16601. Tenth National Bank (New York, NY)

View Charter #307 on SPMC

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
307
Charter Number
307
Start Date
April 5, 1872
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
04921e39

Response Measures

Books examined

Other: Speculators (Henry N. Smith, Jay Gould, et al.) deposited large checks and withdrew legal-tender notes, 'locking up' greenbacks; Clearing House examined the bank and US authorities brought proceedings.

Description

Newspaper coverage (April 5–9, 1872) describes a deliberate 'lock-up' of legal-tender notes by speculators (Henry N. Smith, Jay Gould) using the Tenth National as the depository, which produced heavy withdrawals and a tight money market. The Clearing House investigated and subpoenaed officers, but the bank was not suspended or placed in receivership in these accounts; the bank's officers denied complicity and pledged to restore funds. I classify this as a run_only episode (withdrawals/run but no suspension/closure).

Events (2)
1. April 5, 1872 Run
Cause Details
A deliberate scheme by speculators (Henry N. Smith, Jay Gould) to 'lock up' legal-tenders by depositing large checks and withdrawing currency to create a money stringency and force a decline in stocks.
Measures
Clearing House inspection and special committee (Mr. Tappan) examined the bank; subpoenas and examinations before Commissioner Davenport; President Palmer and directors pledged to restore funds; Congressional/House Banking Committee investigation initiated.
Newspaper Excerpt
On the morning of April 5 Inst., ... Mr. Henry N. Smith deposited in the Tenth National Bank $4,100,000 ... On the same day checks drawn by H. N. Smith for $3,100,000 were presented by him and paid in legal tender notes over the counter.
Source
newspapers
2. April 7, 1872 Other
Newspaper Excerpt
The Indignation of the other banks at the part played by the Tenth National Bank in locking up of greenbacks led to a meeting of the Clearing House to-day, at which Mr. Tappan ... proceeded to the Tenth National Bank and found that the creditor balance of nearly $5,000,000 yesterday was due to the withdrawal of about four and a quarter millions in legal tenders ... subpoenas have been issued to the officers and directors of the Tenth National Bank, requiring them to appear ... and testify in relation to the matter.
Source
newspapers

Newspaper Articles (18)
1. March 11, 1871 The Evening Telegraph Philadelphia, PA
Article from The Evening Telegraph, March 11, 1871

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FROM NEW YORK. The Erie Troubles. NEW YORK, March 11.-In the United States Court, Judge Blatchford, this morning, the motion of Heath & Raphael that the injunction which had been granted in the State courts for the appointment of a receiver of six millions of Erie stock left with the Farmers' Loan and Trust Company was vacated, judgment being taken by default. False Dividend Returns. Suits were begun in the United States District Court this morning against the Tenth National Bank and the Citizens' Bank to recover $5000 in each for false dividend returns. Heavy Suit-Jury Disagrees. NEW YORK, Mareq 11.-The jury in the United States Court were unable to agree in the case of the Government against William Weld & Co., of Boston, for $400,000, being the value of an importation of sugar on which it was claimed full duty was unpaid. The jury was discharged. Lesses at the Murray Street Fire. The losses by the Murray street fire this morning were as follows:-Lawson & Co., $55,000, insured for $52,000; W. H. Rogers, paper maker, $20,000, insured for $17,000; Howards & Quickenbush, $15,000, insured for $20,000. Losses on the building $20,000, insurance not ascertained. The New York Bank Statement. NEW YORK, March 11.-The following items appear in the weekly bank statement published to-day:Loans increased $6,731,508 563 031 Specie decreased 983,884 Legal-tenders decreased 4,885,070 Deposits increased

2. October 7, 1871 Nashville Union and American Nashville, TN
Article from Nashville Union and American, October 7, 1871

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The Ring Selling Out. Rumors are current that the Tenth National Bank, which is officered by prominent Tammanyites, is likely to suffer from the withdrawal of deposits which are going on. The members of the ring are selling out their shares in the Bank. Evidence is accumulating against the Tammany thieves. It appears that the money endorsements on which money was drawn from the treasury were clumsy forgeries. The Broadway Bank which paid these warrants will probably be proceeded against. The Brooklyn Eagle says the report on Wall street that the Tenth National Bank is in a critical situation owing to withdrawal of deposits, is credited on the street by those who have done business with this intitution, that they feel quite confident that the bank may be enjoined through proceedings against Tweed & Co., and then whatever funds are in the institution may belocked up; hence, depositors are drawing out their money as fast as they can. The shares of the bank are quoted at 90 cents bid, which is 5 per cent lower than any other bank on the list, with the exception of the Ocean. A Packed Jury. The counsel for the citizens' committee of seventy are indignant at the manner in which the grand jury has been packed by Mayor Hall. William C. Barrett states that while he will make no effort to stop the bill which is pending before the grand jury, still, if that body does not do its duty, the matter will be presented to the next grand jury. A sentiment is being aroused which may probably compel Judge Barnard to dismiss the present objectionable grand jury. District Attorney, Garvin, is satisfied with the jury, because be thinks they are men of good deportment. The Rochester Convention. The Reform Democracy of this city are not quite satisfied with the action of the Democratic Convention. The Republican press and politicians say the Convention was a Tammany triumph. The Herald and World think the ticket by no means a Tammany ticket, snubbing which Tammany got the victory. The Reformers in the German element are pleased at the selection of a German representative to head the list of caudidates. The Tweed organ again calls upon unpaid laborers to take steps to get their pay. No anti-Tammany delegates were admitted to the Rochester Convention. A deputation of the Reform delegation, headed by Mr. Ollendorfer, were permitted to make a statement of their claims, but not admitted. The Post says, the whole result of the Convention, as far as regards the organization of the party and its candidates, is a complete triumph of Tammany, and the four rulers of the ring remain, as they have long been, the heads and guides of the so-called Democratic party of New York City. Tweed. The Tammany delegates, to Rochester, returned to-day. Tweed, who expresses himself satisfied with the result, visited his office only for a moment. He ridicules the idea of his projected arrest. Roughs on the Railway. Private dispatches say that, after leaving the train from Rochester last evening, having on board the New York delegation, a number of roughs, taken from this city in Shandly Association, committed violent outrages upon the passengers, who had to lay over at way stations to escape the fury of the villainous gang. The Thieves Disgorging. At a meeting of the Citizens' Committee of Seventy to-night, it transpired that John Keys, one of the new courthouse contractors, had made an assignment of some $600,000 worth of property to Jackson S. Schultz, a member of the committee, in trust, to pay S out of the proceeds of the same all sums of money which he may have improperly received from the city or county of New York, t and he has also given full information touchr ing his pecuniary transactions with the city. Female Jockeys. y t At Flushing Course yesterday, there was a considerable amusement at the race which e took place between female equestrians.

