17434. Dayton Bank (Dayton, OH)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 24, 1839
Location
Dayton, Ohio (39.759, -84.192)

Metadata

Model
gpt-5-mini
Short Digest
798b45c5

Response Measures

None

Description

Multiple articles from Oct–Nov 1839 report the Dayton Bank suspended payment of specie after hearing of suspensions at Columbus and other Ohio banks. There is no article explicitly reporting a permanent failure or receivership. Contemporary sources indicate many Ohio banks expected to resume within the 30-day statutory window, so I classify this as a suspension with likely reopening rather than a permanent closure.

Events (1)
1. October 24, 1839 Suspension
Cause
Local Banks
Cause Details
Suspended immediately upon receipt of news of suspension(s) at Columbus and other Ohio banks (contagion from local bank suspensions).
Newspaper Excerpt
The Dayton Bank suspended as soon as they heard of the suspension at Columbus.
Source
newspapers

Newspaper Articles (6)
1. October 25, 1839 Morning Herald New York, NY
Article from Morning Herald, October 25, 1839

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N E Y M A K T. Thursday, Oct. 24-6, P. MS. The stock market presented today the usual features: sales were not large and prices fell with the exception of United States Bank which improved 1 per cent-Utica & Schenectady 1 per cent American Exchange Banking 2 per cent-Ohio Life & Trust 1₫ percent-Bank of Commerce 2 per cent-Harlem improved 1 per Delaware & Hudson It per cent. The Bank of Zanesville and the Putnam Bank continue to redeem their notes, The Dayton Bank suspended as soon as they heard of the suspension at Columbus. The Franklin Bank has addressed a circular to its stockholders proposing to wind up its concerns. Three of the banks at Augusta, Geo., have saspended. The Express stated ou Tuesday that the United States Bank in New York received the stock of the Philadelphia Bank at par for notes, made payable here. We corrected the tement. The Express then published the following circular in corroboration of its false statement: 'SIR-In compliance with the instructions of the Bank of the United States at Philadelphia, I am directed to notify you, that the payment of our notes due to their agency in this city, will be required at maturity. "I am further instructed to inform you, that from the great desire of the Bank to effect a ettlement of these claims, they will receive from you, is liquidation of the same, their post notes, bank bills, payable on demand, or the capital stock of be Bank. at par, at any time previous to the 5th of November next." Thi, as will be perceived from the wording, refers only to some old transactions of the agency of Mr. Rebinson, of which paper there is about $3,000,000 which has heretofore not beea considered worth 5 cents on the dollar, and we do not see any great liberality in offering to take 78 cents, which is the present price of the stock. The original statement of the Express, is entirely untrue. It is stated in the Rhede Island papers, which show a lamentable ignorance of the affairs of their own state, that instructions have been received by the banks there to receive current Rhode 1sland money at par, in payment for debts due Boston. The Baltimore papers state the same fact, with regard to New York debts. The Bank of Towanda, Pa, suspended on the receipt of the intelligence of the suspension at Philadelphia; immediately a meeting of citizens was called, and a statement of its affairs submitted. The following were the leading features as compared with returns of of Jan., 1838.

