18950. Bank of Philadelphia (Philadelphia, PA)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: state
Start Date: January 29, 1842
Location: Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model: gpt-5-mini
Short Digest: 66df1d56

Response Measures

Full suspension

Description

Contemporary reports describe a heavy run on the Bank of Pennsylvania following the failure/distress of other Philadelphia banks (notably Girard) and refusal of other banks to take its paper. Governor Porter obtained an injunction and the bank was closed in late January 1842. Multiple articles in April 1843 report the bank resumed regular business/ specie payments. Dates chosen reflect newspaper accounts: run late Jan 1842; injunction/closure around Jan 31–Feb 1, 1842; reopening in mid-April 1843. Bank type listed as 'state' since its name and role holding state interest funds indicate a state-chartered institution.

Events (3)

1. January 29, 1842 Run

Cause: Local Banks
Cause Details: Other Philadelphia banks (after Girard/US Bank distress) refused to accept Bank of Pennsylvania paper and discredited it; creditors/bearers rushed to withdraw.
Measures: Bank continued to pay as long as a teller dol[e]d out paper; reportedly used state interest funds and daily balances with other banks to meet demands; later sought arrangements with other banks ('league') to stabilize.
Newspaper Excerpt: This morning all the other banks of the city simultaneously refused the notes of the Bank of Pennsylvania ... this created an instantaneous run upon that institution ... there could not have been less than a thousand persons about its premises.
Source: newspapers

2. January 31, 1842 Suspension

Cause: Government Action
Cause Details: Governor Porter directed the Attorney General to apply for an injunction to secure public monies deposited in the bank and for appointment of a receiver; injunction restrained the bank from paying or transferring assets, leading to closure.
Newspaper Excerpt: A notice was posted ... that an injunction had been applied for on the part of the Commonwealth ... Of course, until that time it will remain closed ... The Bank of Pennsylvania has been closed by an injunction, and all the other banks are hard run.
Source: newspapers

3. April 18, 1843 Reopening

Newspaper Excerpt: The old Bank of Pennsylvania, in the city of Philadelphia ... gives public notice that it would resume regular business operations on Monday last. ... The resumption by the Bank of Pennsylvania is fully successful, and seems to afford general satisfaction.
Source: newspapers

Newspaper Articles (21)

1. October 15, 1840 The Hawk-Eye and Iowa Patriot Burlington, IA

Article from The Hawk-Eye and Iowa Patriot, October 15, 1840

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and worn through the streets, the man being followed by a troop of hurrahing Vanites. This insult to the ladies and to every American heart, was treated by it the whigs with that contempt which merited. From the fact of his appearing at his hotel we leave the public to judge whether there is not ground for the belief that Allen suggested or approved of it. Mo. Republican. BANK.-Resumption of Specie Payments.-The Philadelphia Inquirer of Saturday say: We learn. with pleasure, that an arrangement is now in progress between the U.S. Bank and other Banks of Philadelphia, which is likely to have a considerable effect in reviving public confidence. In order to facilitate and render certain a general resumption of specie the Philadelphia loan the U. S. Bank payments, fered to Bank $1,000,000; has ofof a the Bank Pennsylvania has made the similar offer, and a proposition to was yesterday the Farmers' and same rectors effect of before Mechanics' the Dibank. The U. S. bank is indebted to each of the others. both in bank notes held by them and balances. The plan is, smaller banks to return payto the extent for the on demand, of notes $1,000,and to receive in able 000 each, exchange if post in a year, or longer, neThis will, of course, notes, cessary. payable bank, and reduce great the liabilities of the U. S. ly assist her in the resumption of specie payments. It is believed that the other of Philadelphia will also particiin this generous work, in about a sist pate banks bringing condition and of thus things well asearnestly desired by all who wish to so and character of PhiladelThe details of the have not, as yet, been phia. the business thoroughly arrangement arranged, but we believe it is contemplated to effect a reduction of the immediate liabilof the larger bank, to the extent of millions. The Eastern great to ities four have or professed five willingness resumption, banks assist Pennsylvania in the work of it is to be hoped that, if necessary, will now act in the spirit The best ex- of and they professions. understanding institutions of their ists among the moneyed the Philadelphia at the present time, and Cur prospect is certainly encouraging. money market continues easy. The keenness with which the Presi- the dential contest is carried on, all over Union, says the St. Louis Gazette, New may be judged from the excitement in are York. The people, on both sides, collecting en masse. Meeting after meetBennet says: ing is the order of both, day and night. The political excitement of the country closincreases every day. The week just to has added masses of fresh elements thousand ing conflagration, just like a fire the cords of dry hickory thrown upon a in Broadway. Mr Webster's remarkable, curious, has oriShaksperian at Patchogue, and asionished ginal and bewildered every body, and the democracy almost insane his hufrantic made with vexation. His wit, set the his flashes of sarcasm have mor, Custom House beside themselves-given of the fresh dash of vinegar to the poet a Post-and called forth the strongest'e down. of Silas Wright to sober them excitaYork was never in an the country rewide so ble forts New condition-nor such far and crazy. Distinguished of men Queen the good old language and turn to call their opponents "come Bess, flog them if they will and threaten arm's to length"--while leading return reinto officers of the government sink a and threaten to as the the forehead of the foe, ligious compliment, in General Har- little in stone David did to big Goliah. thing ( General Jackson, every abroad, runrison, of man or beast, is singing the shape races, speaking writing, highest ring and electioneering. The have alsongs, lowest of both parties lost their most and the lost their senses-and some sobriety. JONSING ON BANKING SAM two old friends, Sam Jonsing Com- and The Gumbo, met last night at the their disPete Bank. The burden of and mercial appeared to be upon banking, throwing course of which we published as has nea part light upon this subject which new ver been touched by Gouge.