3. April 6, 1872 The New York Herald New York, NY
Article from The New York Herald, April 6, 1872

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A SLIGHT ADVANCE IN GOLD. Government Bonds Steady and Firm. THE SOUTHERN LIST QUIET AND IGNORED. Heavy Imports of Foreign Dry Goods. WALL STREET, FRIDAY. April 5-6 P.M. on 'Change to-day wheat was firm, but inclined to dulness. The cotton market was steady. THE DRY GOODS IMPORTS. The imports or dry goods at this port during the past week were $5,430,901. The amount marketed was $4.833,080. MONEY STRINGENT. The money market was stringent throughout the day, and as high as 3-16 per cent was paid, in addition to per cent, equivalent to about 75 per cent per annum. The standing bid most of the time was 1/6 per cent, or 45 per cent per annum, Some of the leading government dealers got a little accommodation at plain 7 per cent, but loans to the best parties on stocks were made at 1/6 a 3-16 per cent. and coin interest was treely accepted by the anti-Shylock class of leaders, Bank accounts were unusually late, and many were not made up until near four o'clock. A little after three o'clock there was a brief cessation in the demand, and some lenders who came out to employ balances took per cent coin; but their offerings were rapidly absorbed, and s per cent was bid to the last moment the market hung together. As already intimated in this column the natural activity in money has been aggravated by artificial means. To-day the Tenth National Bank was creditor at the Clearing House for the unusual dif ference of $4,770,000. which amount must have been withdrawn from circulation by parties having ac. counts in that bank. The other banks venemently denounce the Tenth National for its connection, willingly or unwillingly, with this "lock-up," and were reported to have decided to exclude it from the Clearing House: but the rumor doubtless arose from a threat on the part of some of the officials of the Bank of Commerce that they would refuse to take the checks of the Tenth National it it reDeated these objectionable transactions. Whatever the agency of the bank, the parties owning the locked-up money are professional speculators, aiming by this means to produce a decline in prices, If not a panic, at the Stock Exchange. In this latter respect the scheme was a decided failure, as will be seen by the paragraph about stocks further on. Prime commercial paper IS quoted 8 a12 per cent discount, but is neglected. Foreign exchange was steady and a shade firmer at the rates given yesterday. GOLD STRONG-1103 A 110% The gold market was strong, but only moderately active at 11036 11014, with a few sales at 1103/ The closing quotation was 110 3-16 a 110%, with a number of bids at 1101, buyer three. The SubTreasury paid out $296,000 in redemption of the called bonds of 1862. In the gold loan market the rates ranged from per cent to 1-32 for carrying. The operations of the Gold Exchange Bank were as follows:$29,710,000 Gold cleared 1,216,674 Gold balances 1,376,306 Currency balances GOVERNMENTS STEADY. The government list was steady and quiet, which simple comment is about as much as can be made a upon the market. The foreign quotations were little lower, except in the one instance of the 67's, which were unchanged from yesterday. The follow. ing were the closing ces:-United States currency sixes, 11514 a 115% do. sixes, 1881, registered, 11414 115: do, do, coupon, 115% a 115%;do five-twenties, registered, May and November, 109 a 109%; do. do., 1862, coupon. do., 112 1/2 a 11234: do. do., 1864, do. do., 1121/4 a 112%: do. do., 1865, do. do., 1121 a 113; do. do., 1867, registered, January and July, 112% a 113; do. do., 1865, coupon. do., 11136 a 111%; do. do., 1867, do., do., 112% a 113; do. do., 1868, do., do., 112% a 113% do. fives of 1881, funded, registered, 109% a 110% do. do. do., coupon, 109% 1101/: do. ten-forties, registered, 107% a 108; do. do., coupon, 108 1/4 108 SOUTHERN SECURITIES QUIET. The Southern list was seldom so neglected, the in. difference of both the investment and speculative interest not being susceptible of ready explanation. unless on the theory that, these securities are now feeling the 111 effects of the scandalous administration of the finances of so many of the Southern States. The following were the prices at the close:Tennessee, ex coupon, (6 a 67; do. new, 66 67; Virginia, ex coupon, 50 a 56; do. registered stock, old, 44 a 49: do. sixes, consolidated bonds, 55 a 56; do. sixes, deferred scrip, 16 a 17; Georgia sixes, 73a78: do. sevens, 85 a 87; North Carolina, ex coupon, 36 % a 3736; do., new, 20 22; do., special tax, 14 a 16; Missouri sixes, 95% a 96; do., Hannibal and St. Joseph, 93 a 94; Louisiana sixes, 59 62: do. levee sixes, 60 a 63; do. do. eights, 70 80; Alabama fives, 58 a 62; do. eights, 85 a 90; South Carolina sixes, 52 a 53; do.. new. January and July, 373 38; do., do., April and October, 36 a 361/2; Arkansas sixes, funded, 54 a 58. THE ILLINOIS CENTRAL RAILROAD. The official report of the Illinois Central Railroad for the year 1871 contains the following summary or operations:The earnings of the line In Illinois were. $7,052,440 $8,817,009 The working expenses 463,512 And the State tax 4,280,522 Leaving net earnings The earnings of the leased lines in Iowa $2,771,918 were $1,348,701 Which, deducting the working expenses $824,910 543,328 Rent... 19.532 And taxes 1,387,772 $39,070 Shows deficit of in working the Iowa lines, and reduces the the net earnings or the lines operated by to... $2,732,847 company. 2,857,321 Against net earnings in 1870. 124,474 A falling OIT in 1871 of Making taxes the proportion of expenses and earnings The of the Land lands Department sold in 1871 48,927.31 61 per cent. acres railway for donated to aid the construction ot the the $469,404 26, making the to $23,349,721 close 24, and of 1871 2,215,789.77 aggregate acres sales for unsold at was the 319,210.23 which $1,000,000 acres: has $1,683,153 leaving 53 collected, that date of part and bond fund. The of the logg bonds by fire of the to trustees' construction records further literal compliance delivered prevents their construction mortgage. WILD the terms of the has OI the advisable of at lands the the control has been trustees To deemed protect the purchasers to place bonds statement of received, as been of all as which have They December nad a suilcient 31,1871 $13,605,500 fond shown pay by destroyed Lire. The construction bond cancelled fund, or amounting oy

4. April 7, 1872 The New York Herald New York, NY
Article from The New York Herald, April 7, 1872

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One Hundred and Forty-five Per Cent Per Annum Interest Paid for Loans on Stocks. Stocks Give Way and Close at a Decline. An Unfavorable Bank Statement. GOLD AND GOVERNMENTS FIRM. The Week's Imports of Foreign Goods Nearly Thirteen Millions. WALL STREET, SATURDAY. April 6-6 P. M. On 'Change to-day wheat was firm, but less active. The cotton market was quiet and steady. THE COTTON MOVEMENT. The receipts of cotton at all the ports for the past week were 36,062 bales, against 40,649 bales the previous week. The total receipts since September 1, 1871, are 2,464,228 bales, against 3,383,081 bales for the corresponding period of the previous year, showing a decrease in the present crop of 919,853 bales. The exports from all the ports for the week were 57,665 bales, against 90,461 bales for the same week last year. The total exports for the expired portion of the cotton year are 1,617,342 bales, against 2,370,350 bales 1or the same time last year. The stock at all the ports is 371,429 bales, against 555,208 for the same date in 1871. MONEY 1-16 A 3/1 PER CENT A DAY. The money market was excessively stringent, and the scarcity was greater than experienced on any previous da during the present crisis. The general expectation was that, as usual on Saturday, there would be a relaxation at the close; but even with this belief so current the rate started off at 1/4 per cent, which in some instances was paid in addition to 7 per cent. Early in the alternoon the idea above referred to had the effect of creating some relaxation, and some loans were made at 1-16, but as three o'clock approached the inquiry quickened again and the money market was maintained until within a 1ew minutes of four o'clock, the demand being so great that as high as 3/4 in addition to 7 per cent was paid by the frightened borrowers. Indeed, it is said that as high as 1/2 per cent was paid in the excitement between half-past three and four o'clock. THE LOCKED-UP GREENBACKS. The Indignation of the other banks at the part played by the Tenth National Bank in locking up of money led to a meeting of the Clearing House to-day, at which Mr. Tappan, the President of the Gallatin Bank, was appointed a committee of one to investigate the affair in connection with an official inquiry on the part of Mr. Meigs, the National Bank Examiner of this district. These gentlemen proceeded to the Tenth National Bank and found that the creditor balance of nearly $5,000,000 yesterday was due to the withdrawal of about four and a quarter millions in legal tenders and the calling in of loans to the extent of over haif a million. The money withdrawn was on checks presented by a prominent "bear" speculator in Wall street. The President of the bank asserted its entire innocence of complicity in the conspiracy, and furthermore promised, in company with several of the directors, that they would not allow a repetition of the matter complained of, earnestly asking that the Clearing House would overlook the present case, espectally as a rejection of the checks of the bank might lead to a run upon it, with probably very serious conseThe President and directors referred to their their good expressed diately quences. should determination intentions to resign be overruled immein the future by the majority of the Board. The case, as investigated by Mr. Tappan, will be submitted to the Clearing House on Monday. THE BANK STATEMENT. The bank statement proved to be very unfavorable and suggests a much worse condition than is presented, for, with even the half of a distribution of the loss of resources over SIX days, the surplus reserve is reduced almost to a million dollars. Were the statement made for the day and not given as an for the week it would the are below reserve average banks actually the probably limit of to show keep that which the law requires them on hand. It is, of course, very proper to throw blame on the speculators for locking up money; but the banks ought not to leave it in the power of a clique to place them in their present position. Were they not so unduly expanded there could not be this unlawiul dimitaution of the proportion between reserve and liabilities. Tne banks, in their greed to make money out of the wild speculation in stocks, have loaned every dollar they could spare to Wall while turning a cold merchants applications A more street, presenting of shoulder excitement to legitimate the character. Under cover or the about the locking up in the Tenth National Bank the other banks are endeavoring to disguise their own indirect connection with the speculative mania in the stock market. The morality of the business 13 not the least changed because the Tenth National Bank happens to help one set of stock gamblers and the other banks another. The total averages for the week compare with those of last week as follows:-

