18937. Bank of North America (Philadelphia, PA)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
September 25, 1857
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini
Short Digest
fd4c605c

Response Measures

Accommodated withdrawals, Full suspension

Description

Newspapers report heavy runs on Philadelphia banks beginning Sept 25-26, 1857. The Bank of North America initially redeemed notes/specie (received specie from New York) but is reported to have suspended specie payments around 11:00 on Sept 28. Sources do not clearly state a subsequent resumption of full specie payments for this bank in the provided articles, so reopening is uncertain. Cause of run/suspension is systemic (Panic of 1857 and related bank suspensions, including Baltimore) rather than a discrete misinformation event.

Events (2)
1. September 25, 1857 Run
Cause
Macro News
Cause Details
General financial crisis / Panic of 1857 and contagion from suspensions in other cities (e.g., Baltimore) produced heavy withdrawals and runs on Philadelphia banks
Measures
Banks limited specie payments to small denominations, certified checks, redeemed only $5 or $10 notes in many cases; presidents met and agreed temporary partial suspensions (redeeming small notes only)
Newspaper Excerpt
There was a heavy run on all the banks to-day
Source
newspapers
2. September 28, 1857 Suspension
Cause
Macro News
Cause Details
Following several days of runs and pressure across Philadelphia banks and news of other suspensions (Baltimore, Reading, Pittsburgh), the Bank of North America ceased specie payments around 11 AM on Sept 28
Newspaper Excerpt
The Bank of North America suspended about 11 o'clock
Source
newspapers

Newspaper Articles (14)
1. September 26, 1857 The Washington Union Washington, DC
Article from The Washington Union, September 26, 1857

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BY TELEGRAPH. The Financial Crisis in Philadelphia PHILADELPHIA, Sept. 25. p. m. A general conference of the presidents of all the city banks was held this afternoon, and, after carefully canvassing all the circumstances of the pressure and their resources, they resolved on a temporary suspension of specie payments on checks, and also on all bills exceeding ten dollars, to go into effect to-morrow. There was a heavy run on all the banks to-day, but the Girard and others shielded themselves in the above manner. The brokers and others are highly excited, and are calculating monstrous reports, which will account for various exaggerated rumors set afloat. So far none of our banks have failed, and it is believed this partial suspension will be only temporary. According to the law of 1850 this action of our banks will entail the forfeiture of the charters of those incorporated or extended since that time. PHILADELPHIA, Sept. 26.-The corner of Third and Chestnut street is again the scene of excitement this morning. Crowds of alarmed and interested persons surrounded the Savings Institutions this morning before 9 o'clock. These declined paying out their deposites, requiring two weeks' notice to be given. The banks were besieged before 10 o'clock by anxious and excited crowds. The Bank of Pennsylvania reopened, doing its ordinary business, but paying out no specie. The Mechanics' Bank paid specie for its "10's." The Girard Bank refused to do any business, and gave no satisfaction to its note-holders and depositors. LATER. The Girard Bank has come to terms, and is redeeming its "5'8" with specie, but refusing to honor checks. Most of the other banks are taking checks. ANOTHER DESPATCH.-Ar additional excitement has been produced by the news of the suspension of the Baltimore banks. The Tradesman's Bank pays checks and all. AUDITIONAL-There is no concert of action among the banks, each apparently taking a different course. The North American is paying specie for its ten's, but is issuing no notes on checks. The Bank of Commerce is refusing specie, but is paying notes on checks. STILL LATER.-The Bank of North America is paying all its notes, having received specie from New York last evening, and is now represented to have more in its vaults than the amount of its bills in circulation, but is certifying its checks. The following banks are redeeming its fives : The Commercial, the Philadelphia, and the Manufacturers and Mechanics'. The Farmers' and Mechanics' Banks are paying specie for "tens." The Northern Liberties and Western Banks are redeeming its fives in cases of necessity. The Bank of Penn Township, the City, and Consolidation Banks pay nothing. All the banks, however, certify checks, except the Girard, which is suspending business entirely. Some of the banks will receive no de posites. 26th-p.m.-Private advices say that the banks of Reading and Pittsburg have suspended. The Southwark Bank pays all its bills. The Kensington Bank pays its fives only.

2. September 26, 1857 Evening Star Washington, DC
Article from Evening Star, September 26, 1857

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TELEGRAPHIC NEWS. FROM THE ASSOCIATED PRESS. The Financial Crisis in Philadelphia. Philadelphia, Sept. 26.-The corner of Third and Chesnut street is again the scene of excitement this morning. Ciowds of alarmed and interested persons surrounded the Savings Institutions this morning before 9 o'clock. These declined paying out their deposits, requiring two weeks notice to be given. The Banks were besieged before 10 o'clock by anxious and excited crowds. The Bank of Pennsylvania re-opened, doing its ordinary business, but paying out nospecie. The Mechanics' Bank paid specie for its "10's." The Girard Bank refused to do any business, and gave no satisfaction to its note holders and depositors. LATER.-The Giraid Bank has come to terms, and is redeeming its "5's" with specie, but refusing to honor checks. Most of the other banks are taking checks. ANOTHER Dispatch.-An additional excitement has been produced by the news of the suspension of the Baltimore Banks. The Tradesman's Bank pays checks and all. ADDITIONAL-There is no concert of action among the Banks, each apparently taking a different course. The North American is paying specie for its ten's, but is issuing no notes on checks. The Bank of Commerce is refusing specie, but is paying notes on checks. STILL LATER-The Bank of North America is paying all its notes, having received specie from New York last evening, and is now represented to have more in its vaults than the amount of its Mils in circulation, but is certifying its checks. The following Banks are redeeming its fives: The Commercial, the Philadelphia, and the Manufacturers and Mechanics The Farmers' and Mechanics' Bank are paying specie for "ten's." The Northern Liberties, and Western, Banks are redeeming its fives in cases of necessity. The Bank of Penn Township, the City, and Consolidation Banks pay nothing. Allothe Banks, how. ever. certify checks except the Girard, which is suspending business entirely. Some of the Banks WILL receive no deposits. 26th p. m.-Private advices say that the Banks of Reading nd Pittsburg have suspended. The Southwark Bank pays all its bills. The Kensington Bank pays its fives only