2. October 28, 1839 Morning Herald New York, NY
Article from Morning Herald, October 28, 1839

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MONEY MARKET. Sunday, Oct 27-6, P.M. The stock market continues its downward tendency. universal At the board yesterday morning, sales were small, and at a which decline, with the exception of the Uni ed States Bank, Trust closed at about the same as or Friday. North American and Banking receded per cent; Kentucky and Harlem 1 Life per cent each; American Exchange Bank per cent; Ohio made and Trust 1 Ler cent. Sales of Corporation boads were at a decline of 3 per cent. Money was exceedingly uncurrent scarce, and most exorbitant rates have been paid for it. In take much confusion prevails. Many of the brokers exorbimoney advantage of the necessities of applicants, and charged all the tant rates. There are some, however, who purchase in the safety fund and red back money, which is not redeemed city, at 4 to 5 per cent discount. At Boston the money market is represented as no better; steady demand for specie is aid to exist on New York account; $20,000 was drawn for this city on Friday; checks were scarce states and sold at 1 premium. A Fayettville (N. c.) paper Carolina that in consequence of the suspension of the South that banks, their bills are no longer received by the banks at place; but are at a considerable discount. A western effected paper states that the fund commissioners of Illinois, have loan loan of $300,000 in this city, which sum, with a previous the con. of $250,000, will be nearly enough to pay arrearages to tractors. The movement of the jobbers and speculators in this city, aided by the emissaries of the insolvent banks of Philadelphia, susso produce an excitement and frighten our bauks into The a pension, has met with a signal and total failure. in proceedings of the meeting held last night will be found ano- has ther column. The firm tone of the answer of the banks put at rest all hopes, on the part of the speculators, that banks they be forced into a suspension. The answer of the was in can substance this We have conducted our business prudently-are able to pay our deb's, and shall do so at all ha. zards. After that paramount duty is performed, we will see what can be done for the insolvents." In the same strong position stand all the regular merchants of New York, not one of whom recognises the right of the jobbers to ask the banks to jeopardise the welfare of the whole community to sustain bankrupts. The banks, aware that the chief difficulties under which mercaatile men in this city have labored during the past two years, have arisen mainly from the pernicious influence which the system of jobbing and auctioneers' post notes has exercised upon the trade of the country, nave determined to bring it to an end. The regular importing and shipping merchants do not experience that severity of pressure discomplained of by jobbers; and the banks in increasing their counts will favour that paper which is based on actual trans- for action, and is drawn by men ou whom they can depend prompt payment. Under the post note system, 50 miserably deficient have the jobbers become in punctuality, that no note can be depended upon for P yment, but they elamour for renewal as right. No banking system can exist where dealers are lax in their payments. This malady has reached a height which admits of no panacea, no remedy. The banks were ne ver in a more sound condition, and when free of some of their needy customers, they will be in a much more useful position to affo d assistance to regular business men. The United States Back which has been the primary cause of all these evils is down, and has used gigantic efforts to carry with her in her fall the whole commercial and banking interests in the country. The utter rottenness of that concern, her be estimated from the facts attending the dishenor of had may by Hottinguer of Paris. It appears that the bank notes drawn on open credits twice, and had twice covered them with available securities. The last time her bills were running very heavy on Paris, and to meet them she made loan to the Mismisrippi Unio Bank for $5,000,000 of their stock which was paid for one half in Union Bank post notes, and the other half in United States Bank post notes. This stock was remitted to Hettinguer, to cover the exchange drawn upon them, and on the receipt of which the bills were immediately protested. The result is an utter and total explosion of the whole bolstering system throughout the Union. In all parts of the country those banks and dealers who have depended upon post notes and renewals, will go down with the banks, while the other hand, in all quarters we perceive some institutions on and classes of dealers, who have conducted their affairs with some reference to the signs of the times, stand firm while the them. Such banks will be, no doubt, temporarily cramped, but the abundant crops are already in motion, and will soon afford a medium of exchange which will regenebusiness. From the west me learn that most of the Ohio banks rate maintain specie payments, with the following excep. tions :Dayton Bank. Wooster Banks, Urbana The crops of wheat and pork in Ohio are very large, and the sound banks will be enabled to expand upon it by pursuing the policy of discounting OR actual transactions, and refusing to lock up their means, by renewing the paper of those who cannot meet their engagements. The same appearance of things 16 manifest at the south, as far as heard from. In South Carolina none of the banks banks. have suspended with the exception of a few of the Charleston In Georgia the Savannah banks stand firm,and also those of Augusta, with the exception of the Bank of Augusta and the Au. Co. gusta Banking and Insurance Company. The banks of Jumbus have suspended. Statement of the BANK OF THE STATE OF GEORGIA on the 7th inst., as compared with its condition on the 1st of October, 1838: Decrease. Oct. 1838 Oct. 1839. 010792 9 060 936 342.753