5. April 8, 1872 New-York Tribune New York, NY
Article from New-York Tribune, April 8, 1872

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A WALL-ST. CONSPIRACY. THWARTING THE SCHEMES OF A DESPERATE CLIQUE. FIVE MILLIONS OF MONEY "LOCKED UP" BY THE TENTH NATIONAL BANK-LEGAL PROCEEDINGS INSTITUTED AGAINST T-HISTORY OF THE PLOT. Much excitement existed in the city, Saturday afternoon and yesterday, in financial circles, over the threatened panic in the money market. caused by a ring of speculators. chiefly of "Black Friday" notoriety, who, being largely short of stocks, have made a desperate effort to retrieve their fortunes by "locking up" legal tenders, and thereby creating a stringency in the market and a sudden decline in stocks. To accomplish their purposes they are said to have secured the services of the Tenth National Bank, and the result of their operations began to be felt on Saturday, with the prospect of a partial repetition of the "Black Friday" scenes during this week. The exciteme was increased yesterday as the rumor became current that a prosecution would be begun to-day against the Tenth National Bank for violation of the National Banking laws of the United Statesiu locking money. A reporter of THE TRIBUNE visited Assistant United States District-Attorney Purdy last evening and ascertained from him that the rumer was well founded, the following complaint having been lodged before United States Commissioner Davenport Southern District of New York, 88.: A. 11 Party, belief, being duly sworn, says, on information and or on that at the Southern District of New-York of about the fourth day of April, 1872, a large uber checks for the payment of moneys, to wit, for the pay. ment of four million of dollars, were received and deposited in a certain National Banking Association known as the Tenth National Bank of the City of New-York, and that thereafter, on said day and year aforesaid. aid National Banking Association did withhold from use a certain larger amount of United States notes and National Bauk notes, the exact amount to the di deponent the unknown, in violation of the act of Congress of United States approved February 19, 1872. Wherefore. by reason of the premises, deponent plays this Court that the officers and books and accounts by of said National Banking Association may be examined this Court, and said bank committed to await the action of the GrandJury of the said United States for ta SouthA. 11. PURPY ern District of New-York. Snbpenas have been issued to thejoffeers and directors of the Tenth National Bank, requiring them to appear at 11 o'clock and testify in relation to the matter. The history of this conspiracy is as follows Several weeks since the Wall-st. operator and old Erie Ring Tain, Henry N. Smith, together with Jay Gould aue a number of followers, began withdrawing money from the market in order to produce a fall in stocks, being heavily interested on the bear side. They succeeded in making money very dear, and running the rates of interest to high figures, but owing to the great strength of the bull party, and the sudden overthrow of 21the Erie Ring and consequent large vance in that stock, together with an almost unprecedented support from outsiders, the stock market CODtinued to advance in the face of the great stringency of the money market. The ring of bears was rendered desperate by the heavy losses incurred by the undooked for rise in stocks, and those interested were driven to their wits' end for some means to break the market and produce a decline. While in this extremity, the veteran stock operator, Daniel Drew. who had previously been engaged on the bull side, having sold 50,000 signes of Erie at 55, " sellers ten months," in order to purchase his Erie stock at a lower figure than he had sold it, unexpectedly came to their assistance, and joined with them in their efforts to produce a panic and decline in the stock market. Thus reenforced they began still more desperate measures than they had -yet attempted. On Thursday last, Henry N. Smith, formerly of the notorious firm of Smith, Gould & Martin, depos ited in the Tenth National Bank checks for about 84,250,000, and immediately drew the money over the counter in United States legal tender. At the same time the President of the bank called in outstanding loans of the bank to the amount of about $500,000, thus withdrawing from circulation at once and without warning to the business public the enormous sum of $1,50.000 in legal tenders, and reducing the bank reserve to within about a million dollars of its legal limit. Another branch of this conspiracy operated through the Bank of Montreal, which for some time has been Jarge leaner of money in this market, its agent in this city having been induced to withdraw from circulation a considerabio portion of the bank's funds. After locking up all the legal tenders which they could control, these nan went into the open market and bid exhorbitant rates for money. It is understood that on Saturday alternoon their brokers, working in th ir interest and under direction, bid oue-half cent above the letal Take for the use of money, paying the interest and leaving the money in the hands of the lender to prevent its use by other parties. Owing to the closeness in money, indread by these men, the merchants of the city are very greatly embarrassed by inability to get their notes discounted at the banks, and the business of the Corn Exchange has been brought almost to a standst!!! Eminent lawyers are of the opinion that the United States law pul. hing that conspiracy is broad enough to cover this off are and under it these mea may be indicted and sent to State Prison. It is also stated that under the provisions of this law several prominent Wall-st. operators will be arrested and brought to trial. As the warrants for this purpose have not yet been issued, it would be improper to mention the names of those impilcated but is is prob- A able that action will be taken in the matter to-day. telegram has been sent to Secretary Boutwell requesting him to relieve the money market and thwart the evil by designs of the conspirators, which be can readily do loaning a portion of the large reserve in the Treasury

6. April 9, 1872 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, April 9, 1872

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New York. THE INTERNATIONALS NEW YORK, April The council of federal Internationalists Held meet ting vesterday sections were organized They decided appoint committee to ask the German Internationalists who seceded some time ago to turn. A letter from Carl Marx was not favorably received, as the opinion prevails that he asserts too much authority The American Internationalists decided to take political action as soon as they become sufficiently strong. ACCIDENT. FATAL This forettoon Leonar Allen was raught in a shaft on the upper floor of No 84 Beekman street as it was making about eighty revolutions a minute, and was whirled rapidly around until communication was had with the engineer in the cellar and the engine stopped. He struck board partition at every revolution, and his hody was terribly mangled. When taken to the Park hospital it was found he had sustained concussion of the Brain. DISCLOSURES BHOCKING Some shocking facts relative to the treatment of the dead interred in the Potter's field on Hart's Island, have come to light. To prevent body snatching a watch is kept, and several laree ferocious dogs are allowed to wander about and drive away Intruders. These enormous mastiffs. policemen like, keep away bodysnatchers, but do themselves what they will not allow others to do. The light covering of earth over the coffins is no protection, and these fierce quadrupeds dig down, and, tearing open the frail coffins every now and then, enjoy horrible banquet from the human bodies They have frequently dragged an entire corpse from its ceptacle during the night, and early dawn the bones have been found stripped of their flesh and scattered in every direction It is alleged that the keepers on the island care little for such things, and will hardly go out of the way to pnt stop to them. FIGURES FROM THE CONTROLLER. By a statement presented by the controller to the board of supervisors this afternoon, it pears that for the quarter ending the 31st March, Warratts were drawn on the city count to the amount of $11,455,865 and on the A county account amounting to $4,109,113. comparative statement of the city and [county debt, less stocks. bonds and cash, in the sinking fund, shows that the debt on the 81st of Dec. 1871, $88,869,386 and on the 31st of March 1872, $91,038,458.12 Stock has been issued for the quarter amounting to $8,178,600. AMERICAN STOCKS IN ENGLAND Private cable telegrams from London state that Heatl & Raphael have withdrawn their op position in the Erie matter Such telegrams have been received by several parties including one leading banking firm with London con nection. This will throw Erie into the hands of the Atlantic and Great Western interest. It is reported on Wall street that money to-day worth five per cent. in open market at London against 31 per cent. at the bank. This would indicate a further advance in the bank of En gland rate. The speculation in the share list the London stock exchange has been grander scale than here. and evident that the Bank of England means to check the grow mania among English people to invest in Ameri can railroad securities MISCELLANEOUS. Arrived, steamship Manbattan, from Liver pool. John Leddy was arrested last night, havit attempted to shoot his wife, who deserted him week ago. George Thompson and Henry Overton were fatally burned last night at a drunken carouse in tenement house in Leonard street Sixty two writs of habeas corpus were brought before the supreme court this morning in the cases of the prisoners alleged to have been illegally sentenced by the court of special sessions Action was postponed till W ednesday, when certified copy of the decision of the court fof ap peals on this matter will be obtained. Subseattentity 158 additional writs were issued return able Wednesday The Northwestern fire relief charity gift en terprise concern' has burst. and an alleged fi nancial exhibit shows its expensee to have exceeded the receipts. Mayor Hall denies receiving a letter from Gov Hoffman that the appointment of Controller Green is unconstitutional Twenty-two small pox cases reported since Saturday and eight deaths The coroner jury in the Siegfried case to day rendered verdict against Frederick Hagg Siegfried died in 1869, from the effects of the which it is supposed Haggi administere for purpose of getting Siegfried' property. an Deputy Sheriff Seebacker to-day received other execution against the Staten Island ferry company; but the property of the company having been placed in the hands of a receive Seebacher was unable to seize the boats The report that Dr. Lookup Evans, the labor tionist, has been released on bail, is confirme He will probably not be tried again, as the nesses against him cannot be found. to At meeting of cigar manufacturers to-day io resolution was adopted not to buy any seed tobacco after May 1st except by stripped sam b ples, and actual weight and tare. This action g was taken in consequence of frands practiced cigar makers Patrick McMahon was arrested and committee to-day, charged with attempting to shoot Pat rick McGuire, keeper of the Brookly morgue McMahon fired at McGuire through a window twice, but neither shot took effect. The Black Friday suits of Howard against Henry N. Smith, and Howard against Jay Gould and others were discontinued to-day The examination of the case of the tenth na tional bank, charged with locking up $6,000,000 before Commissioner Davenport, was begun today E. K. Willard, banker, testified that Geo. N Smith one of the defendants. had an account with his firm, but they did not negotiate loans for him. By request the examination then adjourned till to-morrow noon, when the motion to admit reporters will be decided. The United States assistant treasurer to-day paid $286,000 gold on occount of 5-20s redeemed and $82.000 on account of January and March interest. At a meeting of the clearing house association n this afternoon all the banks were represented A motion to expel the 10th national bank lost. A resolution passed directing the clear house committee, whenever it appears that legal tender notes have been withdrawn through the agency of any bank which is member of the association, to immediately examine such bank and if there is any complicity on the part such bank or its officers, to suspend it from the clearing house until action may be taken by the association. The steamship City of Bristol, from Liverpool brings one thousand and fifty steerage passen gers, and the Wisconsin seven hundred and forty-seven. The New York Evening Post, which is regarded as semi-official authority on such matters, in referring to the rumors in the cable dispatch to the associated press to-day, of a peaceable set tlement of the differences pertainn to the Ala bama case, says: We have strong reason to be lieve that our government conveyed to Great Britain its willingness to sclude. by agreement the consideration of claims for indirec damages from the arbitrators; at least, so far as to demand no award on this ground. These claims must remain in the case arguments in favor of the award of a gross sum: but not as claims for money to be paid the United States. The proposition (the Post is informed) is in form which the British government can hardly in consistency fail to accept: and before another week it is hoped final friendly agreement will be accomplished between the two countries as to he interpretation of the treaty

