1859. Bank of Commerce (Georgetown, DC)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
September 15, 1857
Location
Georgetown, District of Columbia (38.905, -77.062)

Metadata

Model
gpt-5-mini
Short Digest
cd6a39a7

Response Measures

Accommodated withdrawals, Partial suspension, Full suspension

Other: Bank described as 'private bank' with stockholders personally liable (Evening Star).

Description

Contemporary dispatches (Sept 15–16) report a heavy run that caused a partial suspension/withholding of deposits; the bank continued to redeem small notes and pay needy depositors. By Sept 29 the Bank of Commerce 'suspended specie payments' after arranging with district banks. Sources do not state a definitive permanent closure or final reopening here, so outcome is uncertain. Evening Star explicitly calls it a private bank (stockholders personally liable).

Events (2)
1. September 15, 1857 Run
Cause
Local Banks
Cause Details
Panic following failures (e.g., Pearce & Nourse and other firm failures) and runs on banking houses in Washington; runs on private bankers contributed to contagion.
Measures
Continued to redeem its bills/specie for small notes and paid needy depositors; withheld payment of larger deposit checks for a few days.
Newspaper Excerpt
A heavy run was made on the Bank of Commerce, at Georgetown, which caused a partial suspension of payments.
Source
newspapers
2. September 29, 1857 Suspension
Cause
Macro News
Cause Details
Part of broader financial crisis/panic of September 1857; after runs and tightening money market the bank agreed with district banks and suspended specie payments.
Newspaper Excerpt
The Bank of Commerce of Georgetown ... has come into an arrangement with the District banks, and suspends specie payments altogether.
Source
newspapers

Newspaper Articles (19)
1. September 16, 1857 New Orleans Daily Crescent New Orleans, LA
Article from New Orleans Daily Crescent, September 16, 1857

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Telegraphed to the New Orleans Crescent. 12 at THREE DAYS LATER FROM EUROPE th ARRIVAL OF THE PERSIA AT NEW YORK. D V A N I N COTTON tr LECOMPTE BADL Y BEATEN. J [BY THE NATIONAL AND SOUTHERN LINES.] fr NEW YORK, Sept. 15-The Royal mailisteamship Persia from Liverpool on the afternoon of the 5th inst.. has arrived at this port. The Fulton's advices reached Liverpool on the 3d instant. Commercial. LIVERPOOL Sept. 5.-Cotton closed quiet but firm at an advance of 1-16d. The sales yesterday amounted to 7000 bales. Orleans Fair 93d. Orleans Middling 8 15-16d. The sales for the week amounted to 65,000 bales, of which speculators took 15,000 and exporters 2000 bales. The weather has been favorable for crops. Bread stuffs generally closed with an advancing tendency Corn closed firm at an advance of 1s. to 2s. Pro visions closed with a declining tendency. Beef dull, having declined 5s. to 10s. Lard firm. Money Market. Consols for money closed at 90 to 90 England Lecompte was run for the Warwick cup and badly of beaten. y There are rumors of minor changes in the British Ministry. Spain. e The Spanish papers deny the existence of secret treaty between the United States and Mexico. Prussia. The state of health of the King of Prussia causes st some uneasiness. dFrance. g The Pays denies that the Island of Formosa ehas been occupied by the United States. Ledru Rollin, Mazzini and others, said to have be been engaged in the conspiracy against the life of rLouis Napoleon, have been condemned. Naples. France and England will shortly resume diplomatic e relations with Naples. to Russia. a, Russia is concentrating troops on the Austrian er frontier, to prevent any interference with the Principalities. Spain and Mexico. ft Advices from Madrid state that the Mexican Charge en d Affaires has left Madrid. Atlantic Cable. of, The underwriters offer to pay the Atlantic Company 36₫ per cent. and surrender the last portion of ife the cable to the Company to More Troops for India. Eleven more British regiments are under orders for nd India. a Commercial Intelligence. ren LIVERPOOL, Sept. 5.- Tallow quiet and steady Spirits Turpentine, 35 to 36s. Rosin steady. Linseed el Oil, 41s. Sugars heavy and 1s lower. Rice firm, all qualities higher. Money Market. The bullion in the bank of England has increased £276.000 during the week. Baring & Bros. quote an average money business ven without quotable change. American securities quota tions nominal. dis LONDON, Sept. 5 The funds were dull yesterday with Consols opened at a decline of à, and subsequently fell still lower. Money is abundant. Short loans on Government securities in demand at 4à. Additional by the Persia. Advices from Constantinople say that the Porte ned will insist that England shall evacuate the island of Perine or restore to Turkey. sent Passengers by the Persia NEW YORK, September Among the passen gers by the Persia are the Chev. Hulseman, Rev. Dr. was Tyng and Charlotte Cushman. and Washington News. isby WASHINGTON, Sept. 15.- Lieut Beale wagon road expedition reached Albuquerque on the 9th of August They had found the Indians somewhat troublesome. was Col. Benton is improving. the WASHINGTON, Sept. 15.-Judge Bowlin. Minister Mr. at Bogata, has resigned. The assessment of 24, instead of 19 per cent., on colored or plain fiannels, by the Collector of New hich York, reversed eted. The Secretary of the Treasury directs that the for true appraisers of foreign wool are to determine the value He of the wool, independent of the invoice, by such mith means can be procured. the A heavy run on the Bank of Commerce at Georgewith. ther town to-day, caused partial suspension of payments in It supposed that it will resume in few days. The run on private bankers having been promptly after met, the excitement has subsided. Supposed Loss of a Steamer AUGUSTA, GA., September 15. The steamer the Southerner left New York for Savannah last Wednes day and has not yet arrived. It is feared she is lost. Fire. the 18th KEOKUK, IOWA, Sept. 12.-A fire occurred here on yesterday, destroying $100,000 worth of property. Northern Mails. dled AUGUSTA, GA., Sept. 15.-The trestlework of the Wilmington and Manchester road near Wilmington is washed away. We have had no mail from the even North since Saturday. Financial. face ROUNDOUT, Ulster County, N. Y., Sept. 15.-The banking house or Davis, Suydam, Dubois & Co. has suspended. The Empire City. NORFOLK, Sept. 15.-The steamship Empire City bound for New York with 66 passengers, has put in here for coal. She has experienced a succession of heavy gales and has been slightly damaged. All wel be on board. Domestic Markets. bby walk ST. Louis, Sept. 15. Flour 94 40. Wheat $1 1 to 121. Corn 50c. for Mixed White 54 to 55c wley Oats 36c. Hemp $90 to $113. Tobacco $7 the $15 50. NEW YORK, Sept. Cotton steady. Flour buoy was ant at $5 70 to $6 10. Wheat and Corn buoyant Chicago Beef $16 Lard 15 to 151c Su gar is lower. Bacon-144c. for Hams and 12c. fo that Shoulders. Pig Iron is dull. Tallow 11/ce. away River Intelligence. at he VICKSBURG, Sept. Pennsylvania passed down at last night. VICKSBURG, September -The City of Memphi passed down at nine and the Lackland at half-pas ames nine this evening. RAILROAD ACCIDENTS.-The Savannah Georgian aving pre Friday last has the following passenger by the steamer St. Johns, on yes cala terday informs us that dreadful accident occurre the on the Fernandina Railroad on Wednesday morning No. seems that in the absence of regular passenge cars platform cars were used to transport passenger and in order to protect the passengers from thesm and sparks of the engine. the cars were pushed advance of, instead of being dragged by the loe is motive. About ten miles from Fernandina, the train sue denly came contact with cow. and was throw engine and cars, completely from the track,causing fearful wreck. One gentleman and lady, whose names we did n learn, were immediately killed. A getleman name Higgenbotham had both legs broken above the knee and died almost immediately Several others we more or less injured none of them fatally. An accident occurred on the evening of the 7t near Fairfield, which coused the death of four pe sons. A gravel train with several laborers came collision with farmer wagon, by which the farm