2. November 14, 1840 Lexington Union Lexington, MS

Article from Lexington Union, November 14, 1840

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over is in progress between the United banks negotiation Bank of Pennsy Ivania and other which the States Philadelphi., by the stipulations of pay of to return, to the former, notes latter agree demand, to the amount of $1,000,000 post able on and to receive in exchange therefor, longer each, having twelve months to run, or These should notes the United States Bank require. that by institutiona indulge the delusive hope, to shuffle of the cards, they will be enabled genthis revive public confidence, and bring about a eral and permanent resumpteon of specie pay. ments in that city. Such a negotiation may facilitate an apheme- lia resumption, by diminishing the present ral of the mammoth Bank: but their permit of bilities resumption must (depend on the revival haye public nent confidence. This confidence, they congrossly and wantonly abused, and the are, public once sequently no loss unworthy of it, than mind is prepared to best W it. When the United States Bank, by fraud from and the corruption, obtained its present charter Biddle State of Pennsy Ivania, its President Mr. State asserted that it was more powerful underits it had been under a National one it retaine all and acquired additional powers al charter and means, yel, than notwithstanding its origin- chara by is new charter, it has, by a system of policy rather han an umbridled recklessness, skill, engulfed Prelif in and ruin : and is begging it bankrup:cy terized financial by inextricuble assistance which the han of those very institutions and would at fain have 118 believe, it can regulate United Let such as contend that the behold govern. States Bank regulated the State banks, roin it their mighty regulator sinking under the State Brought upon *itself, and supplicating boast has banks for aid; and say, if they can longer this is regulating powers. By say they, bas in fact, a United States Bank is charter, but your great more only of not, its State True, had financial it prieti, Mr. Biddle, boasted that it charter. high under its present, than its former and with power it cannot 11 ith the same mean", the State additional If ther, power, curb and regulate have done how IS it possible that it could banks, under its national charler which, according so, to its President, confered less power. The idea is verrily preposterous. CONFLAGRATION.--On the morning of the of 29th the the Empress and the Monarch, two boats that track the III consumed by fire " New ters, most ultime, were jestic Between Orleans Western three upon bocom of the Missisippi Empress the and four o'clock in the morning, the to extilldiscovered to be on fire, all efforts cut was the flames proving aboitive, she was suffered to float into the drifing to the opposite shore she loose guish and conveyed stream, soon and the to the Monarch. Both vessels were the fire in flames. The loss sustained by burning wraped of the Empress is estimated at $30,900. she was The Monarch was valued at $40,000 however insured to the amount of $25,000. COMK! Tuev COME!! The number the True naturalized in New York, during to months foreigners of September and October, amounts nations 1,406. Thus are the oppressed of all man flocking to this asy I am of liberty, where a which enjoy unrestrained, the rights accountable with nature's may Gol endowed him, being others. only for the infringement of like rights in " Open your ears, for which of you will stop the vent of hearing when a prophet speaks!" The Editor of the Yazoo Whig, speaking of the Administra'i ion party, says, in his accustom- as ed hetic m inner, " They never can rally have a party pro; on the same ground which they lately occupiel." There shall he false prophets anys the good and verily this is one of them. There ye bands book, stands upon the same ground a atriotic who, unlike their political enemies, possess of unity unity of purpose, and unity ac Thus united in one body by the tion. of principle, and golden ever con- lig. aments of republican principles, they acious of the rectitudo of those principles, willstand their ground as firm and redoutable ne the Spartan band at Thermops Ise. And there of no traitor who can betray them into the hands their enemies. CHEERING TO A PORTION OF THE Fair.-The of New Orleans Picnyune say$ that the number while males in that city, exceeds the number of white females 10,292. This istruly checring to those of the fair, whose have hymenial hopes are growing dim, but who lost all susceptibility of the tender passion.- callnot To h we say, hie thither while it is yet ed to day. It is said that in some paris of the ceantry the of fair have taken nn active part in the cau'e Gen. Harrison. This is no more than mighthave been reasonably expected; forshould they succeed there in the PIP notion of the petticoat candidate, will be but one step to Gynaeocracy for sphere, which, some of those designed for a more delicate seem devoutedly to wish. A BANK MAN.-I is said of that two Downing, Ranks of street

3. January 30, 1842 The New York Herald New York, NY

Article from The New York Herald, January 30, 1842

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TWIST. Yours, Philadelphia. Correspondence of the Herald.] PHILADELPHIA, Jan. 29, 1842. Another Run-Great Excitement-Th State Interest Not tobe Paid-Probubly Another Bank FailareState Stock Down--Failure -- of a Broker-A Game at Fisticuffs We are to-day again in the midst of confusion, and another excitement as great as that created by the stoppage of the United States and Girard Banks. This morning all the other banks of the city simultaneously refused the notes of the Bank of Penn. sylvania-the latter the agent you know to pay the State interest due on Tuesday next. As was to have been expected this created an instantaneous run upon that institution, which was kept up with hourly increasing additions in numbers until the time of closing the doors When 3 o'elock came there could not have been less than a thousand persons about its premises. It however continued to pay as fast as oneteller chose to dole out other paper to the last. But that they can hold out over Monday, without they use the whole of the amount deposited with them to pay the State interest ] have not the slightest expectation. The cause of the other city banks refusing its paper was in consequence of obtaining information, that the Bank of Pennsylvania had been for some time past adjusting its daily balances with them through the use of the State interest lying in their vaults. They knew that if they permitted it to pay the interest that it could not aquare its balances, and that they would then be compelled to discredititi paper, and at & time when they must be losers. They considered that to bring it into dierepute a day or two sooner or later would not make much difference to the bank, while to them it was a matter of material moment, for they might chance to hold a large amount of its issues. The Banks argued, either the State or us must be losers eventually; so, thought they, here's take care of our selves. It is now understood that the interest will not be paid on Tuesday, and as a consequence of this announcement, State Fives have sold since the Board at 45. Great confusion prevails, and in the excitement, the Manufacturing & Mechanics' Bank, and Penn Township, are frequently coupled with a similar fate of those that new lie in rnins. In connection with these bank failures we have others among merchants and brokers. Of the lat. ter, one of our largest and reputed wealthiest houses failed last night. It is understood to have had large amounts of stocks hypothecated, which are now returning upon it for the money, which of course cannot be had. It is hoped by some that some arrangement may yet be made At the crowd yesterday about the Bank of Pennsylvania, by way of enlivening the scene, an amusing game of fisticuffs came off between Mr George G+--,5, and the son of a noted and rich dealer in patent medicine This son of syrup, who is a violent whig, charged the ruin of the banks to Gen. Jackson. This Mr. G., a loco, flatly denied, accompanied with the lie. The lie was returned, when Mr. G. rejoined by a blow. There were several passes, though those of the loco only told, his adversary not being able to put one in effectually. The loco said he felt himself bound to plug any man who abused Gen. Jackson at this day for his course on the currency and the banks. With a harra for Jackson and down with the corrupt banks, the whole passed off.

4. January 31, 1842 The New York Herald New York, NY

Article from The New York Herald, January 31, 1842

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SUNDAY EDITION OF THE HERALD.-The Sunday dition of the Herald, published yesterday, surpassed all the rest of its cotemporaries in the fullness, accuracy, and extent of its news. It was the only paper that gave a full report of Judge Kent's charge-it was the only paper that gave an account of the fresh bank run on the Bank of Pennsylvania in Philadelphia-and the failure of another bank in Baltimore-it was also the only paper that gave the best news from Washington, and the defeat of the Bankrupt Repeal Bill in the Senate. Thus we go.

