16210. Merchants 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
677ec056

Response Measures

Accommodated withdrawals

Description

Multiple October 1857 articles describe a heavy run on Merchants Bank (large specie payouts) and list it among New York banks that suspended specie payments around Oct 13-14, 1857. Subsequent reporting (Oct 20) indicates the run was quite limited and the bank's deposits later increased, suggesting it survived and resumed operations. OCR errors in some articles (e.g., Merchant's vs Merchants', Merchant's Exchange) were noted but the subject bank here is Merchants Bank of New York.

Events (3)
1. October 13, 1857 Run
Cause
Macro News
Cause Details
Part of a broad financial panic in Oct 1857 with runs across many NY banks and general loss of confidence; articles reference a general run on Wall Street banks and panic.
Measures
Paid out large amounts of specie to depositors (reported $160,000 out of nearly $1,000,000 in specie).
Newspaper Excerpt
The Merchants' Bank ... paid $160,000. The run upon that bank was quite limited.
Source
newspapers
2. October 13, 1857 Suspension
Cause
Macro News
Cause Details
Bank listed among many New York institutions suspending specie payments during the October 1857 panic; suspension appears driven by the general banking crisis and runs rather than a bank-specific insolvency.
Newspaper Excerpt
Messrs. Cook & Sargent received ... the following New York Banks had suspended ... Merchant's Bank.
Source
newspapers
3. October 20, 1857 Other
Newspaper Excerpt
The figures of the Merchants' Bank show that the run upon that bank was quite limited. The deposits have increased slightly ... while the loss of specie is only $242,000.
Source
newspapers

Newspaper Articles (8)
1. 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.

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

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The run upon the Mechanics, Merchants, Bank of America, Manhattan, and American Banks, was severe and continued up to the close of business. The Broadway Bank held out till nearly 3 o'clock, paying out $140,000 in specie, when it gave out. The Leather Manufacturers Bank subsequently closed its doors, The Seventh Ward and Fulton Banks held out under a tremendious pressure. The Peoples Bank closed at 2 o'clock, after paying out $19,000 in specie during the day. The Bank of the State of New York paid out its last dollar, and certifled all checks presented, and then yielded. The American Exchange paid all demands, but several others shut out their customers at three o'clock. The Bank of North America was protest. ed this afternoon. The Corn Exchange refused to pay specie or bills, but certified checks. The Oriental, Mechanics' and Traders, Bowery Savings, Shoe and Leather, Continental, American Exchange, and Metropolitan, paid every demand up to three o'clock, the usual hour of closing. The whole number of banks suspended, including those of yesterday. is nineteen. A bank meeting was held this afternoon, at which it is understood that a proposition for a general suspension was to be discussed, as also the propriety of urging the Governor to convene an extra session of the legislature. At the second board of the stock exchange stocks all took a rise under the belief that the banks will suspend specie payments tomorrowMissouri 6 1-2, Cleveland and Toledo 20 12. Chicago and Rock Island 58, Reading 33, New York Central 55, Harlem 6, Hudson River 10, Panama 65. There was no run of any account on the Bowery Savings Banks, except the Bowery and Bleecker street. They are of the strongest in the city, and have on hand large quantities of specie. The former at the opening today had one million dollars in available means. The following country banks were discredited today :-Oswego River, Goshen; Merchants' Bank. Syracuse: Briggs Bank, Clyde Bank of Commerce, Carmel; Orange County Bank ; Eagle Bank, Rochester ; Bank of Newburg ; Hudson County Bank : Poughkeepsie Bank ; Ulster County Bank; Sussex Bank ; Farmers' and Drovers' Bank; Bank of State of New York : Hoboken City Bank; Jersey City Bank ; Farm. ers' Bank of Montague.