3. October 29, 1839 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, October 29, 1839

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The New Orleans Louisianian of the 14th inst says: -We have been informed by a highly respectable merchant just arrived from Mississippi, of a successful attempt by the U. States Bank, to throw her post notes into circulation in that State, through an arrangement made for a loan of $5,000 000 on the stock of the Mississippi Union Bank, to be paid one half in the notes of that institution itself, and the other half in U. S. Post Notes" OHIO-The Columbus Statesman of the 22d says, that it has "heard of no additional suspensions in Ohio, except the Urbana Bank and Dayton Bank The Cleveland Gazette pleads hard for the Ohio banks to hold up!"-The Cincinnati Republican of the 21st states, that "The Franklin and Clinton Banks of Columbus, and the Zanesville Banks, have not suspended yet - There is a statement in the Columbus Journal which says, that the Franklin Bank has addressed a circular to the stockholders upon the subject of winding up the concern." POSTSCRIPT. We had culled the preceding statements and statistics from our previous papers, when the Northern mail, due yesterday morning; but had not then arrived, was put into our hands at 1 o'clock. We find but few items of intelligence to add. The N York Express states, that "A Convention of all the Banks was held (on Friday) evening, to consider on the Report and Resolutions passed at the great meeting of Merchants. Having been informed in confidence, of the proceedings, we are not at liberty to close them. They will be repeated to the meeting to be held to-morrow (Saturday) evening, at the any Hotel-which meeting will be one of the most important ever held in this city, as a period is now arriving of the deepest interest to the whole mercantile community. The account of the meeting to-morrow evening will be one of the greatest importance to all" The N. York Post (of Saturday evening) quotes the stock of the Bank of the U. S. at from 76 to 75, and says "Stocks generally declined again to day North American Trust fell 4 per cent. Drafts on Philadelphia, 1, and $10,000 sold at 88; Ohio Life and Trust declined 1 per cent. Confidence in our banks remains unbroken, notwithstanding the insidious movements of a certain clique of reckless speculators and insolvents, who would desire to establish an irredeemable currency." The Journal of Commerce says the packet ship Garrick for Liverpool took out only $700-and that "specie was deposited yesterday in large sums, by the Brokers, on condition of some slight accommodation." Last Ecening's Southern Mail. The Tombigby Bank war to resume specie payments on the 3d instant, according to an advertisement in the newspapers. (From the New Orleans Bulletin, Oct 19.) SUSPENSION BY THE NEW ORLEANS BANKS, At a meeting of the Presidents of all the Banks in this City, held last evening, the following Preamble and Resolutions were unanimously passed: Whereas, intelligence has been received of the suspension of specie payments by the Banks of the principal Northern cities; and whereas, the banks of the neighboring States are in a state of suspension- Resolved, That in the opinion of this meeting, a suspension of specie payments by the Banks of Louisiana is invitable; and that therefore, the immediate adoption of such a measure is urgently called for by the best interests of the community. Resolved, That it be recommended to the Banks to suspend specie paymen until the Northern Banks shall have resumed their payments in specie. Resolred, That the rules and regulations of the Board of Presidents, in force during the late suspension of specie payments, be, and they are hereby revived, and monthly statements of the condition of the Banks be published. Resolved, That the above resolutions be published in the Bee, the Bulletin, and Louisiana Courier. L HERMANN, Sec'ry Board of Presidents. The N. Intelligencer has republished a ridiculous article from a Virginia paper, asking why we do not apply the same language to the Bank of Virginia, as we do to the Pennsylvania Bank of the U S? Is there no difference in the cases, Messieurs? Who began the suspension-the Bank of Virginia or the Bank of the U. States? Who pressed the other into it? Was it not the B of Va. Which of these institutions was it, that by the gross abuse of its enormous power dragged not only the Bank of Virginia, but so many other institutions with it, into the vortex of suspension?-These Whigs will stand by the Bank of the U S, or the Pennsylvania Bank of the U. S, or any thing that has the name, or attributes, or any thing like the name or attributes of their champions Bank of the U. S. Yet ask them what is their remedy -what they are for? They will not all of them throw off their mask? They ask you what you are for, and yet they shirk the question and try to conceal what they are for. Here is modesty for you, with a vengeance! The "Virginia Times" is an exception. It comes out boldly for National Bank. "Who dare talk (says the Whig oracle) of a well regulated Bank System in absence of a U. S Bank"? And who dare talk of "regulating a National Bank"-or even of its "regulating the State Banks"? Quis custodiet ipsos custodes? Who will regulate the Great Regulator? the 4th Estate in the Government? The great Money King? Look at the regulation and fate of its present prototype, in Philadelphia! Another Sign-Identification of Ultra Conservatism and Whiggery. The New York papers give us the Proceedings of a large meeting on Wednesday last at National Hall, the Head Quarters of the Conservatives-John Delameter in the Chair. The New York (Conservative) Times tells us, that "They convened for the purpose of receiving from their delegates to the Convention recently held at Syracuse, a report of the proceedings of that body. The spirited and eloquent resolutions adopted by that convention were read by Mr. Sanford with peculiar energy and effect, and the noble, patriotic, and truly conservative principles and sentiments which they expressed! called from the large auditory repeated and enthusiastic bursts of applause. The expressions of confidence in the patriotism, integrity, and Democratic Republican principles of the Hon. N. P. Tallmadge, were received with loud and long continued cheers The complimentary allusions to the Hon. Wm C. Rives, to the Hon. John C. Clark, and the Hon Hugh S Legare, severally, produced also the liveliest manifestations of applause. But when Mr. Sanford read with the most impressive earnestness the pledge of the Syracuse convention, of "uncompromising hostility to the re election of Martin Van Buren," the whole assemblage seemed united as one man-and to have but one mind "Uncompromising hostility to the re-election of Martin Van Buren" is thus the Chorus of both Whigs and N York Conservatives. What say ye, Conservatives of Virginia! Are you too willing to join in the battle cry? Or, will you not pause and ponder, before you go further? The most distinguished Orator who addressed the meeting, was Mr. Legare, "the distinguished ex member of Congress, from Charleston." He spoke an hour and a half; and his oration seems to have been a complete tirade upon the Administration. "He called most earnestly (says the N Y Times) upon his fellow citizens not to be discouraged. In spite of all reverses, let this State but be true-let her declare that she will not have the administration of the Federal Government continued in the present corrupt and incompetent hands-and her voice will awaken the whole country "-Et tu Brute! -And what say ye to this, Messrs, Greiver and Smith, Delegates from Wythe and Russell? Will you lose caste with the Democratic party?-Can YOU join the mongrel Opposition, which thus boldly proclaims "uncompromising hostility to the re-election of Martin Van Buren?" We will not believe it? Georgia Election-Complete. The Milledgeville "Federal Union" of the 22d, gives "the vote of all the counties but two, which may be relied on as being correctly stated, and from which it appears that the Democratic candidate, Charles J. McDonald, has a majority of 1,165; to which the remaining