3. September 28, 1857 The New York Herald New York, NY
Article from The New York Herald, September 28, 1857

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THE STATE FINANCES [From the Philadelpais times, sext. 25 In the midst of our Associal difficult illes, we sun painful facts record the last Legislature passed appr reprissing $60.000 or upwards to the of certain class canal claims These claims have perfected by the and prepared legally for soltle ment. They have also been preser ted to the Oanal Board, whom they must be One day last week the Casal dis to met charge ithe duty thus upon them law Much one, to the surprise every they suddenly without any action, started from Harrisburg to Phills delphia, in company with the State Treasu What was the cause of this sudden Had they board financial news which alarmed them? Had funds of the which they had been speculasing been swamped some of the financial failures berngoing on Were the funds of the State deeply volvedthat would the there get ry to have issued for the $60,000? funds loabed to banks in this olly no- be contrary to law? Are those Institutions unable refund once, and must the honest redkors of the State awais one banks' the of payment of their just claim Will those 450 have patiently years have still to longer, because tiemen intrusted with the danneise of the choose to peoulate upon them? This question that demands and must answer the will go up from all parts of th State. become of the funds in the treasury! to have another operation? Let the people look well We are already taxed heavily enough without having to pay future defl ciencies that may ariae from mismanagement. Look to lt THE MONEY PANIC RUN UPON BANKS. the [From Philadelpic Ledger fever The of yesterday owing specie of Bank the sylvania, the very gener that banks would do likewise At an early hour in the morn Ing. crowd gathered in the vicinity of many these Ine. not doora their were totions, and before open long became apparent that there would be run upon them The ann of ouncement specie of suspension by the Bank of Pennsy Ivania as made, and the policemen stationed at the gales prevent the en trance all who had not busines with the officers The following. signed by the cashier, complouously displayed at different points along the railiz g surrounding the buildin Resolved That this bank suspend specie payments until further The crowd that gathered about the Pennsylvania Bank soon there was Hule or there of reat of during the the the day rard Bank, different Groupe of persons, die cursing the all exciting topic were gathered there from ially the time of the opening to the close off) in the announced the course checks morning would that not be paid until after o'clock We learn the they were the not to notes the redeemed though paid, up of closing In the course of the day there was CITY the in banks, though many holde the made five more In the mo ning. one o'slock. the the and Mechanica' Farmer very heavy continual going late the back, and line room long the paying from are sons. Before o'clock the excite had abated and but persons the At the Philadely his and the estern Bank almost al bio rush the day and Bank of Commerce understood that these heir and paid upon Bank The the deprestions. City probably greater than upon any of the others day there line desk from reaching into saying two street aftern from which, yards long twenty be of bank persone entering step lled line. While being en check, lady her push must that and told had back he the The considerable but Pena Liberties Manufacturers and Houthwark the and had Township. for demand the than ordinary specie. The upon the banks the the stores cousting rooms and market workshops about all croeds the In places the others and banks bamble men circum laboring in ances could be seen who were there evidently for the purpose of aining specte gle note two The panic reemed, to have affected other classes. broughout the day notes of the banks held la bad repate ererefused by shopkeepers,and the specie instated upon in payment of purchases made SCENER IN PHILADELPHIA. From the Philadelphia Bulletin, Sept 26. The excitement about the city monetary institutions. do earnest good eaterday. is whichcommenced and veloped itself f in general FUD on the bank. this morning but the terror to this morning belonged to a different class from that which promineal and took a run about The Friday esterday half of dollars out of the vaults of the different institutions. and the presidents of the various banks met yesterday afternoon and determined to redeem their small notes only, 0.day This determination vas 1000 ally last night and to-day is was announced in all the papers. This morning the people w ho do not road the afternoon newspapers first learned of the run. and every Individual e of this class who bad five dollar bill stowed away for rainy day, became uneasy for fear of the consequences. they rushed down bright and early to the neighbor hood in which the backs located THE THE BANK DOORS ABOUT SCRE Long before business hours crowds persons gathered upon the steps of the principal banks and leaned up against the doors as though they were funds thatthere were conviction sufficient to harely their demands, and unless they quick getting inside, some fortunate individual would obtain she ouve.ed gold. Most of these eager Individuals were either Irish or Ger mans, and the latter. carticularly. appeared terrified at the fear of meeting with los Among the throng were numerous women, too, who were alar ned the reports which were flying about thick and fast. several the doors the banks were opened before their usual and females and Infirm persons were invited Inside efficers of the insus ations When ten o'clock arrived and the doors were opened to the public, the oene was amuing: the described rushed up pell mell to he paying teller counter. and patielly awaited their turns. As the great majority of the redeemed their smaller bills, these frightened note holders soon relieved of their paper and their fears, they went their rejoicing. All this was a complished without much cost. for very few of theme early birds had more than single five dollar billtooffar, and avery little specie went great way in sathfing their claims. BANKA 11 the banks day checks. but they all marked them "good and checks were then used in of bil and taken deposit by the banks The Mechanica' Bank paid all its notes In there was little to the teller's door of this Institution the following notice 'MECHANICS' BANK PHILADE 26.b. 1857 This bar will pay adida Depositors obecke not be paid. but will be marked "good, so ked by other banks will celved.in payment of debts this institu ion The Bank of North America. sae Tradesmen's and the Southwark Bank also paid all their notes large or email The Farmers and Mechanica' Bank paid all Its notes within the mination of $10 The following redeemed their five dollar bills specie. they decilined to change larger notes mercial. Commerce. and Mechaning' Northern Liberties, 'biladelphia, Giard and Kensington. WILL Rome of the note holders who privately assured friends their of the bank being pleasantly asked they while others wanted who These small silver, desire who expressed accommo and their to much dalling course the note holders in immensely good The course by the banks had the excite During onteideo building banks police strong duty during the day to prevent the streets being blocked up by the of lotterers LINE LINE GIFT IN Early in the day there line of say afteen or twon ty persons at the South wark Bank Twopollcemen were stationed the door ardeously laboring to keep the "queue" right. One of the "stare, however, created more trouble than every body else, by seizing each person