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

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

4. October 15, 1857 The New York Herald New York, NY
Article from The New York Herald, October 15, 1857

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FUD took place they throw themselves on the rales of the bank, asd requested of their depositors a month's notice, M provided for. Before the month transpired the panto passed off, and there was no further occasion for infulgence; everything went on as usual. This stipulated no tice the trustees feel should be always demande as pro tection to themselves and their depositors We learn that in the year 1837 the pazio mania as the Bowery Savings Bank resulted in an extra dividend to those of their deposit who held on. The same will be the result of the present panic mania. PUBLIC MEETING OF MERCHANTS AT THE EXCHANGE. EXTRA SESSION OF THE LEGISLATURE RECOMMENDND CON-COMMITTEE APPOINTED TO GO TO ALBAN FIDENCE EXPERSEND IN THE CITY AND et ATK BANKS -UNDUE HASTE IN CLOSING THE PROCARD ING8-DIFSATISFACTIONOR THE MERCHANTS. The following call was circulated among the merch unia on Change yesterday :meeting of merchants le Invitei at the Exchange al half-part block day to consider the state of public interests as connected with the suspens item of specie pay ments by the banks, and to adopt such measures 45 the public welfare may require. Henry Coll. Mones Taylor & Co Gorden Talbot & Co. D. Morgan & Co. Adams, Brown Brothers French, Maitland, Phe pe & Ob. Son, William Nelson & Barclay & Livingston Foster, Eusot & Oo., Grinnell Wintarn O)., Howland & Aspinwall Tucker Cooper & Co., Charles H. hussell, Augustus Schell, J. H. Brower & Oo There was quite a large attendance of merchants and others interested in the object of the mesting, and had not the proceedings been characterized by unseemly have, and the meeting commenced and closed prematurely, some important results might have flowed from 18. At al, events, some measures might have been agreed upon that would have proved beneficial in the orials. Bat for res sons best known to the prominent actors in the affair, snap judgment was taken; as interchange of opinion was had or permitted; the resolutions were declared car. ried because few understood what they were, and the meeting ad journed within five minutes after the time fixed for its convening Full ten minutes before the hands on the dial on Trinity church pointed to half past three, the meeting was called to order by Mr. Morgan, who read the call, and pro posed as chairman Mr. James Brown. The proposition was unacimously carried, and Mr Brown took the chair smid some dem strations of ap plause On motion of Mr MORGAN, Mesers. James Lee and Robert Goodhue were appointe Secretaries The following resolutions were then offered by Mr. PELAResolved, as the sense of this meeting, that the exigen cies of public affairs require an immediate extra session of the Legislature, in or for that such measures of relief may be granted in their wisdom may be deemed just and pedient for the public good, and to enable the backs to continue their aid to the manufacturior. mechanical, agri cultural and commercial induary of the State,to five em ployment to the labor of the city and to renew specie pay ment an early day Resolved with the view to liquidate the indebiedness of interior. and to hasten the shipment of produce I seaboard, that is the duty of New or me chante and of the banks to afford every facility in their power without delay Resolved, That in the judg ment of the Nev York chante looking as those great elements of wealth, the varied and large crops of the United states. the existing monetary dera ement may with certainty be speedily corrected, and be followed by restoration of confidence to the ordinary machinery and credit or busi nets; 10 that while everity of the crieis will be long remembered too the speedy arrival of prosperity committee to these present be That Resolved, resolutions to the Governor of the State, at Albany, and to sollcit bis immediate action thereon Mr. Paris submitted some brief remarks in support of the resolutions. He said that the merchants found them selves to day in novel condition of affairs, with the city banks obliged to suspend payment, although the day before their respension they were known to be perfectly solvest As it was the merchante had still perfect cont dence in the solidity of these banks: and there could doubt that their assets were sufficient to meet all their liabilities. In this state of circumstances, then, he held duty of the merchants to sustain the banks means in their power. He considered that It perative duty of the merchants to represent to the Governor of the State the necessity that existed for the immediate celling of an extra session of the Legislature, to remove the penalties now imposed upon of specie payments, in order that the regular current of business mar be restored to legitimale channel That step was provided for in 11 the Imperative also the resolutions was the duty merchants their and all their aid to sustain the banks in the present crists, and also in their dealings with each other to use all the poest ble, and to give every indulgence allowable by the times the pressure CORNER seconded the resolutions, which were put adopted Mr. THEODORE DEMON moved the appointment of the Albany proceed to to mittee The CHAIRM named the following gentlemen John C Green, Mours H Grinnell Charles H Russell, Abraham Hewiss, Mores Taylor, Royal Phelps, Schay lar Livingston, R Marahali Chas to motion, the Chairman and Secretaries were added the committee, and the appointments were unanimously confirmed Mr. Mouns H. GRINNELL said that he did not rise to offer extended smarks upon the present state of things Mr. the offered seconded Perit; they spoke for FEE They had Hittle do now except he these who, had present no doubt, would respond mediately request tained in them He would, therefore. leave that subject had another resolution to propose, which was as Resolved, That we, as march ants and citizens, have en tire confidence the ability of the banks of the cliy and State of New York to meet all their engagements, dollar dollar said that felt it to be the imperative duty of the merchants this juncture to unite this deciaration confidence in the banks, although they yesterday been compelled to suspend was a mared that although the banks had payments, as (Mr. fide had. they had toma (the merchants) know they intended to pay their debts, banks meet all their liabilities (Applease Therefore. he urged the confidence resolution this of had passage banks ibe ability and would The resolution by Mr. James Brown, and was carried unanimously On motion. the meeting then adjourned. The committee appointed to wall upon the Governor left for Albeny in the train Much dissatisfaction was expressed on all at fee hurried and loose manner in which the business meeting had been forced through without Interchange opinion on the part of the was charged. seemed to he universal opinion. that meeting got up in the interest not of the merchants but of the banks Conspl among those protested vehe h whole was Mr. mently Richard against Schell, brother to the Collector of the Port He his regret that man of Mr. Integrity should presided at this meeting and allowed to be conducted twas. He remarked that the meeting controlled such men as Pelettah Perit, E D. the of Bank Oom family of "the Klage, merce He sald that that bank by cashier and who named had Vall. Blevens gone principle of breaking all of their neighbors were Habilities. their to meet show means large And now said these men have had the effrontery have they whom seek and sided to rain this strain remark for him collected and time around cashiers of spoke sympathising hearers. Wal the street and of three presidents of noodles who held their places commans whose and services favorition, salary or $600 in any He describes meeting mutual distinction society directors of the Bank of Commerce and he charged officers of the bank. of the Mer hanta Bank, of the Na. tional Bank, and of the Bank of America with endeavor lag by their course at the Clearing House to create all possible difficulties and to throw every obsta they could is the way of merchants paying their debts said that the first resolution that ought 10 have been offered at the