4. November 1, 1839 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, November 1, 1839

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Confidence in our Banks continuing specie payments is perfectly established, and the Philadelphians are beginning to disgorge the stocks purchased under the hope of inflated prices, from an irredeemable currency." The Boston Atlas of Monday says, "that money matters remained at the close of the week as they were — The banks there had been drawn upon for specie by the Banks of New York, and checks on their own institutions refused in payment; thereby obliging the Boston Banks to send to New York and demand the same specie back This constant transportation of specie forward and back, contributes, in no small degree, to curtail bank discounts. We quote from all quarters, which are calculated to shed any light upon the condition of the times or the prospects of the banks. We draw copiously on the press of New York, which treats more largely than others on Bank statistics Among them is the New York Herald, of the 27th alt., from which we make the following extracts: "The U. S. Bank, which has been the primary cause of all these evils, is down and has used gigantic efforts to carry with her in her fall the whole commercial and banking interests in the country. The utter rottenness of that concern, may be estimated from the facts attending the dishonor of her notes by Hottinguer of Paris. It appears that the bank had drawn on open credits twice, and had twice covered them with available securities. The last time her bills were running very heavy on Paris, and to meet them she made a loan to the Mississippi Union Bank for $5.000.000 of their stock, which was paid for one half in Union Bank post notes, and the other half in U. S' Bank post notes. This stock was remitted to Hottinguer, to cover the exchange drawn upon them, and on the receipt of which the bills were immediately protested. The result is an utter and total explosion of the whole bolstering system throughout the Union. In all parts of the country those banks and dealers who have depended upon post notes and renewals, will go down with the banks, while on the other hand, in all quarters we perceive some institutions and classes of dealers, who have conducted their affairs with some reference to the signs of the times, stand firm while the storm sweeps by them. Such banks will be, no doubt, temporarily cramped, but the abundant crops are already in motion, and will soon afford a medium of exchange which will regenerate business. From the West, we learn that most of the Ohio banks maintain specie payments, with the following exceptions:- Dayton Bank. Wooster Banks, Urbana "The crops of wheat and pork in Ohio are very large, and the sound Banks will be enabled to expand upon it by pursuing the policy of discounting on actual transactions, and refusing to lock up their means, by renewing the paper of those who cannot meet their engagements "The same appearance of things is manifest at the South. as far as heard from. In South Carolina none of the Banks have suspended with the exception of a few of the Charleston banks. In Georgia, the Savannah Banks stand firm, and also those of Augusta, with the exception of the Bank of Augusta and the Augusta Banking and Insurance Company. The Banks of Columbus have suspended" "The course before our banks is now plain and easy, and business will revive healthily, as the wreck of the bankrupt institutions and speculators is cleared away — The position of country money in this city, is now the greatest evil against which business men have to contend, and arises from the pursuance on the part of the country banks of that policy which the bankrupts have endeavored to force upon our banks, viz: the employment of their means in renewing old notes, rather than advancing on the new crops solely. This policy can no longer be persevered in, now that the city banks discountenance it, by refusing to redeem country bills. "Another source of difficulty is the conflict still going on between the new and old systems It has become evident that both cannot exist, one or the other must go to the wall. The chief excellence of the former was the supposed security which was afforded to bill holders, by the requirement of the law Those securities are, however, like post notes, ultimately good, but not readily convertible According to a report of the comptroller, the following are the descriptions of stock deposited for such security:

5. November 1, 1839 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, November 1, 1839

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Constituting a total deposite of $1,645.000 Of these stocks, Indiana is quite good it not better than the others, yet that stock sold within a few days a 50 cents on the dollar It is therefore evident that the is security, though good, fails at the moment when it wanted in a state of ease and confidence in the market when the security will bring full price, it is not wanted; but is at a time like this, when the bills of the banks hus secured are selling at a discount of 5 per cent., thereby tempting speculators to run the banks, that the security is most wanted Should the new banks now be forced to suspend, and the whole of the above amount of $1.645,000 be thrown upon the market, The the holders will not realize 40 cents on the dollar. stocks of the new banks, as compared with the old in stitutions, are comparatively worthless, from the fact that in their dealings are ID securities which are at present consertible. These considerations are biassing the pubof the old system- with the arrival of the from England, an lic in next favor packet explosion banks will proba in bly take place among certain of the new this State which may prostrate the new system entirely, and the old banks of the city of New York will form a nu cleus around which will rally the solvent merchants and healthy business, while the speculating bankrupt jobbers, auctic neers and insolvents of all kinds will periah under the ruins.of that mighty system of unlimited credit they have helped to create. The Lancaster (Ohio) Eagle of the 26th says, "Thus for the Cincinnati Banks, (except the Commercial.) the X-nia. Hamilton. Dayton and Urbana are the only Ohio Banks known to have suspended. The Zanesville Ga. zette Wednesday last, says that the Granville Society has also suspended The Bank of this place (the Co. jumbus and Zanesville Banks) have, it 15 understood, decided to continue specie payments "The Wheeling Times says it has no doubt, from pre sent appearances that most of the banks in Ohio will wind up their affairs. They had much-better do it than attempt, embarrassed and restricted as they are, to continue business The Columbus Statesman of the 25th. gives an elaborate Table. fornish by the Auditor of the State, of from the condition of the thirty fire Banks of Ohio, present which it appears, that their amounts to $10, 22297-their circulation to 6.263 454-their deposite other money, 1.844 8-which with the monies due to banks and other liabilities. amount in the whole to $23.055426-And on the other side of the account, their notes discounted amount to $11;208 125; specie 2 098,587; notes of other banks 930-565. due from o her banks 966, 190: other resources 7,821,856; amounting in the whole to $23 065 426 The Indiana Banks. it is said by some, continue to pay specie.- But the Chillieothe Gazette of the 24th saye, that they have suspended. The Northern Bank of Kentucky, at Lexington, has suspended TENNESSEE BANKS "The news of the suspension eastward. reached Nashrille on the evening of the 17th inst The same evening, a consultation was had among the bank officers, of that city. but nothing definite was concluded on Next morning. the Bank of Tennessee the made specie draft of $100,000, on the Union, immediate and Planters Banks-the consequence was an Ten suspension by the two last named. The Bank of nessee still held out paying specie on the 18th inst. as we learn from the Nashville Whig of that date, while being unwilling to take the reaponsibility of suspending. the State Legislature is present, in session, to direct its movements The Nashville Banner of the 19th informs us, that the Union and Planters Bank suspended on the 18th, R. and that on the afternoon the Speaker of the H. of laid before the House the following communication from the President of the Bank of Tennessee "BANK OF TENNESSEE, Oct. 18, 1839. 'To the General Assembly of the State of Tennessee: Gentlemen- last evening's mail we are in recript of information that the Banks of Philadelphia, Baltimore and Cincinnati have suspended the payment of specie, and probably the New York and Kentucky Banks also. "This morning the Union and Planters' Banks have from also suspended The balance due this institution these Banke is very considerable, and they have refused the payment of the same. 1 have the honor to be, Yours very respectfully, W NICHOL, President. "This communication was addressed to both The Houses de. and referred to the committee on Banks. Yoakum bate was in the Senate was quite animated. Mr introduced a resolution. providing that notwithstanding the of payments by the other banks, 'the and branches to debts as the public faith and common pay suspension bank its of Tennessee specie will still resolution continue honesty require.'-1 immediate adoption of this Gilleswas pressed with much zeal by Mr Yoakum and Messrs. pie at considerable length by the who advocated its on which was ultimately fix Committee Laughlin and opposed and others, Banks, reference carried wasto to The object as avowed by most of the speakers all the responsibility of suspending on the Bank-at the sub eventato give no advice or make no pledge on ject. until the condition of the Bank and to to continue were officially specie payments made its it is known ability thought, the Legislature. The committee on Banks, will report to-day not beard the result.) The Commercial Bank of Columbia (S C) has acted the so for in an manner. Notwithstanding Baske in were urged by a deColumbia exemplary meeting of it the has citizens, to suspend specie payments, clined to but taken measures to virtually suspend, afford the purchase all necessary pecupiary relief, especially towards 'This' the C. Carolinian) striking not only of the soundness of cotton." evidence. (says of is this another com ex cellent institution. but of the general good sense, which perhensive views, and sound banking principles, will govern its affairs now, as heretofore. A little time shew the correctness of its policy. in the present instance, not only for its own sake, but that of the business of the place also-especially if, as seems daily more and more probable, the New York Banks do not suppend, which