5. January 31, 1842 The New York Herald New York, NY

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MONEY MARKET. Sunday, Jan.30-6 P. M. The bill repealing the Bankrupt Law has been lost in the Senate by a vote of one majority. The bill is so far safe-apprehensions are entertained, however,that it may be postponed for six or twelve months, which will be fatal to it. Events are rapidly progressing in Philadelphia, and the grand finale of the credit system as pursued in that city, may shortly be expected. The bank of Peunsylvania was run all day yesterday, and was discredited by the other banks. Last year, when the banks of Philadelphia allowed themselves to be drawn into the vertex of the United States Bank insolvency by attempting to assist H,every practical man considered them as lost. Their present desperate condition, therefore, excites no sur. prise-their final dissolution has been only a question of time. The late National bank, with a capital of $35,000,000 and an almost unbounded credit, attempted to sustain the southern institutions and was crushed under upon the other institutions and turn upon State, and in weight-it their fen bask the sucessively each their prop they has been knocked away, until the whole form a helpless mass of insolvency your any human power to retrieve; and if the United States Government were to attempt to stay the course of events, its own credit would inevitably be the sacrifice. Previous to the resumption of last year, the United States Bank monopolized the circulation of Philadelphis, and thereby absorbed the active means of the other banks to an extent that made a return to specie payments altogether dependent upon its will. It then declared its inability to resume unless the banks who held over $5,000,000 of its presentible paper would exchange it for postponable paper or post notes. As the active means of those banks consist d mostly of those claims upon the United States Bank, they could not comply without as. sistance for a like amount from New York and Boston. James G. King undertook to negotiate this loan, and the New York American published a formal opinion, that with such assistance the resumption could be brought about successfully. The first proposition was, that the eastern banks should assume the claim of the Philadelphia banks upon the United States Bank. This the eastern banks were too sagacious to do. They refused to trust that institution at all- subscription was then got up, headel by Prime, Ward & King, Brown Bre. thers, Bank of Commerce, &c. The Philadelphia Banks then weakly and foolishly exchanged their claims on demand for post notes, to the following amounts : BANK THAT HELD U. S. BANK POST NOTES. Pennsy Ivania $1 368 745 31 Mechanics 521 855 61 Philadelphia 1,069 454 50 Manf& Mec's 160,369 30 Farm & Mec's 783 846 51 Kensington 21.350 00 Commercial 350.000 00 N Liberties 211,477 21 North America 427,496 80 Pena Township 160,857 90 Two months after this operation the United States Bank made an assignment of a part of its assets to secure notes, consisting mostly of fancy stocks andreal es tate in Wisconsin, Illinois, Pennsylvania and elsewhere The property thus assigned was appraised by W. Welsb, Campbell and W. King at $5,109 700, although'shrewd practical men, considered the whole worth not more than half the amount. The operation then stood thus' The above named banks in thefirst instance held $5 000. 000, which could have been cashed at a loss of 10 per sent. For these, fraudulently for the stockholders. they look postponable paper. They then, for security, as samed an equal amount of the bad debt of the United States Bank, thereby voluntarily throwing away $3,000 000 of the stockholders' money, and even that assignment will, according to the recent resolution of the stock holders of the United States Bank be set aside. In the recantime the State was continually increasing its de mands upon the Banks, to meet its necessities, and there by deprived the institutions of their remaining active

6. February 1, 1842 The New York Herald New York, NY

Article from The New York Herald, February 1, 1842

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Philadelphia. Correspondence of the Herald.I PHILADELPHIA, Jan. 31, 1842 Bank Excitement-Injunction on the Bank of Pennsyl vania-Run on the Moyamensing Bank-Folly of the League" efforts to pay the State Interest. Sc. Weare still in the midst of great confusion, doubt and uncertainty, in reference to our banks, and the currency. This morning, as ou Saturday afternoon the Bank of Pennsylvania was besieged by a crowd of many persons. This institution, you know, stands on Second street, and has a yard in front.Neither the doors of the bank, nor the gate leading to it, were opened. A notice was posted on them, that an injunction had been applied for on the part of the Commonwealth, and that a motion to appoint u receiver, to take charge of its assets, would be heard on Monday next. Of course, until that time it will remain closed, and the State interest due tomorrow will not be paid. So far from this injunetion being opposed by the bank, it is believed that it was courted by it. As for the two or three days of the past week, our brokers and business men are in statu quo, from the fact that they are afraid to touch any descrip tion of our paper currency. The " league" that has been noticed as formed between the banks, to. payout their own notes, and create a safety fund, has had but little effect on tranquilizing the feverishness in the public mind. This safety fund, if created, at the best, is but to protect the banks themselves, while the community is left just as exposed as before. The want of confidence is just as great as previous to announcement. Indeed, 1 think it is greater, for it is an admission from the banks, that they are unworthy of credit; and that each will not take the others notes, unless security in the shape of this safety fund is raised. To raise this safety fund the community see, also, takes from the security which the Banks held to meet their bills in circulation. In a word, the Banks secure each other at the expense of the bill holders. Greater consternation, 1 never before saw in this city. All business seems to be relinquished, and the subject of currency and bank failures, is the engrossing theme of all classes. A prettyjsmart run has been keptup all day on the Moyamensing Bank; it, however, met all demands to the last. That it will be able to do so to-morrow, is doubtful. So we go. That the d-1 at a game of ten pins with our banks, is now certain. There have been several meetings of the officers of the Banks to-day, the object of which, was to obtain means from them to meet the State interest. As yet, nothing has been accomplished. At the Stock board nothing was done of any consequence. Girard notes are selling from 25 to 30 per cent discount for specie Currency is at a discount of about ten per cent. I do not know, whether the "league" arrange ment has been affirmed by the several Boards of Directors or not. The West Branch Back is broke. A question was decided in our District Court as Saturday, which may be interesting to the mercantile community. In the case of Shoemaker and another, against Thomas, in which an action was brought on a promissory note made by the defendant, an affidavit of defence was filed, in which the defendant claimed the right of defaulting a certain amount above legal interest which the plaintiff. had charged the defendant in some previous transactions, which were entirely disconnected with the note sued upon in the present case. The matterscame before the court for argument on Satur when it was decided that the ueurous interest charged on transactions having nothing to de with the note on which the present suit was brought, could not be made an off set on the plain. tiffs', claim, and judgment was ordered for the plaintiffs for the full amount of their demand. For the plaintiffs, Mr. Hopper; Mr. Ingraham for the defendant. The daughter of Hon. Jos. R. Ingersoll died at Washington on Saturday. John M. Scott, mayor, rum or says, has been nominated to the judgeship declined by Mr. Binney.