2. September 16, 1857 The New York Herald New York, NY
Article from The New York Herald, September 16, 1857

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Interesting from Washington A NBW TEHUANTSPEC GEANT-FNaNCIaL TROUBLES AT TBE CAPITAL-PBOPOSITION TO SEND TAB NiaGARA TO ASSIST IN LAYING THE TELEGRAPH TO India. WASHINGTON, Sect 16, 1857. Private despatches were received here to-day, dated New Orleans, stailig that old Tebuan epec Transit grants have been cancelled by the Mexican government, and a new one made with a Louisiana company recently organized. Auother despatch was receive¹, confirming the above and giving a more full account. The grant was signed on the 4:b inst. by Fresident Comonfort. It is for sixty years, and gives them sufficient lands along the route for the use of the company. The failure of Paird & Nourse has caused quite a panic here. Some heartrending scene. occurred at their estab üshment to day. Men, women and children could be seen crying and taking on at a terrible rate. Clerks, employ és and laborers in various department: had deposited their All in this Concern, amounting in all to upwards of one hundred and forty thousand dollars. Runs have been made on other establishments, and it is believed that some of them will go by the board It is rumored that the Bank of Commerce, in Georgetown. has closed its doors The Secretary of the Navy has had under consideration to-day the propriety of tendering the English government the use of the frigate Niagara to aid in laying down the telegraphic cable to India, should the India company purchase that portion of the Atlantic cable now colled on the decks of the Niagara THE GENERAL NEWSPAPER DESPATCH. WASHINGTON, Sept 15, 1857. Hon. Thomas. H Benton continues to Improve, and is now considered past danger. Judge Bowlin has re.igned his office as Minister to Boguta. decond Assistant Postmaster Dundas has gone to New York on business connected with the facilitation of the Califo nan overland mail. The Secretary of the Treasury, on appeal, has reversed the decision of the Collector of New York, who assessed a duty of 24 instead of 19 per cent on colored or plaid fisnnels. The foot of their being colored or printed does not charge their character as known in trade, nor remove them from the schedule in which flannels are provided for especially The Secretary, on appeal, has also reversed the decision of the same Col ector, who imposed 24 insteal of 19 per cent on checked fiannels. That hey are checked and a large D&D raised on them than ordinary does not change their distinctive character or fiannels In another ca e the Secretary Bays :- In estimating the r reign character of wool, with reference to its exemption from liability to duty, the Appraisers can determine such volue independently of the invoice, by prices current and other able means of information of the value of the article in foreign markets such & they employ in ascortaining the foreign values of other staple articles of import." A sudoen and heavy run caused the partial suspension to ony of the Georgetown Bank of Commerce; but it re deemed 115 issues. and paid B ch of its depositors as were needy It is supposed that the stockholders will resume in a few days, as 16 is represented tome they are able, and thatibey will protect the bank The run was also keptup Ou most of the private bankers, but all demand having been pro mptly met, the excitement subsided before the cloaing hour.