6. November 19, 1839 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, November 19, 1839

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# POLITICS, There is a good deal of commotion in the ranks of a certain party, occasioned by the arrangements which are on foot for nominating a candidate for the Presidency The anti-Democratic party have chosen their delegates from the several wards in this city, who are to meet in a county Convention next Tuesday, and elect four delegates to the great Whig Convention to be held at Harrisburg in December. But now arises the question, whether the delegates who are to be sent to Harrisburg shall be the friends of Clay or the friends of Scott. Shall they be instructed and pledged to give their voices for the nomination of Mr. Clay as the choice of their constituents, or shall they be left to vote in such a manner as they may deem most for the interest of the Whig party; in other words, to secure the nomination of General Scott, if they can? Shall they go with open instructions to insist on the nomination of Clay or with a private understanding that they shall insist upon the nomination of Scott? such is the alternative which now embarrasses the Whig party, and sets them quarrelling The dispute was prudently postponed until after the election, but is now raging violently, although a regard to appearances at present keeps the combatants in the journals under some restraint- "Thus," says a comic poet, "Thus a large dumpling, in its cell confined, Lies snug, until the water waxes hot, Then bustles midst the tempest of the pot, In vain the lid keeps down the child of dough, That bouncing, tumbling, sweating, rolls below." To carry these different views into effect, there has been much maneuvering in the ward meetings. In some of them, delegates have been chosen friendly to the claims of Scott; in others, friendly to Clay; in some, resolutions have been passed, recommending to the delegates to Harrisburg, that they press the nomination of Clay; in others, resolutions have been adopted requesting the county convention to appoint delegates, to Harrisburg, who will act for the best good of the party, without respect to persons The Evening Star clamors for the appointment of men who will be certain to insist on the pretensions of Mr. Clay; the Express cries out "no man pledges," and the Commercial backs the Express. How they will settle the matter, we can not say. In the mean time, however, it is amusing to observe the indirect manner in which the war is carried on by some of the belligerents The party friendly to Scott are all at once seized with a violent horror of pledges. Great as was always their aversion to the public candidate who has the imprudence to let his constituents know beforehand what he intends to do when elected, it is now greater than ever. They are quite abusive towards the members of the House of Assembly elected from this city, because they have declared in what manner they shall vote on certain important questions when they get to Albany The object of this abuse is plain enough; it is intended that it shall be applied to those who go to Harrisburg, pledged to insist upon the nomination of Mr. Clay-N Y Post. # BANK NEWS BASK NEWS -The Ohio Life Insurance and Trust Company resumed the payment of specie on the 6th instant. It is the law in Ohio, that if any bank stops the payment of specie for more than thirty days its charter is forfeited. The Statesman, published at Columbus, Ohio, thinks that all the banks of the State which have suspended, will rather resume within the time prescribed by law, than suffer their affairs to be turned over to commissioners. The following are the only institutions that have thus far ceased to redeem their notes: all the banks of Cincinnati, except the Commercial Bank, the Hamilton, Dayton, Xenia, Urbana banks, and the two Banks of Wooster. The Bank of Illinois, situated at Shawneetown, has resolved not to suspend the payment of specie. Rutas S. Read, President of the Erie Bank of Pennsylvania, described as "the wealthiest citizen of Erie, and possessed of property worth more than five or six-times the liabilities of the Bank," has issued the following notice to the public: "The Erie Bank, having yielded to circumstances beyond its control, and joined the other Banks in Pennsylvania in suspending for the present the payment of specie, I, the undersigned, President of this