7. February 2, 1842 The New York Herald New York, NY

Article from The New York Herald, February 2, 1842

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We yesterday mentioned the seizure of the assets of the United States Bank at New Orleans. It appears the attachment was made under a fi. fa., issued from the United States Court at Philadelphia, directed to the Marshal of New Orleans District. All the assets assigned by the Bank of United States were seized, to satisfy a judgment in favor of the Government for $351,000, most of which assets were in the vaults of the Merchants' Bank, for safe keeping; and an attachment wasissued, under process from the Commercial Court of New Orleans, on a suit entered by the United States, for the sam of nearly two millions of dollars. Under the 6. fa. the Marshal threatened to seize the assets belonging to the Merchants' Bank. On application, however, to the United States Court, Judge McCaleb at once granted an injunction to stay all proceedings against the Merchant's Bank under the fi. fa.; and Judge Watts issued a similar injunction under the attachment. In the mean time the assets assigned by the Bank of United States were taken by the Marshal, and are now in his charge,and the Merchants' Bauk and all her business and assets remain in her own possession, and her business goes on as yet. The question as re gardsthe assets assigned to trustees by the Bank of the United States, will of course undergo the usual and regular judicial investigation. A very numerous meeting of the citizens of Montgomery County, Illinois, was recently held, E. Whitten, Esq. in the chair, to take into consideration the financial condition of the country. The meeting was addressed by Mesers. A. Kitchell, H. Rountree, F. H. Hereford, W. Kitchell and C. B. Blockburger, when the following resolutions were unanimously passed :1. That we will hereafter support no man for National or State office, who is in favor of a National debt-or of increasing our own State indebtedness-or of issuing any more State bonds for any purpose whatever-or of taxing the people at this time a singse cent for the payment of interest or principal on the various demands now against the State, or at any other time for the payment of demands further than the people have received an adequate and valuable consideration. 2. That we will not support any candidate for office, State or National, who will not declare himself in favor of compelling all banking institutions to au immediate and continued payment, on demand, of their notes in gold and silver coin. These resolutions contain the spirit of the repudiating doctrines that are so fast, and BO rapidly spreading throughout the west and south. Lord Ashburton will find it difficult to meet this disposition among the people, The Bank of Pennsylvania, it appears, has been closed under an injunction, issued at the suit of the Governor, on behalf of the State, as one of the depositors. The money deposited was said to befunds appropriated to the payment of the interest due to day, and which had been more than half used by the institution, to meet its own necessities; and consequently the State has failed. The whole affair is a very mysterious one. It appears the Governor was in the bank, and in daily correspondence with it before this explosion took place; and that the bank actually closed its doors on a notice from the Go. vernor, before the injunction was issued, thereby show ing a secret understanding. Similar transactions took place in relation to the United States Bank, in the fall of 1839. It is highly improbable that if the Bank of Penn sylvania had the cash on hand to pay out to the holder of State stock, the other banks would have discredited it; but if it was pay out its own irredeemable paper, and thus flood the city, they would, of course, try to prevent it. The following is the last return of the Bank of Pennsylvania made public.

8. February 2, 1842 The New York Herald New York, NY

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may our grooers, and other smalt Dueiness men, refuse to-day to take any paper but of the city banks. Exchange on New York is selling at 65. and if the "league" arrangement goes into full effect, less than a week will see this rate considerably reduced. This must necessarily be so, for the banks will not dare to discount much for fear of suite on their is. sues, as well as tear of compulsory measures on the score of resumption. Our currency will therefore become scarce and more valuable. The Bank of Penneylvania is not open and the State interest is not paid-at least not the American holders of the stock, though rumor says that the packet which sails today from your city carries out the amount requisite to meet the interest on the stock held in Europe--the Bank of Pennsylvania having purchased bills on England for the purpose previous to failure. The balance of the interest fund in the keeping of the bank it is said is composed almost entirely of Girard Bank notes and the relief issues of the State. Rather a poor show this for the payment of the interest within the current year, without a resort to loans, which is not very probable. Governor Porter yesterday made a requisition upon such of the banks of the city and county as have not complied with the law, to pay the balance of the 5 per cent loan required under their charter, according to the act of assembly, to aid in meeting the balance of the interest due 1st February. As there are are but a small amount coming from the banks, it is not likely that they will soon have to pay -there not being enough to enable the State to pay the interest. Atan adjourned meeting of the delegates from the several banke, held last evening, at the Philadelphia Bank, I learn that the arrangements between the city and county banke, as to the issue of notes, &c., are nearly completed, and that in the meantime the paper of all these institutic n3 will be received on deposite or in payment of debts by each of he banks. The Girard, the Pennsylvania, the United States, and the Schuylkilt Banks, of course, are not included. All the others have come into the arrangement, and have deposited the requisite amount of security. All the trustees have not yet been named, nor will the banks immediately pay out their own notes, for the reason that one or two of the banks, having destroyed all their old ones, require a little time to prepare new. All these ar. rangements have reference to a full resumption of specie payments on the 1st of August next. Another meeting is to be held this afternoon. The motion to appoint a receiver for the Bank of Penn. sylvania to day being resisted by the bank, was further deferred until to morrow. The transactions in stocks to-day were to a medium amount at an improvement in prices. State fives sold at 50; Pennsylvania Bank notes 20 per cent discount; Bank 46, Girard 30. A resolution has been introduced into the Legislature, requiring the banks to pay coin for their is sues instanter.

9. February 3, 1842 The New York Herald New York, NY

Article from The New York Herald, February 3, 1842

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Philadelphia. (Correspondence of the Herald.] PHILADELPHIA, Feb.2d,1842. All here to-day is quiet. There is no run, but a great lack of confidence in all descriptions of paper currency circulating among No one holds it a moment longer than he can in any useful way get rid of it. The practice of paying debts, 80 long in disuse, is becoming eomewhat tashionable, for the fear entertained by holders, that the Bank will break. Large amounts have been paid for this reason, that creditors had long given up as lost. The "league" of City and County Banks is believed to be nearly or quite perfected, and, it is announced, will go into operation on Monday. Each Bank contributes $75,000 to the Safety Fund. The following Banks have selected each its Trustee as follows:Bank of North America, John Richardson: Philadelphia, Samuel F. Smith; Commercial, James Dundas; Mechanics', J. B, Mitchell ; Penn Township, D. B Hiaman ; Southwark, Thos. Sparks; Western, J. Patterson; Farmers' and Mechanics', J. P.Hutchinson; ; No:thern Liberties, David Kirkpatrick; Manufacturers' and Mechanics', Thomas H. Craig; Moyamensing, Joseph Solons. Nothing is said upon the subject of the payment of the State Interest, and the matter is in more doubt now, and apparently more remote, than it was six months ago. The Bank has beyond all doubt used much of it to pay its own debts, and the resources of the State Treasury are in no condition to make it up. Governor Porter has returned to Harrisburg. The transactions in Stocks to day are to a medium amount, at a considerable falling off in the price of all bank stocks City and State Funds have advanced-the latter to day is worth $50 on the hundred-the former $104. U.S. Bank notes are at a discount of 50 per ccnt on coin; Girard 23 to 30 Pennsylvania 10 to 15; Towanda is not worth more than 25 cents on the dollar. The President of the Philadelphia Bank to day resigned his place, and Samuel F. Smith was elected to fill it. There is an old adage that " rats will desert a sinking ship." It is to be hoped that it does not apply in this case, though I confess I have my fears. Mr. Read, unlike some other bank officers, has a character to lose, and evidently does not wish risk itin presiding over a broken bank. A string of two or three hundred persons have to day been parading through our principal streets, drawing after them a beautiful fire engine, intended for the Kinsington Fire Company. This morning, through the intervention of A De Kalb Law, Esq, the subscribers' jadgment, ereditors of the Bank of Pennsylvania, presented the following petition to the Judges of the Supreme Court It is thought that the step will stop the appointment of 2 Receiver. To THE HONORABLE JUDGES OF THE SUPREME COURT OF THE COMMORWEALTH OF PENNSYLVANIA. The petition of the undersigned citizens, residing with in the City and County of Philadelphia, respectfully sets forth: That we are judgment creditors of the Bank of Penn. sylvania to an amount in the aggregate of not quite ) five hundred dollars, and we observe, by the public papers, that an injunction upon that Bank has been is. sued by your Honors, and that you are about to appoint a Receiver to take charge of its property and effects. ) We would, with due respect say to your Henors, that, according to existing laws, we have a priority over other creditors, and the proceedings you are about to make, being unprecedented in this Commenwealth, we are not aware of its consequences, and are fearfal that it will impair our legalrights. And we would also with due respect say to your Honors, that though we are humble individuals, nd our claims small, yet we are as much entitled to your protection as more prominent persons with larger claims, and while we will low with respect to the mandat so your Honorable Court, whatever they may be, we hum bly hope that nothing will be done by you to unsettle disturb existing legal rights, or to retard the operation of existing laws. PHILADELPHIA. Feb. 2, 1942. ANDREW MILLER, Signed, WILLIAM C. PARKER. ALEXANDER BROWNE. THOMAS BROMLEY.