4. September 28, 1857 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, September 28, 1857

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Latest from Philndelphia-More Excitement about the Banks. PHILADELPHIA, Sept. 26.--Chestnut and Third streets, this morning, were again a scene of excitement. Before nine o'olock, crowds of people surrounded the Savings Institution, but they all declined paying out deposits, requiring the usual two weeks' notice. The other banking institutions were also surrounded by people before 10 o'clock. The Pennsylvania Bank is transacting business, but paying no specie. The Mechanics' is paying specie for $10's. The Girard declines to do business, and refused to render any satisfaction to depositors or note holders. Eleven elock.-The Girard Bank has come to terms partially, and is redeeming fives with specie, but refuses to honor the checks of depositors. Most of the other Banks are making checks good. 11. 30.-The Bank of North America is paying specie for its notes of all descriptions. It received a remittance of specie from New York last night, and asserts that it has no more in its vaults than the amount of bills in circulation. It is also certifying its checks. The following Banks are paying specie for fives, viz : The Commercial, Philadelphia, and Manufacturers' and Mechanics'. The Farmers' and Mechanics' pays specie also for tens. The Northern Liberties, and Western, pay specie for fives in assets of necessity. The Bank of Penn Township, and the City Consolidation Bank, pay nothing. All the banks, however, certify their checks, excepting the Girard, which has suspended business entirely. Some of the banks decline even to receive deposits. 11.40. The Girard is now paying specie for its fives, and certifying checks. The Tradesman's Bank is paying every thing, checks as well as notes. An additional excitement was produced, by the news of the suspension of the banks in Baltimore. LATER.-There is no concerted action among our banks, each apparently taking a course of his own. The North American is paying specie on $10's, and under, but issuing no notes or checks. The Bank of Commerce refuses specie, but pays out notes for checks. Private despatches say that the banks of Reading, and Pittsburg, have suspeuded. The Southwark Bank, (Phildelphia) pays all its bills. The Kensington pays fives only.

5. September 28, 1857 Evening Star Washington, DC
Article from Evening Star, September 28, 1857

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TELEGRAPHIC NEWS. FROM THE ASSOCIATED PRESS. The Financial Crisis. Alexandria, Va., Sept. 28, 9.30 a. m.-Our Banks will not allow a run upon them, and are now paying out only small sums. Philadelphia, Sept. 28, 10 a. m.-The Banks commenced epeating the course pursued on Saturday. The Girfird paying 5's, and the Mechanic's and Southwark Banks all notes. 11 30 m.-The Bank of North America suspended about 11, and the suspension will now probably become general. 11.45 a.m-The Mechanic's Bank now redeems its 5's only. The Pennsylvania, Girard, Farmers and Mechanic's, Penn Township, Northern Liberties, Mechanics and Manufacturers', Commercial, Western and city banks, 5's only. The Bak of Philadelphia pays out no checks, but pays checks with its own notes. 1.10 p. m-The Bank of Pennsylvania pays their own notes for checks, and now refuses specie. All the banks are changing their course since the opening hour. Some efuse to certify checks, bbnks. but give due bills to deposit with other It is now rumored on the street that the Governor refuses to issue his proclamation unless the Pennsylvania Bank is placed on par with other banks, and her notes received on deposit. All is confusian, but not attended with the excitement of former days. Every kind of busicollections. ness is paralyzed, and it is impossible to make RICHMOND, Sept. 28, p. m.-Our banks are paying specie generally, and it is believed that they have determined to go on. There has been no run yet; but in Staunton the Central Bank and the Bank of the Valley have suspended. WILMINGTON, N.C., Sept. 28th.-There is no excitement here as yet in financial circles. Our banks are perfectly sound and continue as heretofore, but their future action will be governed by that of their neighbors.

6. September 28, 1857 Wheeling Daily Intelligencer Wheeling, WV
Article from Wheeling Daily Intelligencer, September 28, 1857