3. September 17, 1857 New Orleans Daily Crescent New Orleans, LA
Article from New Orleans Daily Crescent, September 17, 1857

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folk, hence for Richmond, was sunk in peake bay, during the gale on Monday. The crew were all saved. NEW YORK, September 16.-Fears are entertained in regard to the safety of the steamship Central America, which left Havana on the 8th inst. and has not yet arrived. NORFOLK, September 16.-The steamer Empire City, which has put in here brings $700,000 in treasure. The brig John Rhoads, of Boston, is ashore on the south coast of Cape Henry. The steamer Jamestown is reported to be blown to sea, with her cargo much damaged by water. Maine Election. PORTLAND, Sept. 16.-One hundred and seventy towns show a loss for the Republicans, as compared with last year, of 5173 votes. Financial. WASHINGTON, Sept. 16.-The Bank of Commerce, Georgetown, and the other banking houses on which a run was.commenced yesterday, continue to redeem their bills, and confidence is generally restored. CINCINNATI, Sept. 16.-From 3 to 5 per cent. discount is asked on all New Englend and New York county Banks. Arrest for Fraud. BOSTON, Sept. 16.-George S. Abrahams, Customhouse broker and agent for Baring & Bros., bas been arrested for forging and altering figures of invoices, or the purpose of defrauding the revenue. Kansas News. ST. LOUIS, Sept. 16.-We have Kansas advices that state that the Constitutional Convention has organized, with John Calhoun as President. Calhoun, on taking the Chair, spoke in favor of submitting the Constitution to the people. Five hundred troops had left Leavenworth for New Mexico. The St. Joseph Journal gives an account of a battle between Col. Summer's command and a band of Indians on the Arkansas river, about the middle of August. Sumner's loss was four killed. The loss of the Indians was twenty killed and twenty wounded. Overland Pacific Mail. WASHINGTON, Sept. 16.-The Overland Mail contract has been signed by John Butterfield, Wm. Dinsmore and Wm. G. Fargo and others, and by Assistant Postmaster-General Dundas in behalf of the Government. The price paid is $600,000 per annum, commencing on the 15th of September, 1858. The contractors contemplate forming a joint stock company. Massachusetts Politics. BOSTON, September 16.-The Democratic State Convention has nominated E. D. Beach for Governor. A Thief and Bigamist. BOSTON, September 16.-Wm. C. Godfrey was arrested to-day for stealing a gold watch. He is also charged with bigamy, in marrying five women-the last one to-day. He was connected with Dr. Kane's expedition and has published a book concerning it. Washington News. WASHINGTON, Sept. 16.-A letter from Commander Foote, of the sloop-of-war Portsmouth, dated Siam, June 16th, says that the treaties between Siam and England, France and the United States, are rapidly developing the resources of Siam. Several vesselsare now loading with sugar for the United States. Wm. R. Calhoun, of South Carolina, is appointed Secretary of Legation at Paris. Judge Curtis, of the Supreme Court, has been officially notified of the acceptance of his resignation. The Missing Steamer. AUGUSTA, GA. Sept. 16.-The Southerner arrived at Charleston this morning a complete wreck, with six feet of water in her hold. Jenkins' Reply to Walker. AUGUSTA, GA., Sept. 16.-Jenkins' reply to the letter of Gen. William Walker, which lately appeared in the New Orleans True Delta, will appear to. morrow. He wholly repudiates the position taken by Walker in the said letter. Domestic Markets. CINCINNATI, Sept. 16.-Flour $4 40 to $4 60. Red Wheat 85 to 90c.; White 95c. to $1. Oats 33c. Barley 93. Whisky higher. Linseed Oil 68c. NEW YORK, Sept. 16. Cotton steady. Flour buoyant. Wheat advancing. Corn firm. Provisions declining. Coffee firm. Rice 42. A CURIOUS CASE OF TIME IN THE LAPSING OF A LEG ACY.-Mr. oskev a gentleman worth some

4. September 17, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, September 17, 1857

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[SECOND DISPATCH.] PHILADELPHIA, Sept. 16, P. M.-Capt. Kelly, and the crew of the Norfolk, which sunk in Chesapeake Bay, have been landed at Cape Island, by the steamer Jos. Whitney. bound from Baltimore for Boston. The owners, It is said, intend putting on another steamer to keep up the semi-weekly connection. The steamer and cargo are insured. THE FINANCIAL "EXCITEMENT" IN WASHINGTON. WASHINGTON, Sept. 16.-The financial excitement here has subsided. The Bank of Commerce, at Georgetown, continued to redeem its paper, but refuses to pay depositors for a few days. The private bankers having withstood a run, holders are again depositing. Confidence is generally restored.

5. September 17, 1857 Richmond Daily Whig Richmond, VA
Article from Richmond Daily Whig, September 17, 1857

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MONEY AFFAIRS AT W ASHINGTON. W ASHINGTON, Sept. 16.-The financial excitement has subsided. The Bank of Commerce, at Georgetown continues to reduce its paper, but withholds deposites for a few days. The private bankers having withstood the run, holders restored. are again depositing, and confidence is generally

6. September 17, 1857 Nashville Union and American Nashville, TN
Article from Nashville Union and American, September 17, 1857