institution, to allay any apprehension there might be of the ability of the Bank to meet fully all its liabilities, do hereby pledge my private and individual property for the payment of all debts and demands against the said Bank." Statements of the condition of thirty five Safety Fund Banks and two branches, situated west of the city of Albany have recently been furnished to the Bank Commissioners at Auburn As compared with their condition on the 1st January last, it is as follows: 37 Banks. Capital Loans & disc's. Cire'ion 1st Jan., 1839, 7.646.000 14.105,034 7037 579 5th Nov, 1839 7.640.000 13 521.846 4.945 197 It is known, that the circulation of the River and City banks has decreased in a still greater proportion. The whole circulation of the chartered banks on the 1st of January, 1830, was $19 373 149 The lowest point which it reached during the suspension was $11 198.000 in April, 1eds. From the above data, says the Albany Argus, there can be no doubt that the circulation of the chartered banks is as low at this time, and probably lower, than at any time during the suspension. A convention of the Safety Fund Banks of this State at which twenty one banks were represented, was held on the 8th instant at Auburn. After appointing a committee to make arrangements for the establishment of an agency at Albany or Troy, it was resolved- That said Committee continue the present Messenger, to make his trips from Albany to Buffalo, every alternate week. That each Bank assort, count up and label the bills of the several Banks sent to the Agency Bank, in their packages. That the Agency Bank so to be established, seal up the bills, and notify each bank by mail, immediately after the arrival of the Messenger, of the amount of its notes then on hand for redemption. The bank so notified shall redeem its bills so sealed up, at the end of sixteen days from the time of sealing, by draft or funds, current in Albany. The packages of bills so redeemed, shall be returned to the respective banks by the Messenger, next after such redemption or payment. The day of sealing up shall always be on Saturday, and the day of redemption on Monday after the return of the Messenger Any other bank or individual may deposite bills of the associated banks, to be sent home for redemption as aforesaid, at the risk of the depositor, he paying one-fourth of one per cent. towards defraying the expenses attending the agency and redemption. The banks shall keep up the system of red-mption, by exchanging with each other, and adjusting balances as heretofore recommended by the committee of the safety fund banks. Resolved. That the banks under the General Banking Law, be invited to participate fully in the above arrangement, and subject to a proportionate part of the expense -that in case of a refusal, their notes be sent by the associated banks to the agency, and returned home for redemption, and that the agent in Albany be authorized to receive from others, and send home for redemption, packages of their notes, at a charge of one-fourth of one per cent. at the risk of the owner-N Y. Post. PENNSYLVANIA We find in the York Gazette of yesterday, the subjoined letter froîn Governor Potter, in reply to the communication of the committee who had been appointed, at the late meeting in that borough, to convey to the Executive a copy of the resolutions adopted by said meeting. These resolutions, it will be recollected, suggested to the Governor, an early call of the Legislature of Pennsylvania, with a view to the adoption of another measure recommended by the meeting, namely, the authorizing of a State loan of two millions of dollars, at an interest of tico per cent, per annum, and the granting of privilege to the banks of that State to issue one, two, and three dollar notes, to the amount that might be taken by them, respectively, of said loan. The object in view by the meeting was twofold-first, to provide small notes as a medium of small business transactions, during suspension; and secondly, to provide for the Commonwealth, at a very low interest, the means of meeting her engagements in regard to certain temporary loans: thus, the loan of two millions at two per cent, would not in effect increase the debt of Pennsylvania, but would, so fast as negotiated, be made to take the place of certain unfunded debts of that Commonwealth, bearing five and six percent interest. on from the letter of Governor Potter, that