of this kind to start from the lethargy which now hangs heavily upon it. At the First Board, lthe went at lower qotations, including New.York Central, which opened at 73% but fell to 731, Erie, which went down to 151, Reading and Toledo. La Crosse was one of the firmest at & practical advance over opening sales, which, however, was lost in the afternoon. At the Second Board, the decline continued as & general thing, and without any special effort on the part of the bears, the market seeming to fade out more in consequence of the "typhoid" state into which the stock business is for the time gradually set thing rather than on account of the movements of those supposed to be interested in producing & depression. As the session tapered off, there was a elight improvement in the tone of the market, prices leaving off with tolerable steadiness. At & later hour, in the street, quotations were given at a trifling improvement. Reading closed at 501 bid; Toledo, 411; N. Y. Central, 721: Erie, 151; Michigan Southern, 181. The floating debt of the Reading Railroad is gradually being absorbed in exchange for bonds of the Company 70. We understand that about half a million of dollars have already come in, and holders of the paper are beginning to be more disposed to the exchange as money becomes easier and rates of interest decline. Bond transactions were light during the day, with a moderate decline in several of the prominent State Stocks. Illinois Central bonds were a little firmer at quotations. The transactions in bills have been very light for the steamer to morrow. The supply is fair and rates are steady. Sterling 108} 1092; Francs, 5.30 181. The non arrival of the Europa checked transactions. Freights are better and more active. To Liverpool, 2,500 bble. Flour at 1s. 6d. 1s. 71d 27,000 bushels Grain at 41d., in bulk, and 5d. in ship's bags; Cotton at 5-32d.; 300 bexes Cheese at 22a. 6d.; 100 bales Oakum at 3-16d. To London, 1,200 bbls. Oil Cake at 2a. P bbl 500 do Rosia at 2a. 6d.; 1,000 do. Flour at 2s.; 50 hhds. Tobacco at 20s.; 50 tes. India Beef at 4a. 6d.; 300 tes. Navy Pork at 4s. 6d.; 400 bbls. do. at 3s. To Glasgow, 40 tuns Oil at 35a.; 75 pkgs. Tobacco at 28 6d. To Rotterdam, 400 bbla. Rosin at 3s. 3d.; 50 bble. Spirits at 4c. P gallon. A bark of 260 tuns to Windward Islands for $1 300. A brig of 350 tuns to Turks Island and back, with salt, at 13c. Sold, by Henry Moulton, ship broker, the superior new ship Augustus, built at Bath, May, 1857, 737 tuns register, on private terms. The business of the Sub-Treasury was: Receipts, $431,218 91, including $54,000 from Customs; Payments, $118,171 21, including $300,000 for tranfer draft on New-Orleans; Balance, $4,230,987 72. The most important financial event of the week is the movement of & portion of the Banks toward specie resumption. A meating of the fourteen Banks which voted at the Clearing-House meeting on Wednesday in favor of settling balances in specie, was held to day, and a Committee was appointed to invite the City Banks to resume specie payments on Monday next. The Committee have issued the annexed circular to the Banks of this city: 'NEW-YORK, Dec. 10, 1857. "SIR: The annexed is a copy of a proposed agreement for the resumption of specie payment by the banks of this city. The concurrence and cooperation of your bank in this important and most desirable ob. ject is earnestly solicited. The agreement itself will be presented on Saturday next for your signature. Your obedient servants, "GEORGE NEWBOLD President. JOHN A. STEVENS, President. C. O. HALSTED. Prendent " JAMES GALLATIN, President." On the third page 18 the following notice, to which the signatures of the various bank officers of the city are solicited In view of the present strong condition of the bar ks of this city, and of their duty to the community and to themselves, the undersigned banks of the City of New-York do hereby give notice that on and after Mond next, the 14th inst. they will resume specie payments on all their obligations. New York, Dec. 10, 1857 The fourteen banks which are parties to this movement are the Commerce, America, Manhattan, Merchants', American Exchange, Phenix, National, Fulton, Chemical, Greenwieh, Leather Manufacturer's, Broadway, Mercantile, Irving. All the banks will probably join in this resumption if it be persisted in, in which case the suspension will have lasted just two months. There will probably be & Clearing-House meeting to morrow (Saturday), to take the matter into consideration. It is understood that an istimation had been received from Gov. King that resump ion was very desirable before the meeting of the Legislature, and he has been telegraphed that it will take place on Monday. Communication has also been had with the Boston banks, which are prepared to resume as soon as New-York is on a specie paying basis. The action of the banks was the prominent topic of conversation on "Change, and that the gereral sentiment appeared to be that it was premature. Some of our leading financiers expressed fears that mischief might grow out of it. The Commerce, the National and the American have been the active movers in this step, these institutions having been desirous of resuming some time since. Those banks which have been opposed to resumption have, however. only urged a short delay on the ground that