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escaped, but subsequently drowned gether with his family. BANK EX ITEMENT. PITTSBURGH, Sept. 28. -The excitement relative to the Banks is subsiding. This morning the Mechanics Bank suspended specie payment on all notes. [SECOND DISPATCE] Although the Pittsburgh Banks have suspended, at a meeting of the Executive offivers of the Banks, to day, they addopted resolutions that temporary suspension of payment of specie was necessary to protect business men, enabling the Banks to discount local paper and exchange. That the Cashiers of the respective Banks, are pre-emptorily instructed by the Board, to re sume when a similar action is adopted by the Eastern Banks. Excitement nearly subsided. PHILADELPHIA, Sept. 28.-It is understood that the Governor will issue a proclamation tomorrow, calling the legislature together on the first Tuesday in October, to take action on the Bank suspensions. [SECOND DISPATCH] There is no concert of action among the Banks. They commenced paying five dollar bills, but 11 o'clock the bank of North America, which previously redeemed all notes, suspended specie payment. The same course will now become universal. The Philadelphia Bank suspended specie payment, but redeemed checks with notes. PHILADELPHIA Sept. 28-The Governor has not decided about the proclamation. Much ill-feeling between the banks. ALEXANDRIA, VA., Sept. 28.-The Banks are paying out small sums of specie only. WASHINGTON, Sept. 28.-A notice posted on the bank of the Metropolis, says that the panic created by the suspension of other banks, hav. ing caused much larger demand for specie than was anticipated, that institution is under the painful necessity of suspending specie payments for the present. The trustees remarked that they will make every exertion to resume, and that the bank paid out $65,000 on Saturday.The Bank of Washington and Patriotic Bank. which paid only small sums on Saturday, have not altogether suspended. The Savings Banks pay either in City Bank or Virginia money, and demand the six days notice from depositors.Virginia money is at a discount of 0 per cent, and the tendency is still downward. Business nearly paralized. Money unsaleable, BOSTON, Sept. 28,-Jewett & Co., publishers of this city, have suspended. Their liabilities are $100,000. BOSTON, Sept. 28.-The Suffolk Bank refuses to redeem the bills of the New England county Banks. NEW YORK, Sept. rumored failures of Clark, Dodge & Co. and Phelps, Dodge & Co., is entirely false. Exchange on Philadelphia ten per cent per month. The assignment of the Ohio Trust Co. is expected. President Stetson returns to Cincinnati to-morrow to procure a stay of proceedings. The Metropolitan, Republic and Merchants Bank of New York, Mechanics American, Exchange, Union and Phoenix Banks have issued circulars assuring the public of their ability and determination to sustain a specie basis for their circulation, and expressing an opinion that the tendency of specie and produce to this point will soon relieve the Banks of the present pressure. NORFOLK, Va., Sept. 28.-Some feeling is manifested here about the Baltimore and Philadelphiá suspensions, but the Banks, so far, have remained firm. CINCINNATI, Sept. 28.-The excitement consequent upon the continued vorable advices from the east, paralized business, and the atten* tion of business men is entirely turned from the ordinary rotine, to the absorbing question of the Intest news from the east. The banking houses continue to quote New York exchange at par, but only small amounts can be purchased at this rate, sums of 5,000 and upwards cannot be bought at less than five per cent premium. No paper can be negotiated, so that it is useless to give quotations. The paper of an Iron House and a Shoe & Leather house, went to protest, and J. B. Holmes manufacture, has made an assignment. None of them are insolvent however. J. J. Anderson & Co., and Danby & Barksdale, Bankers of St. Louis, have suspended. The Nashville Bank of Nashvill, Tenn., has suspended. NEW YORK, Sept. 28.-The money market is very stringent, but banks remain firm in their position. Some very heavy failures are reported here. Advices from Albany mention a run on the Savings department. RICHMOND, Sept. 28-The banks are paying specie, and it is generally believed that they have determined to go on. There is no run as yet. Both of the Staunton banks, the Central Bank, and the Bank of the Valley have all suspended BALTIMORE 11 P. M.-No material change has occurred in money matter to-day. The banks in some instances redeemed their 5's as a matter of accommodation. Specie commands a premium of seven to ten per cent on exchange for Balt funds. AGUSTA, GA.-The Banks of North and South Carolina and Georgia are all right. The question of suspension is not entertained. YELLOW FEVER. WASHINGTON, Sept. 28.-Several cases of yellow fever at Key West and one death. The origin of the decease is from admitting seamen

7. September 28, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, September 28, 1857

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LATEST NEWS. THE RECEIVED BY MAGNETIC TELEGRAPH BANK DIFFICULTIES. THE BANKS OF PHILADELPHIA, PHILADELPHIA, Saturday, Sept. 26, 1857. Third and Chestnut streets are again the scene of excitement. Crowds surrounded the Savings Institutions before 9 o'clock 8. m. out two banks deposits, requiring weeks' They notice. decline The paying were besieged before 10 o'clock. The Pennsylvania Bank reopened, and is transacting business, but paying LO specie. The Mechanics' Bank is paying specie for tens. The Girard Bank has come to terms partially, re. deeming fives with specie, but refusing to honor the checks of depositors. Most of the other banks are marking checks good. There is no concert of action among the Banks each is apparently taking a different course. The Bank of North America is paying specie for tens, but issuing no notes on checks. The Bank of Commerce is refusing specie, but is paying out notes for checks. The following banks are paying specie for 5a: Commercial, Manufacturers and Mechanics', and PhiladelThe Farmers and pay The Northern Liberties pay specie phia. 10s. Mechanics' and Western specie for for bills in cases of necessity. The Bank of Penn Township, and the City Consolidation Bank pag nothing. All banks, however, except the Girard, certify checks. The Girard has entirely suspended business. Some of the banke will receive no deposits. 11:15--a. m. The Girard Bank is now paying specie for fives and certifying checks. The Tradesman's Bank pays everything, checks and all. The Bank of North America is paying all its notes. It received specie from New-York last night, and represents that it has more in its vaults than its amount of bills. It is certifying checks. The Board of Brokers passed a resolution this morning to the effect that all settlements in the purchase of stocks may be made by certified checks on any of the city banks current on the day of settlement. The Southwark Bank pays specie for all its bills. The Bank of Kensington pays for fives only. The Pittsburgh, Harrisburg, Lancaster and Reading banks have suspended. 7 p. m. A meeting of the presidents of the banks was hold this afternoon, and it is reported that a for want of concert of action they adjourned without arriving at any determination. It was thought they would determine on a full suspension, as practiced by some of the banks to-day, but which was not general on account of the North America, Mechanics', and some of the other banks receiving a supply of specie. There was also a meeting of the cashiers of the vs. rious banks, but their action is not yet known. 19 p. m. The bank presidents met to-night. They had & conference with the Governor, and asked him to call a special session of the Legislature for October 6, withthe view of affording relief to the banks from the penalty of forfeiture of charter imposed by the law of 1850. Several of the banks, however, as not acting under this law, including the Pennsylvania, Farmers' and Mechanics', Philadelphia and Western. The Governor expresses a desire to consult Attorney-General Franklin, who is not in town. No doubt the proclamation calling an extra session will be issued on Monday morning. PHILADELPHIA, Sept.27,1857. It is understood that the Governor has determined upon calling a special session of the legislature, to as semble on the first Tuesday in October. The prociamation will be issued to-morrow.