7. April 9, 1872 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, April 9, 1872

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rNEW YORK CITY. in NEW YORK, April 8.-The Tribune says that the Attorney General's suit against Jay Gould and others of the Erie road was not instigated by the new management. On the contrary, it is said, Gould is giving the management every assistance in the work of reforming the road. The Bar Association say that the published reports of the testimony before the Judiciary Committee have been imperfect and inaccurate, and that they now desire no further testimony. They ask that there be no opinion in the cases until the publication of the testimony which was taken first. The committee for the celebration of the anniversary of last year's Peace Jubilee have issued a call to the Germans to decorate their houses on April 10th and illuminate them in the evening. The German Landwehr Verein Association, former members of the Prussian militia, has appointed a committee to make arrangements for the observance of the day. Rev. Robert Collyer, of Chicago, last evening, preached to an immense congregation at the Academy of Music in Brooklyn. Subject-"Christian Society, The coroner's jury in the Siegfried case -day rendered a verdict that Frederick Siegtried died in 1869 from the effects of poison supposed to have been administered by Frederick Heggi for the purpose of getting Siegfried's property. Deputy Sheriff Leebacher o-day re ceived another execution against the Staten Island Ferry Company, but the property of the company having been placed in the hands of a receiver, Lee bacher was unable to seize any one of the boats. The report that Dr. "Lookup" Evans, the abortionist, has been released on bail is be confirmed. witnesses He will probably against him not tried again, as cannot be found. At a meeting of the cigar manufacturers to day a resolution was adopted not to buy any seed leaf tobacco after the 1st May, except by sample. This action was taken in consequence of the frauds practiced on cigar makers. Patrick McMalcon, was arrested and committed o-day, charged with attempting toshoot Patrick McGuire,keeper of the Brooklyn morgue. McMalcon fired at McGuire through a window twice, but neither shot took effect. The black Friday suits of Howard vs. Henry N. Smith, and Howard vs. Jay Gould and others, was discontinued to day. Examination in the case of the Tenth National Bank, charged with locking up money, was commenced to day before Commissioner Davenport. The test mony is unimportant. The case wasad journed until to morrow, when the motion to admit reporters will be decided. Mayor Hall denies receiving a letter from Governor Hoffman, stating that the appointment of Controller Green was un constitational. There have been 22 cases of small pox since Saturday, and 8 deaths. Dr. Joseph Woodhull, husband of Victoria C. Woodhull, died suddenly, last night. The Coroner is investigating the case. The new charter as amended in the Senate seems to have gone out of favor. The only two journals that supported when it passed the Assembly now denounce it as it stands in the Senate. The Times says it would be infinitely preferable to get along another year under the charter now existing, than to press the one amended by the Senate. The Heening Post, in referring to the rumors in the cable dispatches to the Associated Press to day of a peaceable settlement of the conferences pertaining to the Alabama case, says: We have strong reason to believe our government convey ed to Great Britain its willingness to exclude by agreement the consideration of the claims for indirect damages from the arbitrators. At least SO far as to demand no award on this ground. These clafms in must remain in the case as arguments favor of the award of the gross sum, but not as claims to be paid the United States. The proposition, the Post is informed, is in a form which the British government can hardly in consistency fail to accept, and before another week it is hoped that final friendly agreement will be accomplished between the two countries as to the interpretation of the treaty.

8. April 9, 1872 Nashville Union and American Nashville, TN
Article from Nashville Union and American, April 9, 1872

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NEW YORK. A Lock-up of Five Million Dollars. Secretary Boutwell Appealed to. Jay Gould Holding with the Hare and Running with the Hound. this states that been morning NEW YORK, April proceedings 8.-The Tribune have instituted by the United States Assistant District Attorney Purdy in the United States Commissioner's Court against the officers of the Tenth National Bank, for having used their institution to lock up legal tenders, with a view of causing a decline in stocks. LATER.-The lock up of money with which the Tenth National Bank is charged was caused by an attempt of Henry N. Smith, Jay Gould and other Wall street men to secure a fall in stocks, these gentlemen being on the Bear side. Altogether they withdrew from circulation without moment's warning about four and threequarters millions legal tenders. Inconsequence of the closeness of money this has induced, there was great embarrassment A Saturday at the Commercial Exchange. telegram has been sent to Secretary Boutwell, requesting him to relieve the money market by loaning a portion of the large reserve in the Treasury. It is said a number of the operators will be arrested to-day. The Tribune says that the Attorney General's suit against Gould and others of Erie is not instigated by the new management. On the contrary it is said Gould is giving the management every assistance in the work of reforming the road! The Franco-German Peace. The committee for the celebration of the anniversary of last year's peace jubilee have issued a call on Germans to decorate their houses April 10 and to illuminate them in the evening. The German Landwehr Verein, an association of former members of the Prussian militia, has appointed a committee to make arrangement for the observance of the day. The International Working up the Oppressed Masses Relief or Revelution. A mass meeting of Germans was held yesterday forenoon in East-fourth street to discuss the eight hour question and form an eight hour league. One of the speakers said if they could not obtain what they wanted by legislation it would be got by revolutionary means. The New York Internationals held a meeting yesterday. Five new ziens were organized. Communications from seventy different parts of the country were received. The Germans forming a part of the Federal Council have split and organized a separate be a council of their own. There seems to disunion existing in the Internationals of Europe, and here the Germans wish to establish their,communistic system, the French advocating their doctrine of socialism. The General Council of London has been applied to to settle the difficulty. It was decided to invite the discontented Germans to return. The Internationals will hold of Congress on Aug. 1. The proceedings yesterday give signs of brewing trouble. Rome's African Mission. Rev. Herbert Vaughan, who is on a mission to America for the Archbishop of Westminster, England, on behalf of the colored people, yesterday preached at St. Peter's Catholic Church. He said, although much thus far has been done for the colored race, little had been thought of their spiritual welfare. The new Church of St. Alphonsus Ligouri, said to present the most elegant interior on the continent, was dedicated by Archbishop McClosky yesterday. Universalism. Rev. Henry Ward Beecher surprised congregation yesterday by calling on them to contribute to a Universalist preacher, of Kansas, who would solicit from them during the week. Tried to Shoot Her Husband. Mrs. Fidelia Manning, of Brooklyn, was before Justice Delmar and charged with attempting to kill her husband by firing two shots from a revolver at him on Monday last. The testimony showed the most cruel treatment on the part of Manning toward his wife. She was held to wait the action of the grand jury. Alsatians. Some sixteen hundred immigrants from Alsace and Lorraine arrived during last week, all destined West, and all in apparent good circumstances. Yachting. The yachts Sappho and Dauntless are for the ocean trip to Cowes, and will sail the 15th. It is reported of New York Club ready other on yachts fleet will that make join five them in June, and the whole trip to St. Petersburg. Silk. Weavers' Political Club. a The German silk-weavers organized political workingmen's club last night. Fisk's Opera House. It is reported that Gould sold his interest in the Grand Opera House to Mrs. Fisk, who is now the sole owner of that building. Spotted Fever. Three new cases of spotted fever occur red in Newark yesterday, and several other cases in the neighboring villages. It feared that it will become epidemic. Explosion of Fire-Damp. Scranton dispatch states that Edward Sullivan A was fatally and three others seriously burned by an explosion of fire-damp in the Pinebrook coal mine Friday. ... MISSAURI