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BY TELEGRAPH NEW YORK, Sept. 15.-Further Foreign news per steamer Persia. Constantinople advices say that the Porte insists that England shall evacuate Perine or restore it to Turkey. WASHINGTON, Sept. 15.-A heavy run was made on the Bank of Commerce, Georgetown, which caused a partial suspension of payments. It is supposed that it will resume in a few days. The run on the private bankers was promptly met. The excitement has subsided. The Secretary of the Treasury directs the appraisers of Foreign wool to determine the value independently of the invoice by such reliable means as can be procured. NORFOLK, Sept. 15.-The Empire City put in here for coal. She experienced a succession of heavy gales, which slightly damaged her. All well. PHILADELPHIA, Sept. 16.-The steamer Norfolk hence for Richmond was sunk in the Chesapeake Bay by the gale on Monday. The crew was saved. NEW YORK, Sept. 16.-Fears are entertained for the safety of the steamer Central America, which sailed from Havana on the 8th. PORTLAND, Maine, Sept. 16.-175 towns show a Republican loss over last year of 5173. NORFOLK, Sept. 16.-The Empire city brought 700,000 dollars. The Brig Roodes from Boston is ashore at South Cape Henry, The steamer Jamestown is reported blown to sea and her cargo considerably damaged by water. WASHINGTON, Sept. 16.-The Bank of Commerce at Georgetown, and the Banking houses run on yesterday, continue to redeem. Confidence is generally restored. BOSTON, Sept. Geo. S. Abrahams, Custom house broker, and agent of Baring Brothers has been arrested for forging, and obtaining the figures of invoices for the purpose of defrauding the Revenue. ST. LOUIS, Sep. 16.-Kansas advices say that the constitutional convention organized by electing John Calhoun President, who spoke in favor of submitting the constitution to the people. Five hundred troops left Leavenworth on the 9th for New Mexico. The St. Joseph Journal gives an account of a battle between Sumner's command and a band of Indians in the middle of August, on the Arkansas river. Loss-To the troops 4; to the Indians 20. The report that 400 Indians was slaughtered was unfounded. CINCINNATI, September 16.-Flour $4,40a4,60. Wheat.-Red 85a90c; white 95a1,00; Oats 33c; Barley 93c; Whisky advanced; Linseed oil 68c. From 3 to 5 per cent discount is asked on all New England and New York country banks. NEW YORK, Sep. 16.-Cotton steady; Flour buoyant; Wheat advancing; Corn firm; Provisions declining; Sugar during the last three days has declined 1 to 1c; Coffee firm; Rice The Pacific overland mail contract has been signe by John Butterfield, W. B. Dinsmore, W. G. Fargo and others, and Dundas, in behalf of the Government for six years, at $600,000 per annum. To commence in one year from yesterday. The contractors contemplate forming a joint stock company. NEW ORLEANS, Sept. 16.-Cotton-sales 400 bales at 15 a.6}., buoyant. Receipts 430 bales Flour $5,00a5,20; corn 65a70c.; Exchange lower. Sterling 8; New York 1. BOSTON, Sept. 16.-The Democratic Convention nominated E. D. Beach for Governor. Wm. C. Godfrey connected with the Kean Expedition was arrested for stealing a gold watch, and is charged with marrying five wives, the last of whom he married to day.

7. September 17, 1857 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, September 17, 1857

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BY TELEGRAPH. BY THE NATIONAL LINE. [Reports Furnished by the Associated Press.] FURTHER FOREIGN NEWS PER STEAMER PERSIA. NEW YORK, Sept. 15.-Constantinople advices say that the Porte insists that England shall evacuate Perine, or restore it to Turkey. Washington, Sept. 15.-A heavy run was made on the Bank of Commerce, at Georgetown, which caused a partial suspension of payments. Itissupposed that it will resume in a few days. The run on the private bankers was promptly met. The excitement has subsided. NORFOLK, Sept. 15.-The "Empire City" put in here for coal. She experienced a succession of heavy gales, which slightly damaged her. All well. WASHINGTON, Sept. 15-The Secretary of the Treasury directs the appraisers of Foreign wool to determine the value independently of the invoice by such reliable means as can be procured. Philadelphia, Sept. 16-The steam Norfolk, bence for Richmond, was suok in the Chesepeake Bay by thegale on Monday. The crew was saved. New YORK, Sept. 16.- Fears are entertained for the safety of the steamer Central America, which sailed from Havana on the 8th. Portland, Me., Sept. 16.-One hundred and seventy-five towns show a Republican loss over last year of 5,173. NORFOLK, S pt. 16.-The Empire City brought $700,000 The brig Roades, from Boston, is ashore at South Cape Henry. The steamer Jamestown is reported blown to Sea and her cargo considerably damaged by water. WASHINGTON, Sept. 16.-The Bank of Commerce at Georgetown, and the Banking houses run on yesterday, continue to redeem. Confidence is generally restored. Bo TON, Sept. 16.-Geo. S. Abrahams, custom. house broker, and agent of Buring Brothers; has been arrested for for_ing and altering the figures of invoices for the purpose of defrauding the revenue. Sr. LOUIS, Sept. 16.-Kansas advices say that the Constitutional Convention organizéd by electing John Calboun President, who spoke in favor of submitting the constitution to the people. 500 troops left Leavenworth on the 9th for New Mexico. The St. Joseph Journal gives an account of a battle between Sumner's command and a band of Indians, in the middle of August, on the Arkansas river. Loss to the troops 4; to the Indians 20. The report that 400 Indians was slaughtered was unfounded. NEW YORK, Sept. 16.-The Pacific Overland Mail contract bas been signed by John Butterfield, Wm. B. Diusmore, Wm. G. Fargs and others, and Dundas in behalf of the Government, for 6 years, at six hundred thousand dollars per annum, to commence in one year from yesterday. The contractors contemplate forming a joint stock company.