8. September 29, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, September 29, 1857

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THE BANKS IN PHILADELPHIA. PHILADELPHIA, Sept. 28.-The banks have commenced repeating the course pursued Saturday. The Girard is paying fives, and the Mechanics' and Southwark are paying all. The Bank of North America suspended about 11 o'clock, and the suspension will probably become general.

9. September 29, 1857 The Washington Union Washington, DC
Article from The Washington Union, September 29, 1857

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BY TEL RA PH. T hree Days Later from Europe Sr. Jona's, (N. B., Sept. 28 The steamship Jura, from Cork on the 17th, with London dates to the 15th arrived LONDON, Tuesday, 15th Breadstuffs generally were dull, but the wheat market was firm at last quotations, with an active business. The money market was slightly more stringent Censols for money 90 The Jura has been chartered by the East India Company to take two regiments of troops from St. Johns to Calcutta. LAVERPOOL, Tuesday. -Red wheat had advanced 3d. Flour closed buoyant. The corn market closed quiet and steady. The City of Washington arrived out on the 16th The Emperor Alexander, of Russia, had arrived at Berlin. The cholera was raging at Hamburg, Arselan, Stock holm, and other places, and proved very fatal. The Bank of Holland has increased its rates of discount to five per cent., and it is presumed that most of the German banks will be compelled to follow its example, and a general advance be established. Accounts from Moldavia state that the recent elections in the principalities resulted favorable to a union. The Indian mail had arrived with dates of the 29th of August. There had been several sorties, in which the rebels were repulsed with great loss, and 500 British were killed and wounded. The Neemuch mutineers had reached Delhi. General Nicholson was daily expected from the Punjab with reinforcements. General Havelock occupied Bithoor on the 17th without resistance. Nena Sahib escaped. Havelock, on the 29th, defeated 10,000 rebels OR the road to Lucknow The British loss was trifling. The butcheries at Cawnpore were confirmed Everything was quiet at Calcutta and Hyderabad on the 14th of August. It was expected there that Delhi would soon fall. Generals Havelock and Neil were ad. vancing upon Lucknow Three regiments of the Bengal native infantry had revolted and fied to Koave river, pursued by Gen. Floyd, where eight hundred of them were killed. The mutineers were also routed at Tinbalpore, and other places. Mutinous plots had been discovered at Benares, and other places. General Havelock, after reoccupying Cawnpore, burnt Betour. Sir Colin Campbell had assumed the command Details are given of further horrible atrocities by the Sopoys. Gen. Havelock, while marching upon Cawnpore, marched one hundred and twenty. -six miles in four days, and fought four desperate battles against Nena Sahib, completely routing him. Nena Sahib's atrocities at Cawnpore beggar all description Four hundred persons, including seventy women and one hundred and twenty children, were massacred in cold blood. The court-yard fronting Sahib's headquarters was swimming in blood. Sahib escaped, but subsequently drowned himself, together with his whole family. The Financial Orisis. ALEXANDRIA, (Va.,) Sept. 8-9.30, a. m.-Our banks will not allow a run upon them, and are now paying out only small sums. PHILADELPHIA, Sept. 28-10, a m -The banks commenced repeating the course pursued on Saturday, the Girard paying 5's, and the Mechanics' and Southwark Banks all notes. 11.30, a. m The Bank of North America suspended about 11, and the suspension will now probably become general. 11.45, a m -The Mechanics' Bank now redeems its 5' s only. The Pennsylvania, Girard, Farmers and Mechanics', Penn Township, Northern Liberties, Mechanics and Manufacturers' Commercial, Western, and City Banks, 5's only. The Bank of Philadelphia pays out no checks, but pays checks with its own notes. 1.10, p. -The Bank of Pennsylvania pays its OWD notes for checks, and now refuses specie. All the banks are changing their course since the opening hour. Some refuse to certify checks, but give due bills to deposit with other banks. It is now rumored on the streets that the governor refuses to issue his proclamation unless the Pennsylvania Bank is placed on par with other banks, and her notes received on deposit. All is confusion, but not attended with the excitement of former days. Every kind of business is paralyzed, and it in-impossible to make collections. RICHMOND, Sept. 28-p. m -Our banks are paying specie generally, and it is believed that they have determined to go on. There has been no run yet; but in Staunton the Central Bank and the Bank of the Valley have suspended. NORFOLK, Sept. 28 -There is some feeling here to-day in consequence of the suspensions in Baltimore and Philadelphia, but thus far no effect on our banks has been manifested PETERSBURG, Sept. 28-1.30, p. m -There is considerable excitement in regard to the suspensions at the North, and some little uneasiness has arisen among small dealers, but the banks have given no intimation of a suspension, and are still paying all demands upon them WILMINGTON, (N. C., Sept. 28 -There is no excitement here as yet in financial circles. Our banks are perfectly sound, and continue as heretofore, but their future action will be governed by that of their neighbors. NEW YORK, Sept. 28-p. m L-Money is stringent, but the banks remain firm. Several very heavy failures have been reported. Advices from Albany state that there is a run on the Savings department by small depositors, but there is no pressure elsewhere, and bill-holders and the banks there are quiet and confident. [ANOTHER DESPATCH.] The Metropolitan, Republic, Merchants'. Bank of New York, Mechanics' American, Exchange, Union, and Phennix Banks have issued a circular, assuring the public of their ability and determination to maintain a specie basis, expressing the opinion that the tendency of specie and produce to this point will soon enable the banks to relieve the pressure. Exchange on Philadelphia is at 10 per cent. The weekly bank statement shows a considerable reduction in loans and a strong specie column. Rates on the street in some cases reach 10 per cent per month. The assignment of the Ohio Life and Trust Company was very unexpected. President Stetson returns to-morrow to stay the proceedings. Unfounded Rumors NEW YORK, Sept. -Rumors affecting Clark, Dodge, & Co., and Phelps, Dodge, & Co., are entirely untrue. The New England Banks. BOSTON, Sept. 28. The Suffolk Bank refuses to redeem the bills of the New England country banks.