10. February 3, 1842 Richmond Enquirer Richmond, VA

Article from Richmond Enquirer, February 3, 1842

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BANK AFFAIRS. PHILADELPHIA, Feb. 1.-The Pennsylvania Bank, which was run upon on Saturday, did not open its doors yesterday. This course was pursued in consequence of the action of the Governor, who, to provide for the safety of the public moneys deposited in that institution, as well as to promote the general benefit of those interested in the Bank, had directed the Attorney General to apply to the Supreme Court for an injunetion to restrain the President and Directors from paying out, assigning or transferring the assests of the Bank, and also for the appointment of a receiver. The application was founded upon the affidavit of Job Mann, Esq., Treasurer of the State, shewing that up wards of $800,000 were deposited in said Bank, for the payment of the interest on the State Debt falling due to-day. In anticipation of this movement, the following notice was sent by Gov. Porter to the Bank: Merchants' Hotel, 31st January, 1842, 7 o'clock, Monday morning. President and Directors of the Bank of Pennsy'vania. Gentlemen:-I directed the Attorney General on Saturday evening, to adopt proper legal measures to secure the Public Moneys deposited in the Bank of Pennsylvania, as well as the interests of all who are in any way creditors or debtors of that institution That officer will apply to the Supreme Court, at the earliest possible moment this morning, for an Injunction, and the appointment of a Receiver to take charge of all the assets of the Bank. You are now apprized of that fact, and directed not to open your doors this morning nor pay out any of your money or transfer any of your assets, for any purpose whatever. When the same are placed in the custody of the law, the rights of all parRespectfully, ties will be fully guaranteed. DAVID R. PORTER On receipt of this notification, the subjoined resolu tion was adopted: Resolved, That in pursuance of the direction of the Governor, the Bank is hereby closed. JOSEPH TROTTER, President. Monday morning, 9 o'clock, Jan. 21, 1842. The Bank of Pennsylvania being enjoined, up. on which, it was presumed there would otherwise have been a severe drain, a sharp run was commenced upon a neighboring institution, the Moyamensing Bank, which was continued all day, and was met with great readiness and cheerfulness. To accommodate the public, the Bank was kept open for a considerable time after the usual hour for closing with an under standing that it should remain so long as calls were made. This Bank closed at a late hour in the after noon, and had evidently created a much better feeling than had existed in the morning. INJUNCTION GRANTED.-Yesterday, in the Supreme Court, on application of Ovid F. Johnson, Esq., for the Commonwealth, an injunction was granted against the Bank of Pennsylvania, restraining it from issuing, transferring, or assigning any of its assets. Application was also made for the appointment of a Receiver, which upon a rule was argued at 2 clock, when the Court decided to hold the matter over until this morning, in the mean time giving the Bank an op portunity to file its answer, or suggest a suitable person to be appointed as the Receiver. REQUISITION OF THE Goverson.-The Governor yesterday made a requisition upon all the city and county banks for the balance of the loan of five per cent. of the amount of their respective capitals, as provided for by the law of May 1841. To be paid over this morning in specie or its equivalent. BANK ARRANGEMENT-The adjourned meeting of Bank Officers was held lasteveningat the Philadelphia Bank. We learn that the arrangement between the City and County Banks, as to the issue of notes, are nearly completed; and that in the meantime the paper of each of the Institutions will be universally received on deposite or in payment of debts. The Pennsylvania and Girard Banks not included. The arrangements thus far have been made in view of a resumption of specie payments, on the 1st of August next.-Pennsylzanieru. NEW ORLEANS, Jan. 22-We learn that the Merchants' Bank was, yesterday, seized upon a writ of fieri facias, in favor of the U. S. against the U.S. Bank of Pennsylvania, as the property of said Bank: and that whatever debtsare due by the other Banks of the city to that institution were garnished in favor of the U. S.The fieri facias was issued upon the judgment obtained in the matter of the French Bill.-Bee. I On "board the Columbus there are about 550 men and boys; and more than 200 of these have signed the pledge of total abstinence from all intoxicating two hundred of the crew have the of drinks lumbia Over signed pledge total abstinence. of the Par. CoAt the head of the list is the name of Foxhall A. ker, the captain of the frigate.-Boston Post.

11. February 7, 1842 Lynchburg Virginian Lynchburg, VA

Article from Lynchburg Virginian, February 7, 1842

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The names or Mossts. Chapman and were with drawn, and that of Thomas Miller, of Powhatan, was added to the nomination. Lauson. Miller. Guerrant. 76 50 3d ballot 29 4th 90 59 00 There were 4 scattering votes on the 2d ballot, 2 on the 3d, and 5 on the 4th. So that Fabius M. Lawson duly elected Treasurer of the Commonwealth. To-day, the business of the House was confined to the progress of the bills through their several stages. The Democratic Convention assembled at 10 o'clock this morning, and by way of preliminary organization, Maj. Charles Yancey, of Buckingham, was called to the chair, and Messrs. Thomas Ritchie and Richard B. Gooch were appointed secretaries. After calling the roll,-the adoption of a resolution, appointing the delegates and Senators in the Legislature to represent Democratic counties from which no special delegates have been appointed,-and the appointment of a committee to percentmend permanent officers, the Convention adjournwill 4 o'clock this afternoon. Samuel C. Anderson, of P. Edward, strongly remonstrated against the resolution appointing members of the Legislature members of the Convention. He contended that no person had a right to sit in the body, who was not specially delegated by the people. But he was over-ruled. Mr. A. is somewhat a novice in Democracy, and does not quite understand its rules. Among the members of the Convention is Mr. Theophilus Fisk, theeditor of the AntiBank Democrat ic paper here-1 do not know what county he represents; but he is not a city member-a proposition to appoint him a delegate, at the meeting held in this place having been rejected a sort of leftMr. F. will handed blow. find that by the Richmond Democrats are generally bank-men-for the very good reason that many of them are pretty deeply in the books and shudder at the idea of of the Banks, curtailn ents, resumption or liquidation-while he is for destroying those institutions, without regard to the interests of their debtore, root and branch. Should I have time before the mail closes. I will give you an outline of the afternoon's proceedings. The Convention is well but cui boraise "new issues" for the elections, no? It may attended; Spring and create a factitious excitement in the but to their and do not suffer themselves to be by principles, if the dirision, Whigs remain true themselves public and destroyed mind; to our oppouents will hardly gain any thing by the convocation. Sterling C. Anderson, Esq. is, I believe, the only delegate present from Campbell. We have not much of interest from Washington, ex cept the passage of the Treasury Note Bill, as it came from the Senate, by the casting vote of the Speaker, the vote being 100 to 100, on Saturday last. On Monday, the case of Mr. Adams was about to come up. when the annunciation of the death of Nathan F. Dixon, one of the Senators from Rhode Island, caused a suspension of further proceedings. and both Houses adjourned. The distrust occasioned by the failure of the Girard Bank, in Philadelphia, led to a run, on Saturday last, upon the Bank of Pennsylvania, in which the State had deposited $800,000 for the purpose of paying the interon the 1st of It met all until the hour of was that the Bank was to after were made. The est on mands notice any claims its upon debt, given it, however. Bank hours, February. but none prepared closing--and meet deother Banks have adopted a plan of operations, in the existing emergency, which it is hoped will enable them to weather the storm. which some the lower branch Maryland the Banks of of Thebill the Legislature. days ago coercing passed that to resume within of the it is amended the to resume on a SO distant however as State ter be Banks the materially passage specie act, day payments by will, named. Senate-requiring confidently twenty asserted, days the af penable-them and their debtors to prepare for it, but IC