8. September 18, 1857 Weekly Clarksville Chronicle Clarksville, TN
Article from Weekly Clarksville Chronicle, September 18, 1857

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NORFOLK, Sept. 16.-The Empire City brought $700,000. The brig Roades, from Boston, is ashore at South Cape Henry.The steamer Jamestown is reported blown to sea and her cargo considerably damaged by water. WASHINGTON, Sept. 16.-The Bank of Commerce, at Georgetown, and the Banking Houses run on yesterday coutinue to redeem. Confidence is generally restored. BOSTON, Sept. 16.-Geo. S. Abrahams, Custom House Broker and Agent of Baring Brothers, has been arrested for forging and altering the figures of invoices for the purpose of defrauding the revenue.

9. September 18, 1857 Nashville Union and American Nashville, TN
Article from Nashville Union and American, September 18, 1857

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H TELEGRAPH NEW YORK, Sept. 15.-Further Foreign news per steamer Persia. Constantinople advices say that the Porte insists that England shall evacuate Perine or restore it to Turkey. WASHINGTON, Sept. 15.-A heavy run was made on the Bank of Commerce, Georgetown, which caused a partial suspension of payments. It is supposed that it will resume in a few days. The run on the private bankers was promptly met. The excitement has subsided. The Secretary of the Treasury directs the appraisers of Foreign wool to determine the value independently of the invoice by such reliable means as can be procured. NORFOLK, Sept. 15.-The Empire City put in here for coal. She experienced a succession of heavy gales, which slightly damaged her. All well. PHILADELPHIA, Sept. 16.-The steamer Norfolk hence for Richmond was sunk in the Chesapeake Bay by the gale on Monday. The crew was saved. NEW YORK, Sept. 16.-Fears are entertained for the safety of the steamer Central America, which sailed from Havana on the 8th. PORTLAND, Maine, Sept. 16.175 towns show a Republican loss over last year of 5173. NORFOLK, Sept. 16.-The Empire city brought 700,000 dollars. The Brig Roodes from Boston is ashore at South Cape Henry, The steamer Jamestown is reported blown to sea and her cargo considerably damaged by water. WASHINGTON, Sept. 16.-The Bank of Commerce at Georgetown, and the Banking houses run on yesterday, continue to redeem. Confidence is generally restored. BOSTON, Sept. 16.-Geo. S. Abrahams, Custom house broker, and agent of Baring Brothers has been arrested for forging, and obtaining the figures of invoices for the purpose of defrauding the Revenue. ST. LOUIS, Sep. 16.-Kansas advices say that the constitutional convention organized by electing John Calhoun President, who spoke in favor of submitting the constitution to the people. Five hundred troops left Leavenworth on the 9th for New Mexico. The St. Joseph Journal gives an account of a battle between Sumner's command and a band of Indians in the middle of August, on the Arkansas river. Loss-To the troops 4; to the Indians 20. The report that 400 Indians was slaughtered was unfounded. CINCINNATI, September 16.-Flour $4,40a4,60. Wheat.-Red 85a90c; white 95a1,00; Oats 33c; Barley 93c; Whisky advanced; Linseed oil 68c. From 3 to 5 per cent discount is asked on all New England and New York country banks. NEW YORK, Sep. 16.-Cotton steady; Flour buoyant; Wheat advancing; Corn firm; Provisions declining; Sugar during the last three days has declined 1 to 1c; Coffee firm; Rice 43c. The Pacific overland mail contract has been signed by John Butterfield, W. B. Dinsmore, W. G. Fargo and others, and Dundas, in behalf of the Government for six years, at $600,000 per annum. To commence in one year from yesterday. The contractors contemplate forming a joint stock company. NEW ORLEANS, Sept. 16.-Cotton-sales 400 bales at 154a164., buoyant. Receipts 430 bales: Flour $5,00a5,20; corn 65a70c.; Exchange lower. Sterling 8; New York 1. BOSTON, Sept. 16.-The Democratic Convention nominated E. D. Beach for Governor. Wm. C. Godfrey connected with the Kean Expedition was arrested for stealing & gold watch, and is charged with marrying five wives, the last of whom he married to-day.

10. September 24, 1857 The New York Herald New York, NY
Article from The New York Herald, September 24, 1857

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The Financial Pressure. THE BANK OF COMMERCE, GEORGETOWN, D. c. W ASSINGTON, Sept. 23, 1857. The Bank of Commerce, of Georgetown, has resolved to pay all deposits of $100 and under, and to pay the interest on larger sums an sufficient assets are received. which are hoped for in a few days. the stockh iders acknowie.ge their individual responsibility for all liabilities. SUSPENSION OF THE BANK OF BARTFORD COUNTY. HARIFORD, Sept 23, 1857 The Bank Commissioners here have this morning served a temporary injunction against the Bank of Hartford County, in this city, and have closed its doors. The bilbolders and depositors will be paid in full; and there are hopes that the bank ma, in the course of thirty or sinty eays, open again. This bank was chariered under the general banking law of 1862. All the other backs in the city are lot ked upon as perfectly good. FAILURES IN PHILADELPHIA. PHILADELPHIA, Sept 23, 1867. Caleb Cope & Co., dry goods merchants in this city, have suspended pay ment. The amount of their liabilities to nearly $100,000.

11. September 25, 1857 The Athens Post Athens, TN
Article from The Athens Post, September 25, 1857

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WASHINGTON, Sept. 16.-The Bank of Commerce at Georgetown, and the Banking houses run on yesterday, continue to redeem. Confidence is generally restored.