10. September 29, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, September 29, 1857

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BANK DIFFICULTIES. THE PHILADELPHIA BANKS. PHILADELPHIA, Monday, Sept. 28, 1857. The Banks are pursuing the same course to-day that they pursued on Saturday. The Girard Bank is paying out specie on five dollar bills, and the Mechanics' and Southwark on all their notes. The Bank of North America suspended about 11 o'clock, and the suspension will now probably become general. PHILADELPHIA, 12 M. The Mechanics' Bank now redeems notes of $5 only. The following banks also redeem fives only: The Consolidation, the Northern Liberties, the Mechanics' and Manufacturers', the Commercial, the Western, and the City. The Philadelphia Bank pays out no specie, but redeems checks with its own notes. PHILADELPHIA-1 p. m. The Pennsylvania Bank is now paying out its own notes for checks, but refuses specie. The Mechanics' and Manufacturers' Bank is paying no specie. All the Banks of the city have changed their course since the opening hour. Some of them refuse to certify checks, but give due-bills to deposit with other Banks. It is just rumored on the street that the Governor refuses to issue a proclamation calling the Legislature together, unless the Pennsylvania Bank is placed OR & par with the other Banks, and her notes received on deposit. All is confusion and disorder, but it is not attended with the excitement that has existed in former days of trouble. Every kind of business is completely paralyzed, and it is impossible to make collections. 9 P.M. The Board of Trade have determined to call a meeting for & public expression of the various business interests of the city, with reference to the proposed legalization of the suspensions, believing that the best interests of the community and the State will be subserved thereby. It was suggested at the meeting of the Board this evening that where parties have notes protested only because they refuse to pay other than in par currency, it is the duty of the collecting bank or agency to have that fact made as public as the protest. The Presidents of the Banks have agreed to rectore the Bank of Pennsylvania to & position at the ClearingHouse and to receive its notes and discount liberally for their customers. Had this been sooner done there would have been no suppensions. SPECIAL SESSION OF THE LEGISLATURE. The proclamation of the Governor to convene an extra session of the Legislature will be published to. morrow morning. The proclamation saye: Whereas & perious financial revulsion resulting in the suspension of epecie payments by the Backs of this and other States, and wheresa, the fatlure of many long established commercial houses is leading to the destruction of confidence and to a general embarrasement and deprese on in trade, and is threatening to affect, disastrously. the credit of the Commonwealth and the great industrial interests of the people, and it requiring prompt and efficient action to relieve the alarmed and suffering community, therefore, I convene the Legislature, to meet on the 6th of October, and adopt such measure as the present exigency requires." The Governor has not yet determined what course to pursue regarding a special session of the Legisla. ture. Two Committees-one from the Banks-are now in private conference with him. Much feeling is said to exist between the banks-some, which are incorporated under the old law, and do not forfeit their charter, opposing the call of the Legislature. It is stated that if the Governor does not countermand his order, the proclamation will be issued to-morrow morning.