9. April 9, 1872 The New York Herald New York, NY
Article from The New York Herald, April 9, 1872

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Bank Examiner. visited the Tenth National Bank, when Mr. Palmer, 1ts President, offered every factilty and information in his power. The result of this investigation was presented by Mr. Tappan yesterday to the Clearing House Association, at a special meeting called for that purpose. Out of a membership of sixty-one banks representatives from ffftfour were present. Mr. J. D. Vermilyea was called to the chair, and Mr. A. Masterton was cnosen Secretary. The report of Mr. Tappan was then read, as follows:sta meeting of the Clearing House Committee held this day a resolution was unanimously adopted requesting me, on behalt of the committee, by a letter of the chairman, to "ascertain and explain the causes that have occasioned the excitement and charges consequent upon the large credit balances of yesterday of the Tenth National Bank," and to report as soon as possible to said committee, I beg leave to report that, in comi any with Chas. A. Meigs, Government Bank Examiner, I called on the President of the bank, and, having presented the letter, requested to be shown the books of the bank and any papers tending to throw light upon the transaction. This request was granted and the following facts elicited:- On the morning of April 5 Inst., before ten o'clock, Mr. Henry N. Smith deposited in the Tenth National Bank $4,100,000, consisting of checks on the following banks:Bank of North America $1,200,000 Corn Exchange Bank 1,100,000 Mecnanica' Banking Association 650,000 Bank of the Commonwealth 320,000 Continental National Bank 800,000 Total $4,100,000 These checks were added to the exchanges of that day, which, in addition to between five and six hundred thousand dollars loan called in on the day previous, caused the large credit of $4,770,000 on the 5th inst. On the same day checks drawn by H. N. Smith for $3,100,000 were presented by him and paid in legal tender notes over the counter. One million was paid into the sub-Treasury on account of a purchase of gold $050,000) by Osborn & Chapin. This amount was also paid on check of H. N. Smith. An examination ot the bank account of Mr. Smith showed that on February 24, 1872, a deposit of $500,000 was made and drawn for the same day in legal tender notes, and that on February 26, 1872, $200,000, and on February 27 $500,000-in all $700,000-were deposited and drawn in cash on the day of the last deposit. Mr. Palmer. the President, stated that he had no knowledge of the disposition made by Mr. Smith of the amount drawn from the bank, and that neither he, personally or as President of the bank. nor the bank in any way had become the custodian of any portion of said funds. Mr. Palmer further stated that he had had no intimation that the bank was to be used to withdraw legal tender notes from use; but in this connection it is proper to notice that on the day prior to the deposit of $4,100,000 by Mr. Smith the bank called in loans to the extent of $500 000, when, by its statement, there appeared to be no necessity for such contraction Mr. H. N. Smith 19 a director in this institution. The President and Mr. O. H. P. Archer, who is a director of the bank, were present during the examination and expressed great regret that the bank, through the operation of one of its dealers. had furnished cause for any action on the part of its associates in the Clearing House. and assured me that no transactions of a similar nature would in the future take place through it. After the reading of this report a motion was made to expel the Tenth National Bank from the Clearing House Association, and the sentiment of about one-third of the members present seemed to lavor such action. But, by various amendments and resolutions offered and debated pro and con, in consideration of the testimony of Mr. Palmer and the fact that other members of the association, equally guilty, had been passed by before, and that it would look like nasty and partial action to expel the bank for this offence, the following compromise resolution was adopted:Resolved, That the Clearing House Committee be and is hereby directed, whenever it appears in its judgment that legal tender notes have been withdrawn from use through the agency of any bank members of this association, to make an immediate examination of the bank in question, and, should there appear to be complicity on the part of the bank officers, to suspend said bank from this Clearing House until action of the ssociation shall be taken thereon. This resolution is intended, of course, to put and to keep the Tentn National on its good behavior. Congress, however, is not willing to rest here. By a telegram received at the Clearing House anout four o'clock yesterday afternoon it appeared that the House of Representatives, by resolution, in. structed Its Committee on Banking and Currency to investigate this "lock-up," and authorized 10 to send for persons and papers. Meantime Mr. Smith has his minions locked up in some safe depost or other institution, where be will keep it until his purposes are served or he ascertains that they cannot be.

10. April 9, 1872 New-York Tribune New York, NY
Article from New-York Tribune, April 9, 1872

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1,100,000 Corn Exchange Bank 680,000 Mechanics' Banking Association 320,000 Bank of the Commonwealth 800,000 Continential National Bank $4,100,000 Total These checks were added to the exchanges of that day, which, in addition to between $500,000 and $600,000 loans calledinon the day previous, carried the large credit to $4,770,000 on the 5th inst. On the same day checks drawn by Henry N. Smith to the amount of $3,100,000 were presented by him. and paid in legal-tender notes over the counter. and 1,000,000 was paid into the Sub-Treasury on account of a large purchase of gold ($950,000) made by Oaborn & Chapin. This amount was paid on the check of Henry N. Smith. en examination of the bank account of Mr. Smith shows that on February 24. 1872. a de posit of $500,000 was made, and drawn for the same day in legal-tender notes, and that ou February 26,1872, 200,000, and on February 27. 1872, $500,000, in all $700,000, were deposited and drawn in cash on the day of the last deposit. Mr. Palmer, the President, stated that he had no knowledge of the disposition made by Mr. Smith of the amount drawn from the bank, and that neither he personally, nor as President of the bank, nor the bank any way had become the custodians of any portion of said funds. Mr. Palmer further stated that he had had no intimation that the bank was to be used for the purpose of withdrawing legal-tender notes from use; but in this connection it properto notice that, on the day prior to the deposit of $4,100,000 by Mr. Smith, the bank called in loaas to the extent of $500,000. when by its statement there appeared to be no necessity for such contraction. Henry N. Smith is a director in the institution. The President and O. H. P. Archer, who is a director of the bank, were present during the examination, and expressed great regret that the bank, through the operation of one of its directors, had furnished for any action on the part of its associates in the Clearinghouse, and assured me that no transactions of a similar nature would in the future take place through it. F. D.TAPPAN. A long and somewhat noisy discussion followed. Mr. Palmer, President of the Tenth National Bank, appeared, and stated that the bank had been ignorant of the movement to lock up money, and that he regretted the effect which the action of a director might have upon the bank. A resolution for the expulsion of the Tenth National Bank from the Association created much discussion, and was finally lost by a vote of about two to one. Mr. Palmer then gave a pledge to the Association on behalf of his bank that all the money withdrawn from circulation should be immediately restored to commoree. It incidentally appeared during the discussion that, of the $4,100,000 posited by Henry N. Smith, Jay Gould owned $200,000. The following resolution, offered by Mr. Tappan of the Gallatin National Bank, was then adopted: Resolved That the Clearing-house Committee he and is ereby directed, whenever it appears in its judgment that legal-tender notes have bee n withdrawn from use through the agency of any bank, member of this Association, to make an immediate examination of the bank and should there appear to be complicity on the part of the bank OF its officers, to suspend said bank Iron the Clearing-house until action of the Association chall be taken thereon. The Committee then adjourned. A reporter of THE TRIBUNE afterward called upon the Vice-President of the Tenth National Bank who said: "I have only to state that we knew nothing of the affair until 11a. in. on Friday when we received our balance-sheet from the Clearing-house, and saw that $4,700,000 was placed to our credit. This amount was at once drawn against by checks, and the accounts were almost squared by the next morning. The affidavit of Mr. Purdy is only upon information and belief." THE BANK IN THE UNITED STATES COURT. The legal proceedings instituted against the Tenth National Bank excited much interest yesterday, and large numbers of business men and depositors in the bank were early in attendance at the United States Court building, eagerly questioning the Commissioners as to when the expected arrests were to be made. About in. subpenas were issued and served upon all the officers of the bank, requiring them to attend before Commissioner Davenport, at 11 o'clock, as witnesses. The counsel for the President of the bank appeared, however, before the United States District-Attorney, and announced that it was impossible for his client to be examined until the afternoon. Jay Gould was also absent, and the only witness examined in the morning was Edward K. Willard of Willard, Martin & Co., brokers, who was questioned for the Government by Assistant Distriet-Attorney Purdy, and testified: Henry N. Smith is a special partner in the firm of Which 1 am a member; I have not done any business for Mr. Smith, and am not aware of his draw ing any money on our house; Jay Gould is also a special partner in our firm; I have conversed but little with Mr. Smith for the last 10 days, and he has not directed me to procure any deposits, or draw any checks on his account, within that time Mr. Smith and Jay Gould have talked with me on the stringency of the money market, but have said nothing that I remember in relation to the alleged conspiracy In the Tenth National Bank; neither Mr. Gould nor Mr. Smith have ever told me that they intended to withdraw a large amount of money from the Tenth National Bank. Several questions were asked witness by Mr. Purdy, to which Mr. Field of counsel for the banks objected on the ground that they were irrelevant and improper. Nr. Purdy said that he wished to show by the witness that Henry N. Smith and Jay Gould had willfully withdrawn certain funds from the bank in question, and conspired with others to produce a panic in the money market. In reply to a question in regard to certain conversations with Gould and Emith, the witness testified I ( have conversed with Mr. Could and Mr. Smith on this subject, but they have stated nothing damaging: Mr. Smith said that he thought it was rather hard that man could not withdraw his own money from a bank without ge tting into trouble he said this on Saturday Mr. Gould rid not express himself in regard to the matter on that day: I have not negotiated with any one for the Joan of money above the legal rates, and have not loaned money without first collecting from the persons 4your vhoin it was borrowed Mr. Pardy-Have you seen any check drawn on your house in favor of Mr. Smith within the last ten days This question was objected to, and an argument enused which resulted in the postponement of the examrostion until 3 P. H., when the counsel for the bank said they would produce the President, Walter B. Palmer, who would give some important testimony concerning 11 affairs. When 3 e'clock came, the President had not rerived, and Commissioner Davenpoxt, after waiting until 31, required Field and Edmonds, counsel for the bank, to explain the absence of their witness. Mr. Field said the President was compelled to attend an examination before\the Clearing-house at p. m., and he\supposed he would not be through early enough to on with the examination before the Commissioner that afternoon. Mr. Pardy said he would like very much to proceed with the case, for the longer it was put off the more Case would be given to the alleged conspirators to ad. nst the accounts, and partially conceal like real state of alter considerable discussion, 13 m. to-day was fixed