12. February 8, 1842 The Middlebury People's Press Middlebury, VT

Article from The Middlebury People's Press, February 8, 1842

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THE GIRARD BANK of Philadelphia has closed its doors. This has caused great excitement. It was the largest Bank in the city, and one of the greatest in the Union. The next day in consequence of a rumorathat the directors were carrying the property out of the back door, a mob assembled in the alley in the rear. The mayor was present and prevented it by his mild interferance. `Philadelphia is now almost without a currency. The Bank of Pennsylvania has been closed by an injnnction, and all the other banks are hard run. The brokers, and all men of business stand aghast.

13. February 10, 1842 Staunton Spectator, and General Advertiser Staunton, VA

Article from Staunton Spectator, and General Advertiser, February 10, 1842

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The Bank of Pennsylvania, at Philadelphia, has been closed by an injunction issued from the Supreme Court, at the instance of Gov. Porter. It was in this Bank the funds of the State were deposited to meet the interest falling due on the State debt the 1st of February-and as a severe run had been made upon it, after the failure of the Girard Bank, and some fears were felt of its ability to stand it, Gov. Porter repaired to Philadelphia, and took the step above indicated.

14. February 11, 1842 Carroll Free Press Carrollton, OH

Article from Carroll Free Press, February 11, 1842

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From the Morning Chronicle. Closing of the Bank of Pennsylvania by an injunction from Governer Porter. -The Ledger of Tuesday last after speaking of the alarm and distrust exis ting in Philadelphia says; the proceedings of yesterday were but a continuation of the scenes of the former week. The Pennsylvania Bank, upon which the run was commenced on Saturday. followed in the wake of the Girard. and did not open lis doors-a course which was probably expedited by an injune tion placed upon it in the morning at the instance of the Governor of the State, in order to secure the public mo neys deposited in it: MERCHANTS' HOTEL, Jan 31, 1842. 7 o'clock, Monday morning To the President and Directors of the Bank of Pennsylvania: GENTLEMEN: I directed the Attorney Genera', on Saturday evening, to adopt proper legal measures to secure the Public Moneys deposited in the Bank of Pennsyivania, as well the interest of all who are in any way creditors or debtors of that institution. That officer will apply to the Supreme Court, at the earli. est possible moment this morning, for an injunction, and the appointment of a Receiver to take charge of all the as sets of the Banks. You are now apprized of that fact. and directed notto open your doors this morning, nor pay out any of your money, or transfer any of your assets for any purpose whatever. When the same are placed in the custo dy of the law, the rights of all parties will be fully guarantied. Respectfully, DAVID R. PORTER.

15. February 19, 1842 Boon's Lick Times Fayette, MO

Article from Boon's Lick Times, February 19, 1842

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From the Philadelphia North American. THE BANKS-PROCEEDINGS OF THE DELEGATES. We understand that the delegates from county, convened on at the nearly all the Banks Saturday in the evening city and last entire a a we for synopsis Philadelphia unanimity, of which Bank, series and have adopted of resolutions, obtained with publication from some of the gentlemen who were present. As a few days may, however, elapse before they can be fully carried into effect, it is deemed proper to inform the public, that the than that two of paper the of all [the other Girard Banks, Bank other and Bank of Pennsylvania,] which it is understood have recently suspended their further issues, will continue to be freely received by the confidence in and community the each paper other, may which entertain and will that, entire be therefore, received paid now The by first the Banks, resolution provides, and hereafter. generally, that out their own as soon as now can entered the paper, different into Banks be perfected. the will arrangements pay with 2d. each That other, they shall will and make that daily the exchanges balances between them be settled in specie, or approved bills receivable, not having more than 30 days to mature. 3d. That each Bank will furnish adequate security, to be placed in the hands of one to each as a the that engagements Bank, Trustees, pledge they for be entered the selected fulfilment into: from and of these or assets as Treasury securities notes, shall such consist other of specie, shall be entirely satisfactory to the Trustees. 4th. That the stipulations thus entered into between the Banks, are intended to have a view to a general resumption of specie payments on or before the first day of August next. The above embraces the general outline of the plan unanimously adopted by the several Banks represented, and if fully carried out in the spirit with which their arrangements were made, (as they assuredly vill be,) will go far to allay the excitement which has grown out of the late disastrous in our mooccurrences, the stability and of restore all entire remaining confidence neyed institutions. The Philadelphia Inquirer of the 31st, has the following notice of the Bank Officers' Meeting in that city, on Saturday evening. The Banks of the City and County of Philadelphia assembled by delegates on at Bank, Saturday and evening organized last by the appointing Philadelphia J. Read, Esq., President, and Josh. Jones, Secretary. There were in attendance delegates from the following Institutions: The Philadelphia Bank, the Mechanics'. Farmer's and Mechanics', North America, Commercial, Western, Penn Township, Manufacturers' and Mechanics', Southwark. The following Banks were not represented, in consequence of not having received timely notice: The Bank of Northern Liberties, the Moyamensing Bank, the Kensington Bank. On motion of Mr. Dundas, of the Commercial Bank, an arrangement to the folwas to the at to special lowing decision meetings effect of the agreed be respective held upon, this morning: Boards, subject 1. The Banks to issue their own notes exclusively, of the denomination of $20 and upwards. 2. The Banks to make daily exchanges with each other. 3. Balances to be settled weekly, or oftener, at the option of the creditor bank: to be paid in specie, or up to the 1st of March, in commercial bills not having more than 45 days to run:-after the 1st of March, not exceeding 30 days to run; to be approved by the creditor bank, and to created, thus:-the are to guaranteed A safety banks by the fund debtor of is largest also bank. capital be a deposite $100,000 each, and those of smaller capital, 850,000, in the hands of trustees, each bank to choose one trustee, and to above sums or the to whole satisfactory be in specie, form a Treasury board. On The notes, the equally security. default of any bank, the trustees to have to convert the to such an extent as to the to excluded power defaulting bank pay the thereafter defalcation, security be and from the arrangement. 5. To resume specie payments on the 1st of August. After the adoption of a few further resolutions, not of general interest, the delegates adjourned. We may add, that the Bank of Pennsyl vania was not represented. time we were a crowd Pennsylvania The of Philadelphia closing Bank, the doors, Chronicle where says-Atthe great at the of persons had congregated both in and about the building, but all left by degrees, until the place was a perfect blank. All inside the building at the time of closing, had their notes changed and departed in quiet. The Bank stood the run nobly, and we believe were it not that to-morrow