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

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$122,728,212 Excess of Imports Thus, ins ead of commerce having been in the last three years, as our cotemporary erromenoualy asserted, $28,000, 000 in our favor, it was actually to the amount of $122,000,000 against us But that's not all. We did not merely nd , broad $122,000,000, but $140,000,000 in coin and builion during these three years, or about $28,000,000 over and above our liabilities on account of commercial excharge, which latter sum went out in part papment of interest on the foreign debt. Not the movements of a couple of millions from one part of the United States to the other, but the exportation of such coloscal sums as these e plain the present condition of affairs. As our cotemporary's recent specialians on finances are based upon the supposition of the balance of trade having been la our fa. vor-- supposition which turned out to be A gross errorwhat becomes of all his reasoning, deductions and conola stone? What a sad wreck, what & waste of ink and paper! Those who set out to lead the public mind on poutine and finances should, besides a issue grammar, have studied the rediments of arithmetic THE BANK RXCITRMENT-PROCLAMATION FOR AN EXTRA SESSION OF THE LEGIBLATURE, 1[rom the Philadelphia Ledger, Sept. 29 The excliement in reference to the banks had so far subsided yearerday that there was very little throng about any of them, though several of them were kept busy in cashing their five dollar billa and arranging with depoeltore. the Southwark, as accounted. cashed all its bills that were offered: the Tradesmen's redeemed its five dollar issues, as did the Western, armers' and Mechanics', Gired and Commercial The Mechanics', it was understood, redeemed all its issues. Most of the banks paid their checks under . certain amount, in their own bills and the country banks; and gave specte for the fractional parts of are dollars. Up to about eleven o'clock the Farmers' and Mechanics' paid their ten as well as five dollar notes in specie, but stopped off on the former after that hour. The Pbiladelphia Bank gave notice tast no notes would be redeemed, and that checks would be paid in notes Instead of being marked "good." The Bank of Pez a Township and Northern Liberties also redeemed their fives The Bank of North America made specie yments until about eleven o'clock, when they stopped and commenced to mark all checks under $50 "good," DO to give due bills for those of a larger amount The course persued by the banks indicated very little concert of action. Yesterday the notes of all except two or three were more freely taken by storekeeper# than on Batur day. and there seemed to be A better feeling generally in regard to them The Governor has called an extra session of the Legisia turn, to device some relief to the present financial trou. bics. The efforts of the members when they meet should be directed to a resumption of spoote payments at the carliest practicable period. Aa indefinite ruspension would be an extended evil. The community believe that suspension has been forced upon the banks as & temporary measure, and sound policy should induce the banks BOD regard 16, and use every means in their power to place themaeives in a proper position by resuming at the earlient fav. The following is the Governor's proclamation:IN THE NAME, AND BY THE AUTHORITY OF THE COMMONWEALTH OF PANNSYLVANIA, JAMES POLLOCK, GOVERNOR OF THE SAID COMMONWEALTH:A PROCLAMATION. Whereas. a serious Financial revulation has occurred, result ing in the suppension of special payment by the banks of this at other States of the Union, and the failure of many long es. stablished commercial honses leading to the destruction of confinance, and to the general embarralment and depression of trade, and hrealening to affect the credit of the Commonwealth and the great industrial Interests of the peopie; And hereas. an occasion 80 expra ordinary requires prompt and efficient action to relieve en alarmed and suffering communits: therefore, I. James Follock, Governor of the commonwealth of Pennsylvania, by virtue of the powers conferred on me! the censtitution, do hereby convene the General is memy of this commonwealth, and require the members of the Senate and House of Representatives to meet 11 their re. spective houses in the capital at Harrisburg, on Tuesday. the eixh day of October, A. is. 1867. at 12 o'clock at noon of that day. then and here to take Into consideration. and adopt such measures of rellef In the premises as the present exigency may seem to them in their wisdom to demand. In testimone whereof. I have hereunto set my hand, and caused the great seal of the commonwealth to be affided, at Earrisbers. this 28th day of September in the year of our Lord. 1847 and of the independence of the United States the eighty second. By the Governor, ANDREW G. CURTIN, Secretary of the Commonwealth

12. 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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Monetary Affairs In the East. When the first failures which occurred in the East were announced. it was generally believed that the crash would be confined to the seaboard cities, where the stock gambling had prevailed to the greatest extent. and which was said to be the cause of the monetary crash. And as the cheering hopes of brighter times appearing, were seattered over the country, the Nation rejoiced in the apparent soundness of the financial world. But searcely has the sounds of gladness ceased to reverberate. until a more portentous cloud is seen to gather. and that too, in a section of country the least anticipated. In yesterday morning's PIONEER AND DRMOCRAT, the first indications of the rising storm in the firm. old Commonwealth of Pennsylvania were announced in the partial suspen sion of some of the strongest Banks in Philadelphia. Another day's later news has been received. and sad news it is to be sent forth from the Old Keystone. Read what the Telegraph announces. under date of the 26th: Philadklphia. Sept. 26, to A. M. Third and Chestnut streets are again the scenes of excitement. Crowds surrounding the Savings Institution before 9 o'elock, . M. They decline paying out deposits, re quiring two weeks notice. The banks were besteged before 10 o'clock. The Pennsylvania bank re-opened and is transacting business, but paying no specie. The Mochanics' Bank paying specie for tens. The Girard Bank refuses to do any business, and renders no satisfaction to depositors and bill holders. Most of the other banks were making checks good. There is no concert of action among the banks, each is apparently taking a different course. The Bank of North America is paying specie for tens. but issuing no notes or checks. The Bank of Commerce is refusing specie, but is paying notes for checks. PHILADELPHIA, Sept. 26, 12 M. The Girard Bank is now paying specie for fives and certifying checks. Additional excitement was produced by the news from Baltimore of the suspension here.