5. October 16, 1857 Fremont Journal Fremont, OH
Article from Fremont Journal, October 16, 1857

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ous Bank Suspensions--Heavy Run on the Wall Street Banks Police Called Out!!! NEW York, Oct. 13. The following banks have suspended today Marine, Ocean, Merchant's Exchange, New York Exchange, North River, Irving, Citizen's, Chatham, Bullshead, St. Nicholas and Market Banks. There is a general run on the Wall St. banks, and intense excitement in the street. Policemen are stationed at many of the banks to preserve order. BOSTON, Oct. 13. The suspension of Messrs. Geo. T. & W. P. Lyman, commission merchants, on State street, is announced. NEW York, Sept. 12. No important event to-day in money affairs beside the suspension of the Grocers Bank. There were a few unimportant failures of merchants. There is a rumor that a party of business men have gone to Albany, to urge the Governor to call an extra session of the Legislature. At the clearing house to-day, it was resolved by the Banks to continue specie payments at all hazards. The failure of the Merchant's Bank created no excitement.The other banks will continue to receive its bills on deposit. There was a renewal this morning of the run on the Brooklyn Savings Bank, but all demands were promptly met. There was also a slight run on the Marine Bank, and the Grocer's Bank. Dispatches from St. Louis announce the failure of Doane, King & Co., and Collins, Kerby & Co., of that city, each with liabilities in Atlantic cities of one million. Our Bank returns to-day show a decrease in loans of upwards of $2,500,000, and an increase of $3,750,000 in specie. At the 2d Board to-day, stocks were lower generally. I.C. bonds 50; N. Y. C. R. R. 53; M. S. 9; I. C. 703; C. & T. 22; C. & P. 8; Erie 8; Cal. & Chi. 54; Ch. & R. I. 55; Harlem 51. The sailing of the steamer Atlantic for Liverpool has been postponed till the 24th. BOSTON, Oct. 12. Nothing new to notice in money affairs. The stringency continues, and with little transaction.

6. October 20, 1857 Mineral Point Tribune Mineral Point, WI
Article from Mineral Point Tribune, October 20, 1857

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Boston, Oct. 13. The suspension of Messrs. Geo. T.& W. P. Lyman, commission merchants on State street is announced. New York, Oct. 13. The following banks have suspended to-day: Marine, Ocean, Merchants, Exchange, N. Y. Exchange, North River, Irving, Citizens. Chatham, Bulls-Head, St. Nicholas and Market Banks. There is a general run on the Wall street Banks, and intense excitement in the street.— Policemen are stationed at many of the Banks to preserve order.