16. March 14, 1842 The New York Herald New York, NY

Article from The New York Herald, March 14, 1842

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MONEY MARKET. Sunday, March 13-6 P.M. For the benefit of the creditors of the United States Bank in this country, we annex the following from the London Bankers Circular, of February 4, 1842. Even the circulating bills of that concern, are selling in the hands of the poor holders at home at 50 cents on the dollar, while millions of dollars are going abroad to pay in full the accomplices of the bank officers in London :We intended to mention last week a fact which we be lieve has not yet been communicated to the public. It is that the United 5 ates Bank has remitted a sum to this country of about £300,000 in discharge of a portion of their last loan; the remittance is in bills on English merchants of unquestionable solidity. This loan was confined to four or five firms, who took some of the best State stocks as security. The money was raised principally by the sale of Ohio bonds, which the issuers re deemed on better terms than could be obtained for them in the market. Our motive for making known this circumstance is, that it throws some little light on the disposition of American borrowers to fulfil their obligations. Their credit it this respect is at present lamentably low, and, we think, agressonably so. Well-informed men just arrived from the United States express a strong opinion that the doctrine of repudiating pecuniary obligations will be so emphatically discountenanced by the prineipal operators with money in that country, as to confine it to a solitary case so. With time these persons think that all will be acknowledged and the dividends punc. tually paid. The banks of Philadelphia, as if bent upon their own destruction, have some of them, now that they will pro bably be compelled by law to resume, entereed into an arrangement with their depositors, by which one fourth of the sum due them is to be payable in specie funds, and the balance in two, four and six months. Thereby conessing their inability to pay their debts, and shaking confidence in their resumption. Their outstanding circalation is very small, and they can pay but 25 per cent o their deposites after all their contraction. How SCere then must the curtailment for the next six months t enable them to meet the remainder. The Bank of Pennsylvania being about to make a general assignment, has asked the aid of the Legislature. Governor Porter has issued a message in relation to it, and the preservation of the stock owned in it by the State. The banks of Baltimore are making preparations for is. suing the small notes authorized by the act of Assembly relative to resumption. The amount of their notes authorised to be issued is five per cent on the capitals of the banks which will give about five hundred thousand dollars. The banks last summer lent the State about and the State four hundred thousand dollars, has not author- being able to repay it at this time, the Legislature ised the banks to issue orders on the Treasurer in amounts not less than one dollar, which said orders are to receivable in pay ment of State tax. This will give the banks four hundred thousand dollars more of small notes, making with those authorised by the Resumption act, eight hundred thousand. This extra issue may be fatal to their resumption. The Treasury orders will probably be dishonored, and become as unmanageable a burden as the Raildead orders of the city. The Legislature of Ohio have passed a law to provide, for the payment of the temporary liabilities of the State the interest on the State debt,&c, the substance of which is to borrew the money. For this purpose a six per cent stock, interest payable semi-annually in New York, and redeemable after 1870, is to be issued to the extent of $500,000, to pay the temporary loans contracted in the city of New York. $1,300,000, 6 per cent stock interest, payable at the State Treasury, to pay the contractors, and to complete the Wabash and Eric Canal; all other works to be suspended. $300,000 of the certificates of this latter loan to be receivable in payment of the Wa bash and Erie Canal lands, and $200,000 in payment forthe Miami extension lands; none of the stock to be sold or disposed of under par. This appears to be the only provision made to meet the State debts, and as the prespect of negotiating a new six per cent stock at par, while the old ones are selling 50 cents on the dollar, is rather small, the State of Ohio may be classed with Indiana and Illinois. The States are following each other in rapid succession to insolvency and dishonor, and what can be expected while the federal Congress, under the control of the factious partisans of an ambitious` po litical gambler, court national disgrace as a means of individual aggrandisement. As an instance of the description of paper which is cireulated at the South as a substitute for the constitutional currency, we give the following fac similie of one that has come to our hand :-