12. September 25, 1857 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, September 25, 1857

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Telegraphic News. PHILADELPHIA, Sept. 23.-Caleb Cook & Co., dry goods merchants in this city, have suspended. The amount of their liabilities is nearly 70,000. NEW YORK, Sep. 23. The failure of Platt, Smith & Co., paper manufacturers, Lee, Mass., is announced. BOSTON, Sep. 22. Emmons, Danforth & Scudder, wholesale grocers suspended to-day. Liabilities $300,000. BALTIMORE, Sep. 22.-At the session of the Grand Lodge of Odd Fellows, opened here yesterday, Geo. A. Race, of La., was installed Grand Sire; T. G. Senter, of N. H., Deputy Grand Sire; J. L. Ridley, of Miss., Grand Secretary, and J. Van Lent, of Md., Treasurer. HARTFORD, Sep. 23. The Bank Commissioners here this A. M. have issued a temporary injunction vs. the bank of Hartford county, in this city, and have closed its doors. The bill holders and depositors will be paid in full, and there are hopes that the bank may, in course of thirty or sixty days, open again. This bank was chartered under the General Banking Law of 1852. All the other banks in the city are looked upon as perfectly good. WASHINGTON, Sep. 22. Senator Benjamin writes from the City of Mexico, 4th instant, that he has succeeded in making satisfactory arrangements with the Government, relative to the Tehuantepec transit route, but that was thwarted by Minister Forsyth to the extent of his power, causing the loss of a million dollars. It is thought the Administration will take Mr. Forsyth's conduct into serious consideration, in having advised the Government, which resulted in the annulling the Sloo & Gray grants. The United States Indian agent at Fort Laramie has informed the Interior department that the Mormons have instigated measures to control the lands with the Indians, by making settlements every 20 or 30 miles. He calls on the Secretary to remove them, saying if this be not done the Mormons will become exceedingly troublesome and defeat any policy our Government may adopt with the Indians. WASHINGTON, Sep. 23.-The Bank of Commerce, of Georgetown, has resolved to pay all deposits of $100 and under, and to pay the interest on larger sums till sufficient assets are received which are hoped for in a few days. The stock holders acknowledge their individual responsibility for all liabilities. PHILADELPHIA, Sept. 22.-Messrs. Robert Patterson & Co., extensive dealers in sugar, have failed. Their liabilities are very large. The failure will have a bad effect in New Orleans. NEW ORLEANS, Sept. 22. The Cahawba arrived at Havana on the 19th. She did not enter the harbor. Business was dull; sugar and molasses declining. Exchange on New York 2@3c. premium. NEW YORK, Sept. 22. The train from New Haven of this morning ran off the track at Fordham. All the cars were badly smashed, and one man killed and several injured. Yesterday the stern post of a 74 gun ship for the Russian Government, was raised at the yard of Wm. H. Webb. She is to be a screw steamer of extraordinary dimensions, and will be the flag ship of the Russian navy. P. White, a noted character, was arrested yesterday, on a charge of swindling a broker out of $47,000, by exhibiting a certified check on the Bank of Boston for $100,000, and by other fraudulent means. ALBANY, Sept. 22.-Amasa J. Parker, Jno. C. Wright and John McGee, the acting members of the committee appointed to examine into and investigate the affairs of the Michigan Southern Railroad, have united in a report which will be published in the Atlas & Argus of to-morrow. They state that the floating debt is $1,800,000. They also state that the expenses of the company can be largely reduced, and that with economy and good management the road will pay dividends. BEECHER ON THE BOYS.-The "star" writer of the Independent has been devoting an essay to boys. He says: "The real lives of boys are yet to be written. The lives of pious and good boys which enrich the catalogues of our great publishing societies, resemble a real boy's life about as much as a chicken picked and larded, upon a spit, and ready for the delicious eating, resembles a free fowl in the fields. With some few honorable exceptions, they are impossible boys, with incredible goodness. Apples that ripen long before their time are either diseased or worm-bitten." SUICIDE, NOT MURDER. The highest medical authorities of England, including the Lancet and the Medical Times, are in favor of the hypothesis that L'Angelier committed suicide. They argue that the quantity of arsenic found in his stomach would have required a draught of at least two quarts of liquid to hold it in suspension so as to be taken involuntarily.

13. September 30, 1857 The New York Herald New York, NY
Article from The New York Herald, September 30, 1857

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THE CRISIS IN VIRGINIA. SUSPENSION OF THE GEORGETOWN BANK#, ETC. WASHINGTON, Sept 29, 1857. The Bank of Commerce and the Farmers and Mechanica' Bank, of Georgetown, have followed the example of the Washington banks and suspended specie payments. None of the banking houses have refuse the demands against them, except the suspended house of Messra. Palm & Nourse. THE NORFOLK BANKS. NORFOLK, Sept. 29, 1857. All the banks here continue firm. BANK SUSPENSION IN NORTH CAROLINA. ELIZARATH City, N. C., Sept. 29, 1857. The Farmers' Bank, of this city, has suspended The brokers are taking the notes at fifty per cent discount. FINANCIAL AFFAIRS IN NEW ORLEANS. New ORLEANS, Sep: 29, 1857. Money is tight and exchange stagnant; but no fears for the banks are expressed.