13. October 3, 1857 Republican Vindicator Staunton, VA
Article from Republican Vindicator, October 3, 1857

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Partial Suspension. ALEXANDRIA. Sept. 28.-The Banks of this city are determined not to allow a great run upon their vaults. While they have not announced a suspension, they are still only paying small sums. The Feeling in Norfolk. NORFOLK, Sept. 28 -Some feeling is manifested here in regard to the suspension of the Baltimore Banks. So far our Banks are all rectus in curia. Total Suspension of the Washington Banks. WASHINGTON, Sept. 28.-The Bank of the Metropolis paid out about $65,000 in specie on Saturday, but were obliged to suspend totally to-day. The Bank of Washington and the Patriotic Bank have followed the example of the Bank of the Metropolis. A heavy run is being made on all the Bankers; Virginia notes are at a discount of five per cent uncurrent money is wholdy unsalable; and business is paralyzed. Money Matters in Philadelphia. PHILADELPHIA, Sept. 28.-The Banks of this city commenced to-day by a repetition of the course pursued Saturday. The Girard is paying Fives only. The Mechanics and Southwark all. The Bank of North America suspended about 11 o'clock, and the suspension will probably become general. Money Matters 0. K. in Norfolk. NORFOLK, Sept. 28, 4 P. M.-There have been no suspensions here and all is quiet. No apprehensions of a run from abroad are entertained by the Banks of this city, and they feel secure. Finances in New York, Albany, Etc. NEW YORK, Sept. 28.-Money stringent. Banks firm Very beavy failures reported. Advices from Albany mention a run on the Savings Department of that city by depositors. No pressure elsewhere, and bill holders there are quite confident. LATER. The Metropolitan, Republic, Merchants Bank of New York, Mechanics, American, Exchange, Union and Phoenix Banks, have issued Circulars, assuring the public of their ability and determination to maintain a specie basis. Also expressing the opinion, that the tendency of specie and produce to that point will soon enable the Banks to relieve the pressure now prevailing. Later from New York. NEW YORK, Sept. 28.--Exchange on Philadelphia is selling at 10 per cent. discount. The usual weekly Bank Statement of this city shows a reduction of loans and a strong specie column. Rates on the streets for money, in some cases, reach six per cent per month. All Confusion-Importent Rumor. Philadelphia, Sept. 28, 5 P. M.-All is confusion, but there is little excitement. It rumored on the streets that the Governor refuses to issue his proclamation for a special session of the legislature, unless the Bank of Pennsylvania is put upon the same footing with others, and her notes received on deposit. She now pays out her own notes for checks. Banking Matters at Wilmington. WILMINGTON, N. C., Sept, 28.-No excitement here. The Banks are perfectly sound, and will continue as heretofore for the present, but their future action will be governed by the course of neighbors. Financial Matters in Massachusetts. BOSTON, Sept. 28.-The Suffolk Bank refuses to redeem the notes of the New England county Banks. The Baltimore Banks BALTIMORE, Sept. 28.-There is no material change to note in monetary affairs.The Banks in some instances are redeeming fives as an accommodation Specie commands from seven to ten per cent. premium when given for Baltimore funds. Washington Banks. WASHINGTON, Sept. 28.-The Washington Merchants take the notes of the city at par. There is no fixed charge for Virginia notes. More Suspensions. PROVIDENCE, R. I., Sept. 28.-The banks here have resolved to suspend Their liabilities to the public is not more than one-quarter of their capital. The Reason of Their Refusal. BOSTON, Sept. 28.-The reason the Suffolk Bank did not honor the notes of country Banks, was the want of a sufficient force of clerks to make change. The country Banks are well protected, and retain the public confidence. Heavy Failure in New York. NEW YORK, Sept. 28.-Messrs. Abbott, Dodge & Co., a large Southern Flour House, has suspended. There is no truth in private despatches affecting Messrs. Clark, Dodge & Co., and Messrs. Phelps, Dodge & Co., bankers. The Bank of Middlletown, Pa. PHILADELPHIA, Sept. 29.-The Directors of the Bank of Middletown. Pa individu-

14. November 25, 1857 Democrat and Sentinel Ebensburg, PA
Article from Democrat and Sentinel, November 25, 1857

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Consolidation Bank, Nov. Bank of Chambersburg, Nov. Reading Savings Bank, Bank of Danville, Nov.1 Western Bank, ,Nove South Wark Bank Nov. Miners' Bank of Pottaville, WE Tradesmen's Bank of Philadelphia, Nov, Farmers' and Mechanics' Bank of Ponasylvania, Nov: Mechanics' Bank of Pittsburg, AGA Bank of Penn township, Nov: Kensington Bank, Nov, Farmers' Bank of Reading, Nov. Lebanon Bank, Nor: Laneaster County Bank, Nov Girard Bank, Nor Easton Bank, Nov, Allentown Bank, Nov, Bank of Lawrence county, Novi Wyoming Bank at Wilkesbarre, Nor, Anthracite Bank of Tamaqua, Nov, Farmers' Bank of Easton, Nov. Doylestown Bank, Nov. Lock Haven Bank, Nor Commercial Bank of Pennsylvania, Nov. Bank of Germantown, Nov. Farmers' Bank of Lancaster, Nov. Merchants' and Manufacturers' Bank of Pittsburg. Nov. Mochanies' Bank of Philadelphia, Nov Harrisburg Bank, Nov. Bank of the Northern Liberties, Nov, Bank of Middletown, Nov. Mauch Chunk Bank, Nov. Columbia Bank, ,Now, Bank of Commerce. Nov Six Penny Savings Institution, of Philadelphia, Nov / Bank of North America, Nov City Bank, (Philadelphia,) Nov Nov Exchange Bank of Pittsburg, Bank 0: Gettysburg, Nov Manufacturers' and Mechanica' Bank of Philadelphia, Nov Nov Citizens' Deposit Bank of Pittsburg, Honesdale Bank, No Bank of Delaware county, Nov. Nov Bank of Montgomery County, Bank of Pennsylvania, NW York Bank, Nov1 York County Bank, Nor] Nor] Philadelphia Saving Fund Society, Lewisburg Bank, Nov West Branch Bank, Nor Not Bank of Choster County, Penn'a Co. for Insurance on Lives and Granting Annuities, Nov.] National Safety, Insurance and Trust Co., Nov Western Saving Fund Society of Philadelphia, Nov. Central Insurance Co., Harrisbarg, Nov War. en County Bank, Not No further notice of acceptance have be received at the Auditor General's office (4 several days past, and it is therefore preus ble that those Banks that have not signition their accaptance, have declined the provi ions of the law. Woobserve, however. fre the newspapers. that the Erie City Back au the Bucks County Bank, bad taken to accept, but no notice to this effect has : been received at the Author's Department The law allowed the Banks thirty days ter the date of suspension, to accept the pr visions, and required them to give notice the Auditor General of the factor acceptant All the new Banks pay specie. Mr. C. McLain, Bank clerk of the depart ment, is entitled to our thanks for his tesy in giving access to the books from which we have derive di our statement We append a list of the Banks and Savings Institutions, from hom no notice of servy tance has been received, as follows :-