11. April 15, 1872 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, April 15, 1872

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FINANCE AND TRADE. OFFICE OF THE DAILY APPEAL, SATURDAY, April 13, 1872. FINANCIAL Earthquakes in California but no movement on Madison street. Exchange shows no alteration in supply or rate; sufficient for all necessary purposes, commercial bills taken at par; selling 1/4 premium. Gold taken by brokers at 119% for small lots; a lot of $3000 brought 110. Some Charleston railroad stock offered yesterday at 32 still remains without takers. Occasionally lots of city bonds, long date, are offered, apparently to try the market, but no buyers are found. The nominal rate is 50, but it is not probable that if any amount was thrown bona fide on the market it would command that amount. Some small lots of county warrants were sold at 98c; they are very scaree. Forty shares new gas company, $2000; more taken at 50c, cash. Five shares German National bank changed hands at 97c; twelve months ago these shares sold at 60c. The New York World, of April 9th, quotes the sale of 12,000 Tennessee 6's at 67c. The Nashville Banner reports: "There is a steady demand from tax-payers for old Bank of Tennessee, which is bought by dealers at 87c and sold at 88c. New issue Bank of Tennessee is dull with but little doing, at 32@33c buying." Trade Matters. The New York Dry Goods Reporter says: "It is probable that the Senate will now desist, and that we shall hear no more of the project for repealing the duties on tea and coffee. The revision of the tariff will now devolve where it properly belongs, to the House, and it is known that the Committee of Ways and Means is preparing a new reform bill. But there is very little prospect that it will be adopted during the present session of Congress, so that the people, after all, may be compelled to bear the existing weight of taxation another year." The New York World of the 8th reports: "The Tenth National Bank was taken in hand by the Clearing-house Association for having been concerned in locking up greenbacks. Theresult was the offering of a r solution to expel the Tenth National Bank from the Clearing-house. The majority vote against this resolution was thirty-nine, and the mimority in its favor, fifteen. Mr. Tappan, of the Gallatin bank, then offered the following resoJution, which was adópted: Resolved, That the Clearing-house Committee be and is hereby directed, whenever it appears in its judgment that legal-tender notes have bea withdrawn from use through the agency of any bank-member of this association- to make an immediate examination of the bank in question, and should there appear to be complicity on the part of the bank or its officers, to suspend such bank from the Clearing-house until action of the committee of the association thereof. The preceding resolution is all very well on the milk and water principle of how not to do anything. The measures that ought to be adopted on the part of the banks are to publish weekly honest and truthful statements of their true condition, to discard specie as a basis for banking reserve, and to reckon legal tenders only as a legal reserve. The repeal of the usury laws is also essential to a healthful condition of the money market."

12. April 17, 1872 New-York Tribune New York, NY
Article from New-York Tribune, April 17, 1872

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Rusk moved that the House which motion, if carried. would have passed the bill as it came from the Senate. Mr Ketcham then withdrew his motion. to give Mr. Holman an opportunity to move that the House adhere to its amendments. Mr. Rusk's motion had priority, but it was beaten by a vote of 57 to 115, and the question recurring on Mr. Holman's motion, it was carried by a vote of 110 yeas to 54 nays. The effect of this vote is that the bill perishes between the two Houses by reason of their disagreement. and no further conference will be had over it. The Land Grant party lost over 30 votes since theSt. Croix bill waslast before the House. Mr. Ketcham, who has managed quite skillfully to secure tae defeat of the bill, attributes this result largely to the exposure of the magnitude and immense value of the grant by THE TRIBUNE and other leading journals. Henry N. Smith, the man who endeavored to cause a money panic by withdrawing $4,000,000 from circulation in New-York, was examined by the House Banking and Currency Committee, to-day, in relation to that transaction. He frankly admitted that he "locked up" the greenbacks for the express purpose of making currency scarce and creating a stringent money market. His object, he said, was to bring down stocks. He was short" in stock. and devised this scheme to bear' the market. Smith denied that he had any conversation with President Palmer of the Tenth National Bank of New-York as to his purpose when he deposited with him the checks for the $4,000,000. The scheme to create a panic was. he said, entirely his own. and Palmer had no knowledge of it whatever. Bank Examiner Meigs was present while Smith was giving his testimony, and aided the Committee in questioning him. Several members of the Committee express themselves as not satisfied from Smith's testimony that the officers of the Teuth National Bank were free from any complicity with him in the transaction. The fact that the Bank, on the morning after Smith made his deposit, called in nearly $1,000,000 of its call loans, and actually gotabout $600,000 of this amount into its vaults, in addition to its usual amount of currency. leads them to think that the bank had full knowledge of Smith's plans and actively cooperated to secure his success. The Pacific Railroad Committee of the Senate has given two days to the lawyers who represent the Union and Kansas Pacific Railroads. The question at issue between these two corporations, it may be remembered, is whether the Usion Pacific Road shall be required to pro rate" with the Kansas Pacific, from Cheyenne to the western terminus of the Road, or whether it shall be allowed to charge more for carrying freight from Cheybeeune to Ogden than from Omaha to Ogden. It is lieved that a majority of the Committee favors the Union Pacific side of the controversy. Beside the Tariff muddle, and the slaughter of the St. Croix bill, there was not much of interest in the House to-day. A bill regulating seizures for violation of the Revenue and Customs laws was reported by Mr. Dawes. Speaker Blaine made a speech in defense of a ruling he had made last week on a bill offered by Mr. Beatty, from the Printing Committee, which ruling Mr. Beatty had severely criticised last Saturday. Mr. Beatty had reported a bill to provide for the distribution of public documents by depositing them in the post-offices of the country, for sale at the cost price to the Government. This bill, he said, would save more than half million dollars annually. The Speaker decided that, although the Printing Committee, of which Mr. Beatty is Chairman, had the right to report at any time they could not report a measure of general legislation. Mr. Beatty, in his Saturday's speech, cited rulings in similar cases of Speakers Winthrop and Cobb, and a former ruling of Speaker Blaine himself. that the Printing Committee had the right to report measures not restricted to the printing for the House. The precedents were clearly on Mr. Beatty's side, and Mr. Blaine's attempt to show a distinction between the two cases, in which he had made his conflicting rulings, did not put the matter in a very compreheusible light. He made a good argument, however, to prove that the Printing Committee ought not to have the privilege which the rules and previous decisions obviously gave them, and the House, sharing in the prevalent disposition to interpret laws and regulations to mean not what they say, but what it is thought desirable they should mean, sustained the Speaker's ruling by an almost unanimous vote. Mr. Dawes having completed his long and arduous labors in Committee upon the Tax and Tariff bill, will leave for his home in Massachusetisto-morrow, to secure a few days of much-needed rest before the bill comes up for consideration in the House, He expects to return early next week. The House Committee on Military Affairs agreed, today, to report favorably upon the Senate bill fixing the pay of the enlisted men of the army, which establishes, with slight modifications, the rates of pay now temporarily in force. They also agreed to report the Senate bill to prevent desertion, and improve the condition of the soldiers by encouraging them to deposit a portion of their pay in the Treasury, through the paymasters, for retention by the Government, at four per cent interest until the expiration of their terms of enlistment. The Attorney-General has selected Judge William Lawrence of Ohio, a former Member of Congress, as the arbitrator between the United States and Judge Wright of Indiana, who was an agent of the Government for the payment of certain bounty and other claims of Indians in the Indian Territory. It will be remembered that the matter in dispute involves about a half million of dollars. Judge Lawrence will enter upon the duties of his appointment as soon as the testimony, in the shape of attidavits, &c., can be taken in the Indian country, and he will also consider the vouchers and accounts which Judge Wright will present. The appearance of the case is decidedly against Judge Wright, who, it is alleged by the Government officers, took a dishonest course in regard to moneys placed in his hands. The House Appropriations Committee to-day decided to recommend an appropriation of $20,000 for the continuation of the explorations of the Colorado River by Major Powell.