14. September 30, 1857 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, September 30, 1857

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Financial Matters. PHILADELPAIA, Sept. 29, 2 P. M.-The City and the Southwark banks are paying specie on their small notes, notwithstanding their agreement of yesterday. They are receiving the notes of other banks on deposit, except the Pennsylvania. CHICAGO. Sept. 29 -Messrs. E. J. Tinkham & Co., bankers, of this city, suspended this morning. There is no run on the other banks. ST. LOUIS. Sept. 29.-Messrs. Bogy, Mitteberger. & Co, bankers, closed their doors this morn. ing. Their assets are said to be ample. Cards, signed by a large number of our wealthiest citizens, are published, guaranteeing the solvency of Lucas & Co., and Remick & Peterson, and assuring depositors of the safety of their deposits. The public mind is very unsettled, and there is a general run on our brokers. The banks stand firm, and are discounting liberally. 3 P. M.-The bankers upon whom the runs were made this morning, freely and promptly met all checks, and thus restored confidence. The excitement has almost subsided. The immediate cause of the suspension of Bogy, Mittenberger, & Co., was the non-arrival of coin in transitu. The probabilities are that they will re-open tomorrow. The assets of Anderson & Co., and of Darley & Barksdale, largely exceed their liabilities. The presumption is that they will resume in a very short time. TRENTON. Sept. 29.-Everything is perfectly quiet here, and the banks are paying all their demands. The reported suspension of Bottom & Tiffany is contradicted. ROCHESTER, Sept. 29.-The Sixpenny Savings Bank of this city has suspended. GEORGETOWN. D.C. Sept. 29.-The Bank of Commerce of Georgetown, which continued to redeem its issue in specie, has come into an arrangement with the district Bank, and suspends specie payments altogether. The Farmers and Mechanics Bank in Georgetown has also suspended. NORFOLK, Va., Sept; 29.-Ail the banks here continue firm. ELIZABETH CITY, N. C., Sept. 29.-The Farmers' Bank of this city has suspended. The brokers are taking the notes at 50 per cent. discount. HARTFORD, Sept. 27.-The Hartford Banks have no idea of suspending specie payments. They are vastly stronger than they were last week. Their liabilities are much reduced. Their specie has been increased by energetic steps taken for that purpose, and all persons may rest easy that no one of the Hartford banks is in any danger of suspension. The condition of each is known, and all are satisfied that the crisis is passed.

15. September 30, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, September 30, 1857

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SUSPENSIONS IN GEORGETOWN. GEORGETOWN, Tuesday, Sept. 29, 1857. The Bank of Commerce of Georgetown, which continued to redeem its issue in specie, has come into an arrangement with the District banks, and suspends specie payment altogether. The Farmers and Mechanics' Bank in Georgetown, has also suspended.

16. October 1, 1857 Daily Iowa State Democrat Davenport, IA
Article from Daily Iowa State Democrat, October 1, 1857

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St. Louis, Sept. 29. The bankers in this city upon whom runs were made this morning, freely and promptly met all checks, and confidence is restored, and the excitement is almost entirely subsided The immediate cause of the suepension of Bogey, Milteberger & Co., was the non-arrival of coin in transition. The probabilities are that they will re-open tomorrow. The ametts of Anderson & Co., and Darly & Blakesdale, largely increase the liabilities. The presumption is that they will resume in a very short time. New York, Sept. 29. There has scarcely been any let up in the money market to-day, although the rumors that our banks were considering the expediency of extending their loans several millions, is having a favorable effect. No fail. ures reported, The upward tendency in stocks continued through the 2d board, which closed in an average advance of about one per cent. over the morning prices. Philadelphia, Sept. 28.-2 P. M. The city and Southwark banks are paying specie on their small notes. notwithstanding their agreerment of yesterday. They are receiving the notes of other banks on deposit, with the exception of the Pennsylvania. Georgetown, D. C. 29. The Bank of Commerce, Georgetown, which continues to redeem its issue in spe cie, has ceme into an arrangement with the district banks, and suspended specie payment altogether. The Farmers' & Mechanics' Bank, Georgetown, has also suspended. Nortolk, Va., Sept. 29. All banks here continue firm. Elizabeth City, N. C.,29. The Farmers' and Mechanic's Bank, of this city suspended. The brokers are taking the notes of the bank at 5c. discount.