7. October 20, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 20, 1857

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The statement on the whole has given satisfaction In the movement of the week the Chemical is an exception, and show's an expansion in every item excepting loans. It has gained $76,000 in specie, $16,000 in deposits, and $12,000 on circulation. The figures of the Merchants' Bank show that the run upon that bank was quite limited. The deposits have increased slightly, the circulation is $168,000 larger, the loans $126,000, while the loss of specie is only $242,000. The City also shows a small increase of loans and deposits. The movement of the Banks since Nov. 1, 1855, has been as follows:

8. November 9, 1857 The New York Herald New York, NY
Article from The New York Herald, November 9, 1857

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number in New York since March is stated at 280; in Boston, of failures 168. In New Orleans, Burke, Wall & Co. failed for twenty mill lions, carrying many others with them The price of negroes falls from $1 200 to $250 or $300 cash. The com mittee of merchants appointed at the Masonic Hall meet ing, have an interview with the President. They request him to rescind the Specie Circular, to defer commencing suits upon unpaid bonds, and to call an extra session of Congress. They say that in six months real estate has depreciated forty millions that local stocks have declined twenty millions; that 250 extensive houses have failed; that merchandise in warehouse has fallen 30 per cent in value, and that 20,000 persons have been discharged from ment employ MAY 4.-John Fleming, President of the Merchants' Bank, fell dead from excessive anxiety with regard to the affairs of the bank. A run set in on all the banks. Two banks at Natchez stopped. MAY 5.-There is a slight run on the Mechanics' Bank, and more failures MAY -United States Bank stock falls ten por cont. The HERALD predicts its crash. MAY 8.-Three Buffalo banks stop. United States stocks fall below par. There is great run on the Dry Dook Bank, and it shuts its doors. Another meeting of the merchants is held at Masonic Hall. The correspondence between the committee and the President is read. He refuses to revoke the Treasury Circular, but will think about" the other propositions. The great banking house of John Ward & Co. suspends. United States stock goes down to 95, and Morris is out of sight. MAY 10 After one day's run the banks, with three exceptions, (the Merchants' Manhattan Company and Bank of America), vote to suspend specie payments. The other three joined in the movement, being forced to it. The banks received city notes in payment of debts, and paid them out to depositors. Specie commanded premium. Bills on England were quoted at to 12½ per cent premium. Meeting of merchants in the Exchange pass reselutions to sustain the banks. MAY 11 The banks of Boston, Salem, Lowell, Providence, Philadelphia and Baltimore suspend specie payments. The HERALD publishes a list of 239 failures in New York. Specie commands 10 per cent premium. The Philadelphia banks having suspended, the Common Council authorized the issue of twenty five and fifty cent certificates for a new loan, which were accepted as currency; they were called city shinplasters. MAY Bank of the United States, Pennsylvania, suspends specie payments. MAY The Legislature of New York pass a law au thorizing the suspension of specie payments for one year. MAY 17 -The President calls an extra session of Con gress, to meet September 4. Great anti bank meetings are held all over the country. The Montreal banks suspend specie payment. Banks of Charleston, Cincinnati, Savannah and Quebec suspend. MAY 18.-The President issues a circular authorizing the United States District Attorneys to give six months time on payment of duties. The city is flooded with notes for small amounts issued by hotel and saloon keep ers. MAY 22.-News is received of the suspension of the New Orleans banks. (May 12.) Every bank in the country has now suspended. MAY -Cotton was firm and sales made at 81/2e. a 11c. We extract the following from a New York paper:- The amount of specie now going to Europe exceeds that of any period for five years past; it is the only way in which remittances can be made. The bill drawers have all disappeared, and if they had not they could not negotiate. Since the first of April not less than three millions in specie has been shipped. Very little cotton is going forward, owing to the fact that people do not know whom to ship to in the present state of affairs. Money is again getting tight; our banks, instead of increasing, are diminishing their loans. Specie has fallen, silver selling 6a 7, Spanish dollars a 10, American gold 6a7, and sovereigns 5.20 a 5.27. JUNE-Nothing new this month. Trade continues duM. The HERALD refuses to take bank notes at less than Wall street rates-12 per sent under specie, and pays out only specie. JUNE 3.