13. December 20, 1872 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, December 20, 1872

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In passing the Deficiency Appropriation bill, yesterday, the House added an amendment forbidding the Board of Public Works of the District of Columbia to involve the United States in any further liabilities beyond the appropriations of the last session. One hundred thousand dollars was appropriated for the Vienna Exposition, and the appointment was authorized of twelve American artisans to visit the Exposition and study foreign industry. With regard to the celebrated greenback lockup perpetrated last year by the Tenth National Bank of New York, the Banking Committee reported that the Directors meant to create a panic by what they did, and that they succeeded so far as to produce a tightness of the money market throughout the country. They recommend no action against the bank, but, to prevent such financial corners in the future, they offer a bill which imposes a fine of $10,000 upon any bank offending hereafter in this way, forfeits its charter, and imprisons the guilty officers five years. The Committee have been ordered to ascertain whether any combinations are now in existence for locking up coin or greenbacks, and in what way they may be defeated and prevented in future.

14. December 26, 1872 Ottumwa Weekly Courier Ottumwa, IA
Article from Ottumwa Weekly Courier, December 26, 1872

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CONCRESSIONAL. WASHINGTON, Dec. 19. HOUSE, On motion of Wood. a resolution was adopted that the Banking Committee enquire whether unlawful combinations for locking up gold and other money exist, causing commercial and financial stringency, and report the legislation necessary to prevent such uniawful combinations. Mr. Hooper reported from the investigation committee, ou the charge again t the Tenth National bank of New York, of its locking up currency, with a view of producing a money panic. The committee recommended the passage of a bill prohibiting national banks from locking up currency, and any officer of such banks abetting such action be fined ten thousand dollare and imprisonment for five years. Resolutions were adopted appoint* ing a Committee of Three to examine into the cause of the loss of stamps from the Assistant Treasurer's office at New York. The bill for paying the expenses of the Mexican Commission passed. The Diplomatic Appropriation bill, appropriating $1,332,000 dollars was reported and made the special order for January 7th. The House went into Committee of the Whole on the Deficiency bill. After debate the bill was reported with amendment, forbidding the board of Public Works of the District of Columbia from incurring any indebt. edness for the U. S. beyond the amount appropriated by Congrese. The bill passed 109 against 45.

15. December 27, 1872 St. Johnsbury Caledonian Saint Johnsbury, VT
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Congressional. SENATE. Dec. 19. Mr. Sherman, from the Finance Committee, reported a substitute for the bill prohibiting the sale of liquors in the District of Columbia and other Territories. Mr. Edmunds said he intended to call up the joint resolution adverse to the erasure of the names of battles from the flags and Army Register. but retrained. as he understood that Mr. Summer was too unwell to speak. House.-Mr. Hooper of Massachusetts reported from the investigating committee on the charges against the Tenth National Bank of New York of its locking up currency with the view of produeing a money panic. The committee recommend the passage of a bill prohibiting national banks from locking up currency, and that any officer of such banks abetting such action be fined $10,000 and imprisoned five years. Mr. Banks' (of Massachusetts) bill appropriating $100,000 in aid of American exhibitors at the Vienna Exposition was amended on the motion of Mr. Hoar, by providing for an appointment of a commission of twelve skilled citizens to attend the Exposition and report their observations to the President, and passed. SENATE. Dec. 20. A bill appropriating $18,790, to defray the expenses of the Mexican frontier commission, was passed. The Indian appropriation bill was postponed, and the deficiency bill taken up. Some debate ensued in reference to the appropriation for public works in the District of Columbia. Mr. Edmunds, before voting for the appropriation, desired an investigation as to whether the moneys heretofore appropriated had been properly expended. Mr. Morrill of Vermont said the board of public works had acted with fairness and justice. On motion of Mr. Edmunds an amendment was adopted that the amount appropriated shall be paid on approval of the prices by the commissioner of public works.

16. December 31, 1872 The New York Herald New York, NY
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letter referred to. The City Deposits-The Custody of the City Funds and the Interest Question. Comptroller Green last week addressed a letter to the City Chamberlain, expressing a want of confidence in the Tenth National Bank, in which was deposited two million one hundred thousand dollars belonging to the city of New York, and requesting the Chamberlain to "make immediate arrangements to have the same transferred to some banking institution of the city of recognized standing and means." This letter reached the Chamberlain at four o'clock on Saturday afternoon, and on Monday morning early that officer drew a warrant for one million eight hundred and fifty thousand dollars on the Tenth National Bank, and sent it to the Comptroller for his signature, for the purpose of drawing out that amount of the public deposit. The Chamberlain, in his reply to the Comptroller, states that he thus withdraws all but two hundred and fifty thousand dollars from the Tenth National, "without any notice," in order to show how unnecessary are the Comptroller's apprehensions in relation to the safety of the public moneys on deposit in that bank, but adds that he does not by this action waive his right to exclusive direction in regard to the custody and safety of the public moneys. If Comptroller Green had any good grounds for believing that the Tenth National Bank is an unsafe depository of the city moneys he did perfectly right to counsel their withdrawal therefrom. No person else shared his fears as to the solvency of that institution, which is supposed to stand in as good credit as any bank of its capital in the city, and its prompt payment of nearly the whole of the large deposit at sight will probably remove even Comptroller Green's apprehension. If the request made to the Chamberlain was prompted by less worthy motives it has only recoiled upon himself, for it has afforded the Tenth National bank an opportunity to prove its strength, and has fully justified the discretion of the Chamberlain in selecting it as a bank of deposit. Indeed, the "alarm" of the Comptroller must have been of recent origin. No portion of the deposits can be withdrawn from the Broadway Bank and placed in any other bank without the countersigning of the warrant by the Comptroller; hence that officer must have had full confidence in the solvency of the Tenth National when he consented, by his signature, to the transfer of so large an amount of the city moneys to that bank. The Chamberlain is right in protesting against any intermeddling on the part of the Comptroller with the custody of the public funds. The present financial system contemplates the entire separation of the two offices. The Chamberlain is the treasurer of the city, holding custody of its moneys, responsible for their safe keeping, and giving bonds in a heavy amount-one million two hundred thousand dollars-for the faithful discharge of his duties. The object is clear. It would be an unwise policy to allow the Comptroller-who gives only twenty-five thousand dollars bonds-to draw warrants and pay them himself; to hold the custody of the city funds in one hand and to disburse them with the other. Whether the law regulating the Chamberlain's powers and prescribing his duties does or does not need amendment is foreign to the subject. The principle of separating the offices of Comptroller and Chamberlain is a good one, and the rest is matter of detail. The HERALD long since advocated a law compelling the banks holding the city deposits to pay interest on the same, and, in its absence, approved the action of Chamberlain Sweeny, who, on his own responsibility, required the depositories to allow four per cent interest, and paid the amount over to the city, thus creating a fund of between four and five hundred thousand dollars for the benefit of the taxpayers up to the time Chamberlain Palmer took office. Comptroller Green thought proper to prohibit this arrangement. Like much of the Comptroller's official conduct this action savored more of personal spite than of public spirit. The city received the money, but the Chamberlain obtained credit for the arrangement. The interests of the taxpayers were sacrificed to gratify petty jealousy. However much it may be the fashion to applaud Comptroller Green's honesty, these are plain facts, known to every citizen, and the communication from Chamberlain Palmer on the subject only renders them more clear and