17. October 1, 1857 The Davenport Daily Gazette Davenport, IA
Article from The Davenport Daily Gazette, October 1, 1857

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LATEST NEWS. The Financial Crists of the East and South. NASHVILLE, TENN. Sept. 28. The Bank of Nashville suspended this morning. A meeting of the merchants recommended the Union, Planters, and State Banks to suspend, but they refused. Several free banks are thrown out to day. Confidence is felt that the Bank of Nash ville will pay and have a large surplus. PHILADELPIA, Sept. 28. Bank affairs are settling on the low specie basis. The Banks are preparing to issue small notes. The Pensylvania bank notes are to be received at the other banks tomorow. Believing that the interests of the comand the State will be subserved the agreed to restore the munity thereby, presidents bank of the of Pensylvania banks have to a position at the clearing house, and toreceive its notes and discount liberally for their customers. Had this been done BOOD er, there would have been no suspensions. Sr. Louis, Sept. 28. The Banking houses of Darby & Barks dale and J.J. Anderson & Co., suspended this morning Bogy, Miltenberger & Co., bankers, closed their doors this morning. Assets sample. Cards signed by a large number of the wealthiest citizens are published, guaranteeing the solvency of Lucas & Co., and Renick & Peterson, and assuring depositors of the safety of their deposits. mind is very and there a run on the The is public general unsettled brokers. The banks stand firm and are discounting liberally PROVIDENCE, Sept. 28. The banks of Providence have resolved to suspend specie payments. The liabilities of the banks are not over 25 per cent of their capital NEW YORK Sept. 28. "The weekly bank statement shows the following result : decrease In loans, $982, 000 decrease in specie, $229,000; decrease in deposits, $933,000; decrease in circula tion $235,000. PITTSBURG, Sept. 28. All the banks of this city with the ex ception of the Pittsburg have suspended, but will resultive when similar action is adopted by Eastern banks. TRENTON, N.J., Sept. 29. The Backagton, Cumberland and Selam banks are reported to have suspended. banks, the The East Jersey including effected. Trenton are more immediately Business complain that if none of our banks discount. it will seriouly effect them. 10 O'CLOCK P. M. REPORT. Sr. Louis, Sept. 29. in this city upon runs The bankers and whom promptwere made this morning, freely ly met all checks, confidence is restored. The excitment is almost entriely subsided. cause of suspension & Co., was the of The Miltenberger immediate non-arrival of Bagy, coin in transitu. The probabilities are that they will re-open to-morrow. of Anderson & Co., and Darby & exceeded The Barksdale, assets largely their will resume liabilities. The presumption is they in a very short time. PHILADELPHIA, Sept. 59. and Southwark Banks are payon their notes ing The specie City small of yesterday. notwithstanding their agreement are recieving the notes in excepting the of bank place They A deposit, meeting NEW Presidents After York, Pennsylvania. of other Sept. took consulta- banks 29 at 3 o'clock this P. M. a tion it was agreed to recommend all City banks to extend their discount line three per cent during the coming week. This in the aggregate will amount to over three million dollars. Forty out of the fifty-five hanks were represented at the meeting. GEORGETOWN, D.C.29. of Commerce, to redeem apeThe continued Bank its Georgetown, issue in come into an cie, which has arrangement with pay- the District banks, and suspended specie ment altogether. The Farmers' and Mechanics' Bank in Georgetown has also sua pended. NORFOLK, Vs. Sept. 29. All the banks here continue firm.

18. October 1, 1857 The Weekly Pioneer and Democrat Saint Paul, MN
Article from The Weekly Pioneer and Democrat, October 1, 1857

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Failures-The Money Market. CYRUS W. FIELD & Co., paper dealers of New York, have suspended payment. A despatch from Philadelphia, dated the 21st says, "the money market is tighter than ever. There are rumors of heavy failures among the dry goods dealers." In Washington there has been much excitement, caused by the failure of PEIRCE & NOURSE. There was a great run on the Bank of Commerce, Georgetown, and upon the house of SWEENY, RITTENHOUSE & Co. A despatch dated the 16th, says : The final excitement has, in a great measure. subsided. The Bank of Commerce continues to redeem Its notes, but temporarily refuses depositors' checks. The run on the banking houses is discontinued, and they all continue to pay, and confidence is generally restored. or the sixty millions of domestic specie exported during the year ending the 30th of June, thirty-one millions and nearly a third was but lion; and of the upward of twelve millions and a half of specie imported, little less than half was bullion. In consequence of the excitement, and dealers in warrants being necessarily compelled to cease buying Land Warrants, they have declined. Dealers are now buying and selling at quotations as follows:

19. October 8, 1857 Evening Star Washington, DC
Article from Evening Star, October 8, 1857

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EVENING STAR. WASHINGTON CITY: October 8, 1857, THURSDAY SPIRITOF THE MORNING PRESS The Intelligencer discusses the current panic, taking occasion to show very clearly, we think, that it is utterly unfounded in any just cause. Or, in other words, that it is merely the result of over-speculation on the part of traders in money, and a sudden unnecessary fear that has struck the hearts of the people. In the course of his article the editor says: The great revulsions which periodically overtake us in our haste to accumulate wealth have their origin doubtless in that passion for rapid accumulation and consequent over-trading which pervade all classes. of the community and infect nearly every species of business activity. The consciousness of this it is which renders each individual so susceptible to a panic that a single disaster in a remote quarter of the country is found enough to raise and propagate through all ranks of society the craven and selfish cry of sauve qui peut." The Union's editorial columns are again devoted, to-day, to Banks and Banking," the article being directed for the most part to an exposure of what the editor evidently regards as the evils flowing from the course pursued by the note-issuing banks of the District of Columbia. He presents his readers with a historyan incorrect one in many points, we apprehend-of the banks and banking in this District for the last forty years; and also contends, with no little force, that the present note-issuing banks exist illegally, are not responsible for their obligations, and cannot collect by law a dollar due to them. Such is the line of his argument. In the course of his remarks, the editor classes the Bank of Commerce, in Georgetown, with those he names-the Bank of Columbia, the Bank of the Republic, the Merchants' and Farmers' Bank of Statham, Smithson & Co., &c., dc.-as having bursted up, defrauding their creditors. This, we are very sure, must have been but a slip of the pen; for he must know that the Bank of Commercé paid its notes longer than any other existing note-issuing District bank, and that all the property of its wellknown wealthy stockholders is publicly pledged for the fulfilment of its every obligation. So far as security is concerned, its creditors are much better off than those of any other District note-issuing bank. There is no uncertainty, whatever, as to the character and extent of its stockholders' obligations, nor have those who manage it conducted its affairs in the present crisis SO as to forfeit, in any degree, the public confidence in their desire and determination to resume specie payments at the earliest moment possible. The course of this bank, throughout all the current financial troubles, has been so specially fair and above-board" towards the public, as that we feel it our duty to express that opinion in the Star. Unlike the other District of Columbia note-issuing banks, it claims no chartered privileges whatever, being a private bank, for whose transactions all its stockholders-partners-are liable in all their property.