-Stocks go up a little, and the HERALD reports a better feeling. Business of all kinds is very dull. The North River steamboats suspend their trips. The Brook lyn Bank resumed specie payments. The New York Board of Trade issue circular advocating a national bank. JUNE -English bills went up to 18 a 20 per cent premium for first class paper. JULY.Stocks went up a little, and the crisis was believed to be over. The HERALD (28th) calls on the banks to resume. The banks have $1,709,652 specie to $5,574,808 circulation. AUGUST-The fall trade commenced earlier than usual, and strangers began to flock in The imports, however, were very much reduced. On the 18th the banks issue a circular calling for a general convention to consider the question of resumption of specie payments The Manhattan had already resumed. There was still great dis tress in mercantile circles. SEPTEMBER 1.-Banks of Augusta, Ga., and South Carolina resume. SEPTEMBER 4.-The extra session of Congress met, and Mr. Van Buren sent in a message recommending a separation of the government from all banking institutions, the issue of ten millions of treasury notes, the enactment of a general Bankrupt law. and to leave commerce and the exchanges of the country to take care of themselves. The effect of this measure was to depress all the bank stocks. During this month things look a little brighter. SEPTEMBER Cotton quotations were sustained to 8c. a 113/2c. Exchange quoted 20 a 21. British government bills 30 days, 22. SEPTEMBER 17 .-Money was plenty, the banks discounting freely. United States bank stock 117% American gold 8½ premium. SEPTEMBER 24.-Gold plenty, and declined to 3½ 4 premium. United States bank (Pennsylvani stock 118. Exchange 15% 1616. SEPTEMBER .-Exchange declined to 14 a 14½ OCTOBER passed the bill authorizing the issue of ten millions of treasury notes, bearing six per cent in terest. Several of the New York banks resumed specie payments. Congress adjourned on the 10th. OCTOBER -Savannah, Ga., banks resumed. Exchange advanced to 15½ 16. OCTOBER -Cotton market stiff, and quotations range from 9c. a 12c. Exchange 15½ 16. OCTOBER 21 Cotton still stiff, and quotations 81/2c. a 12c. Exchange 15 151/2. Specie advanced. NOVEMBER.-The Bank Convention (135 delegates from eighteen States) met in New York city on the 9th. and continued in session till December 1. and then adjourned till April, declining to fix any time for resumption. At this Convention, Messrs. Adbert Gallatin, George Newbold, C. W. Lawrence, Cornelius Heyer, John J. Palmer, Preserved Fish and Gorham A. Worth were appointed committee to publish the views of the New York banks. Their address states that the withdrawal of the public depssits and of excessive foreign credits, with a great fall in the prices of the principal articles of export and an unprecedented import of breadstuffs. with the inability of the Southwestern States to pay their bills, fell all at once upon this city. The banks struggled with all this and with a foreign demand for specie, until some local incidents caused distrust and panic, and a general run commenced which no banks that pay specie for notes on demand can ever resist. Thus the banks of New York city suspended, after having been almost entirely drained of their specie, while the other banks through the country suspended im mediately after without waiting for a run, and kept their specie reserve. NOVEMBER 18 Exchange quoted 15 a 151/2 Specie declining shipments SO light as not to be worthy of notice. DEC EMBER -New Orleans banks resumed. DECEMBER 9.-A New York letter to Charleston paper says. "A packet salls to-day. carrying out commercial news highly favorable, which will gladden the hearts of all who have claims upon America. Exchange 11½ 12. Specie is only at premium because the banks are in pur suit of it. Produce shipments are large, and orders for imports very small which is the cause of the decline in exchange. The movement of cotton is bettering the rate of exchange in the South DECEMBER 16.-Exchange declined to 10 a 11. Cotton improved Me. DECEMBER 30 -Exchange quoted at 9½ a 9% 1838. JANUARY -Intelligence from Europe excited the cotton market. The sales are very large but there is no improvement in prices. Quotations 9 11 1/20. JANU ARY 13 -More activity in the cotton market than known for several years. Prices advanced 11/2c. JANUARY 19 -One of the city papers of this date, says:" We are enabled to say, on authority that the banks of Philadelphia are ready to resume specie payments whenever the New York banks do. Although they won't name the day they pledge themselves to resume the day after the New York banks.' A few days after, another city paper said :- We understand that the Com. mittee of the Banks came from Philadelpia on Saturday, not with a big flea in their car at all, but with good din ner. which Mr. Biddle gave them. As to the resumption of specie payments the state of exchange was not thought fit to warrant the fixing of a day for that purpose.' FEBRUARY Exchange declined to 81/2 FEBRUARY 10.-Cotton declined. and quoted 9c. a 11 Ve. FEBRI ARY 22.-Specie declining: sales at 2a21/2 premium Contracts made to deliver specie 1st of May at 1 per cent. premium, without interest. It is daily arriving. and in R month or two the receipts from Europe must