17. October 9, 1873 Mower County Transcript Austin, Lansing, MN
Article from Mower County Transcript, October 9, 1873

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N.MOWER COUNTY, MINNESOTA, THURSDAY from 000 to ber did they begin $200,000,000 of to the five alarmed successive and 181. was weeks preceding they withdrew in from the banks each week than the the banks withdrew from them by the de pression of loans. Although the panic started on the 25th of August, caused bny gold without fear, In the middle by the contraction of loane, and was at of September it bon $9,000,000 at Mormons to be Drov once carried by the telegraph with the 1331@134 in one batch. On the mornCorrespondence of speed of lightping to all parts of the ing of Wednesday, the 22d. it held country, marked withdrawal of SALT LAKE CITY, A several millions more than there were day visited the Gre deposits depositors took in the city of New York outside the place till more than an few strangers go to it Sub-Treasury, and yet the price had entire month later. Up to that spend a month in t been forced no higher than 141. The would find out how t time the depositors presented a steady clique settled its plans on Thursday ably half of the resid front, apparently determined to sus, evening. It had tain the public credit if everything mon capital have net sums at 138. The plan at first to else hen October came shores of this great call in all of this, lock it up and force atonce to cease to and Profile Rocks, th the bears to settle by buying in under be and on the 8d of that interest, are twenty the rule. The Tenth National Bank month a marked change came over the Accompanied by th to have been used to shift the immense spirit of the depositors. Over four Rood, formerly of sums, but the appearance of the bank millions of deposite were withdrawn in party of ladies, left examiners unsettled this plan, and the the seven following, and over 6a. m. We had a fin programme was to put gold up swiftly fourteen millions in the next twenty. Running out of town and frighten the bears into direct setThe 14th of October was the date of street turning at th tlements. As it was, the officials of struck for a mountain banks suspension. On the day the bank agreed to certify to an unlimfollowing withdrawals ceased and lake apparently but t ited extent night day. Oh Thursrestoration Its true distance is 18 One of the day it did certify checks amounting to causes the by banks mosphere is so clear $25,000,000, and on Friday, spite of themselves themselves for their susfield of glass, makin the presence of the examiners, $14, pension was the sudden withappear much nearer 000,000 more. All this time an army drawal of country balances, and are. At times they of holders in the pay of the clique, rifle range. Occasion for this the telegraph was responsible. and under the leadership of one Albert It not only took the news to the valley grows hazy and Speyers, was buying up all the gold country banks of the collapse of credit peaks loom up abov that was offered, and endeavoring to island cliffs above the in the city, but brought back their bring it up to 200. Their efforts were orders demanding their deposits in more than successful. Gold reached specie. The Clearing House, too, was 160, and for an instant touched 165. The road to the lal alleged to aid in increasing the general This was the harvest time for the by irrigating ditche collapse. Its daily settlements in coin Jordan. With these clique, and while some of his agents forced the smaller banks into contract level as a floor. For were thus keeping the price by bawling their loans, into sacrifices of prop. ng bide for millions 160, Gould was is bordered by fields of erty, and finally iuto bankruptcy. unloading through a dozen different but few fences. The Default at the Clearing House became is a desert. Even the brokers at far lower figures, but yet the Banquo's ghost that appeared at refuses toggrow. The an immense profit to himself. He had, the bank ard of all the smaller instihowever. pushed the price too far, and impregnated with alk tutions. The most universally accepted when news came that Secretary Boutplaces at looks as t cause for the panic of 1857 is the viosprinkled it with well would sell $4,000,000 of gold the lent contraction of bank loans immediprice fell even more anddenly than The Jordan is a qui ately after the 24th of August. And rods wide. The wat it had risen, and general ruin and this was entirely the action of the There are no utter confusion fell upon Wall street banks, and they had only themselves to a certain extent even-involving those banks. The Mormo to blame. It was, too, the expansion who had been chiefly instrumental in very much as the Cr of banks previous to the panic that producing it. Down, down went the the original Jordan laid the foundation for the memorable falsely bolstered price. The day was their eyes is sac commercial crisis of 1857. the blackest that ever set on Wall declare that the OF '66. street. Men knew not where they Smith appeared to In the early months of 1866 the stood. The confusion and madness upon one of the moun financial position and feeling in Lonso great that it was supposed that city, and pointed out don was in morbid state; organized all the clique had gone down. Of the as it wound its way ov bear cliques formed during the months times that followed it is impossible to narrow silver ribb of March and April, and were bearing give an idea. There was run on the Brigham that the Gre all kinds of stocks, but especially the Tenth National Bank the next day, and the promised land. newly created tocial companies and million was drawn out. The Gold site of the of several of the stock banks, of which the Clearing House kept $14,000,000 inexthe crection of thetem Agra and Masterman was a central tricably locked up. The $500,000,000 spot. object. Although Overend & Gurney's of clearings demanded in one day of THE GREAT SALT L company was selected for attack, the bank dizzied its incapacity. Gould A dozen miles from no one of the most sanguine had not yet done his work. proached the marsh bears dreamt of the really rotten When it was publicly known that Great Salt T state of the great discounting only the account of his firm was extent, and were co house. On the beginning of May, needed to finish the clearances for herds of fat cattle. 1866, people or 'Change andin the city Black Friday, and when upon that herds are owned by congratulated themselves that the account fortunes were spending, hourly Jesus Christ of Latt morbid feeling in financial affairs was Gould telegraphed from his barracks The real foundation past, and the stocks all round were at the Grand Opera House, where he its tithing system. U considered better and stronger. These was guarded from the mob by police, each saint turns over delusions almost invariably follow the not to send it down. The bank went bis earnings for th greatest disasters On Thursday, the into the hands of a receiver. Then church. Many of th 8th of August, 1866, I was walking up came a crash. Four firms were declared their tithes in cattle Newgate street about four P. M., when suspended. Then came a rumor that is said to include met one of those noisy, busy men Lockwood & Co., Vanderbilt's brokers, of stock. It is a sour ho hear and know everything first. had gone under-the strongest house ing revenue, for the I was on the opposite side of the street on the street. They had been carrying choicest kind when this man bawled out to me, Pacific Mail, Lake Shore, Chicago and prices. The herders " Did you hear Overend-Gurney's have Northwestern, on which the loss was the dignitarie of failed Walking acrosst he street millions, with money at 800 to 1,200 Bishops keep to meet him (a dozen men per cent. a year. The firm stock. or more were already arrested But Vanderbilt poured in millions, and The marshes of the by his loud communication,) sent up Lake Shore, Northwestern, are the resort of the cautiously said hush," when with and Central, held them, and saved fowl. They present louder tone he bawled out again, bimself. Ou Saturday, October 1, for sportsmen. Amor say Gurney's have failed By this Gould began his clearances not till snipe we saw time a perfect mob had gathered round then. The delay of the clique in dling up a little lagoo us. Ideft the crowd and wended my settling is accountable, with the cumbare said to be very way to the well known corner house rous machinery of the Gold Exchange of wild beans are in Lombard street. To my astonishand bank, for the terrible wear and marshes. ment saw no crowd, no excitement, tear of the week that followed the fatal fou height of The only sign of suspension was the Friday. fragrant closed doors of the house must

18. October 9, 1873 Mower County Transcript Austin, Lansing, MN
Article from Mower County Transcript, October 9, 1873

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$150,000,000 to $200,000,000 of floating gold, and gold was. weak at 131. There was $80,000,000 in the Sub-Treasury, but somebody had promisel that the government would not sell. The clique, therefore, could buy gold without fear. In the middle of September it bought $9,000,000 at 1334@134 in one batch. Ou the morning of Wednesday, the 22d. it held several millions more than there were in the city of New York outside the Sub-Treasury, and yet the price had been forced no higher than 141. The clique settled its plans on Thursday evening. It had loaned gold in immense sums at 138. The plan at first was to call in all of this, lock it up and force the bears to settle by buying in under the rule. The Tenth National Bank was to have been used to shift the immense sums, but the appearance of the bank examiners unsettled this plan, and the programme was to put gold up swiftly and frighten the bears into direct settlements. As it was, the officials of the bank agreed to certify to an unlimited extent night and day. Oh Thursday it did certify checks amounting to $25,000,000, and on Friday, spite of the presence of the examiners, $14, 000,000 more. All this time an army of holders in the pay of the clique, and under the leadership of one Albert Speyers, was buying up all the gold that was offered, and endeavoring to bring it up to 200. Their efforts were more than successful. Gold reached 160, and for an instant touched 165. This was the harvest time for the clique, and while some of his agents were thus keeping the price by bawlng bids for millions at 160, Gould was unloading through a dozen different brokers at far lower figures, but yet at an immense profit to himself. He had, however, pushed the price too far, and when news came that Secretary Boutwell would sell $4,000,000 of gold the price fell even more suddenly than it had risen, and general ruin and utter confusion fell upon Wall street, to a certain extent even involving those who had been chiefly instrumental in producing it. Down, down went the falsely bolstered price. The day was the blackest that ever set on Wall street. Men knew not where they stood. The confusion and madness was so great that it was supposed that all the clique had gone down. Of the times that followed it is impossible to give an idea. There was a run on the Tenth National Bank the next day, and a million was drawn out. The Gold Clearing House kept $14,000,000 inextricably locked up. The $500,000,000 of clearings demanded in one day of the bank dizzied its incapacity. Gould had not yet done his work. When it was publicly known that only the account of his firm was needed to finish the clearances for Black Friday, and when upon that account fortunes were spending, hourly Gould telegraphed from his barracks at the Grand Opera House, where he was guarded from the mob by police, not to send it down. The bank went into the hands of a receiver. Then came a crash. Four firms were declared suspended. Then came a rumor that Lockwood & Co., Vanderbilt's brokers, had gone under-the strongest house on the street. They had been carrying Pacific Mail, Lake Shore, Chicago and Nortbwestern, on which the loss was millions, with money at 300 to 1,200 per cent. a year. The firm went down. But Vanderbilt poured in millions, and sent up Lake Shore, Northwestern, and Central, held them, and saved himself. Ou Saturday, October 1, Gould began his clearances--not till then. The delay of the clique in settling is accountable, with the cumbrous machinery of the Gold Exchange and bank, for the terrible wear and tear of the week that followed the fatal Friday.