17. June 29, 1842 Jeffersonian Republican Stroudsburg, East Stroudsburg, Milford, PA

Article from Jeffersonian Republican, June 29, 1842

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HARRISBURG NEWS. Correspondence of the Daily Chronicle. Harrisburg, June 21, 1842. THE House.--The Speaker presented statement of the affairs of the Delhware Company. The amendments made by the House to the bill from the Senate, relating to "Relief note which were non-concurred in by the Senate, were then taken up; and after some discussion, the House insisted on their amendments, and returned the bill with that information to the Senate. On motion of Mr. Garrettson, the Judiciary were instructed to inquire into the of in a expediency Committee bringing bill the requiring Land office, all settlers on lands not returned to to be surveyed and so returned, within a specific time. Barrett submitted a joint resolution to give to the and Mr. Williamsport from Elmira their improve- Railroad Company the tolls derived ment on the State works, on condition that the said company will complete said road to Elmi1a in the State of New York. Mr. Boon gare notice of his intention to introduce a bill to reduce the pay of the Commissioners of Philadelphia county, and for other purposes. Mr. Elwell (Judiciary) reported a bill to enable the Atlantic Insurance to and to distribute neat up its affairs, Company the proceeds wind the stockholders. a to amongst Mr. Poteigher (corporations) bill Insurance reduce the capital stock of the Southern & Trust Company of Philadelphia. The bill to pay domestic creditors, came up on,third reading, and was discussed during tae balance of the morning session. Several motions were made to go into committee of the whole, for special or general amendment; all of which were negatived. the discussion was In the afternoon about resumed, and carried on with great spirit until five o'clock when the vote was taken on the first passage of the bill, and it was carried in the affirmative. Yeas 60---nays 36. a remonstrance the abolition IN SENATE--Mr. against Crispin presented of the Court of a for the of asking General Session.---Mr. discharge Dimmock, all officers employ- petition, ed on suspended lines. moved 10 vote given by which the to Mr. yesterday, Gibons reconsider bill the extend the of the Farmer's was The bill being negatived. charter Bank again of motion Reading before the Senate, was postponed on the of Mr. Ewing. The Senate resumed the consideration of a relative to the Castle Road, to a bill, entitled Turnpike construction which Butler is of attached and New section authorising the an outlat at Black's Eddy. the section, sion lock upon "Eddy" After the much whole discus- omnibus was postponed for the present. The bill proposing to attach the county of to the Eastern District of the SuCourt, was taken up and out vote being taken, on an preme Schuylkill debated amendment with- disto unite the northern and have the Court sit at tricts, proposing any and Harrisburg. middle of This doublless the inhabitants the to much northern would counties put inconvenience the sittings and of additional expense, in attending the Supreme Court. It will hardly pass. D. Yours, &c. Harrisburg, June ,1942. IN House-Notice was given by Mr. that he intends introducing a to inthe North Branch Elwell, corporate THE Canal his Company. intention to Bill Mr. Sharwood gave notice of introduce a B:ll relating to Executions. Mr. Clarke submitted a joint Resolution explanatory of the Act of May 4, 1841, and extending taxes imposed by that act upon salaried officers of government. 10 Clerks. Mr. Rush. from the Committee on Banks, reported the Bill to extend the charter of the Farmer's Bank of Bucks County. Mr. Deford, from the same Committee, reported a Bill supplementary to the Act of 1842, authorising the Bank of Pennsylvania to make an assignment Tariff Resolutions--On motion of Mr. Deford the House look up the Resolutions of Mr. offered at the regular instructing in favor of a Lightner, Congress under Protective session. consideration, Tariff When the subject was last was pending on an of. fered Mr. Bonsali as a the the question by substitute amendment for that ses receive her of the of the Resolutions, to declaring portion Pennsylvania proceeds of refuunder the distribution act Conand recommending the gress, Public Lands, application National debt.-- of the Hame to the liquidation of the This again was until within a few moments debated question being before the House, of taken the hour of adjournment, when the vote was on a motion to postpone indefinitely; which was lost. Yeas 39, 53, as follows: Barrbil, Bean, Bonsall, Brawley. Year Beaver, Messrs nays Apple, Bauchman, Brodhead, Etwell, Felton. Me, Haas, Contright, Garretson, Elton, Griffiths, Hancock, Fogel, Leet. MCa- Gam- Hill, Kerr, Kugler, Laverty. Ryan, Scott, Johnston, ben, Painter, Macmanus, Pottleger, Montgomery, Moore Sharswood, (Berks,) Shenk, Sherwood, Snyder, Straub, Thomas, Wright. Yeas 39. Demmer Rusher Correu Nays--Messrs. Andrews, Banks, Barr, Beel-

18. April 19, 1843 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, April 19, 1843

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Public Stock Exchange, Aprilis. 86 3,000 Ky 6's S6 $5,000 U. S. 6's '62 s6m 1102 2,000 do do N. Y. 6'6'62 87 3,000 do de do do nw 87 2,000 1,000 $30d <30d 1032 103# 69 1,000 do de 1,000 Ohio 6's, '60 87 saw 2,000 do do. 6,000 do do suw 69 3,000 do do Monday 87 5,000 do do $15d 68; 3,000 do do tw 87 1,000 do do $15d 68 1,000 do do 87 4,000 do do s14d 68 1,000 do do tw 87 1,000 do do cash 08 .tw 68 5,000 do do s10d S6 1,000 do do 158.68 25 do Me'ics Bk As. 76 1,000 do do 47 150 do L. R SECOND BOARD. '60 15d 68 $1,000 U. S. 6's, 62. 111 $1,000 Ohio 6s, $60 110 5,000 do s3d 69 1.000 do do baw 69 4,000 N.Y.6s,62.910 103 1,000 do do 18 $30.87 25 shares Harlem R 1,000 Kv 6's 142 25 Farmers' Loan $15.87 1,000 do do S7 9,000 do do Commercial and Money Matters. TUESDAY, M. There was a fair business done at the Board to-day at State full prices. Ohio is very firm. Kentucky improved 1. 76 went up the Exchanges are in very limited supply, and rates Foreign firm. Sterling 6a61; Francs 5.42} a 5.40. We are below the Circular of Mr. James G. King, call- Exgive meeting of those interested in the Merchants' involving a property. This is a highly important matter, will no change two millions of property and AS the affairs advisable doubt ing undergo a legal investigation, it would be of for all the stock and bond-holders to watch the operations inthe Trustee closely. We therefore advise all who are It is terested to attend the meeting called in this Circular. highly important that the affairs of the Company should be of into proper hands, and not be left to the management to put few, whose interest in the Company may be secondary that elsewhere. It will be noticed that the meeting is called to-day. CIRCULAR. NEW-YORK, April 13, 1813. Sir: Under a mortgage given to me by the Merchants' Exchange Company, to secure the payment of certain bonds I issued by them, and upon which the interest is in arrears, have, upon my demand, been put in possession of the properby of the said Company, in order to protect the rights of the holders of the said bonds ; and I desire, in the management of so large 3 concern, to have the benefit of an Advisory by the parties in interest see fit. I you. as holder of Committee, thererore appointed request said securities, No. if they 89 Mer- to attend a meeting to be held for that purpose at chants' Exchange, (in the third story of said building cornot of William-street and Exchange Place,) on Wednesday 19th just., at 12 o'clock, M. Refpectfully yours, JAMES G. KING. (Signed) Comptreller Flag will make, it is supposed a dividend of cents per dollar on the notes of the Commercial Bank. Buffalo, payable in May. Letters from New-Orleans state that specie continues to flow in freely, and the effect is felt in the produce market.Cotton is 1 to le above the lowest point of the season, and holders were never known to be so firm. Nearly all the stock is fair and below. Good fair is quick at 83c. Nearly all the Cotton reported on hand is sold. A broker in Philadelphia writes that he has advices from one of the pursuers of Shipman, which induce him to believe that Jacob is by this time in his clotches. Samuel E. Foote, Esq. has been appointed Secretary of of the Ohio Life Insurance and Trust Company, in place Samuel R. Miller, resigned in consequence of ill health. Messrs. Oakley and Rvan, Illinois Commissioners to negotiate the loan authorized by the last Legislature, have left for the East. A sale of stocks and loaas of various kinds, amounting at their par value to $976,422, is to take place in Philadelphia this week. They are a part of the assignment made May 1. 1841, to secure the $5,000,000 of post notes which the other Basks of Philadelphia took in exchange for the circulating it notes of the United States Bank which they held when exploded. The Cincinnati Gazette of the 13th says Our Banks are doing nothing but receiving and paying deposits and renewlag notes-the sluggish remainder of their discount lines.The circulation is made up of Indiana notes, and those of a few of the more distant of the Ohio Banks. Exchange on the East is scarce. Bicknell's Philadelphia Reporter says: Money continues abandant at low rates. Good paper may be negotiated at 5 and 6 cent. per annum. The Bank of Pennsylvania renamed specie payments yesterday for all its liabilities The only Philadelphia Banks now in suspension are the Movamensing Bank, Schuylkill Bank-which, however, paid its notes and depositors-Girard Bank. and Bank of the United States. At one time the notes of the Bank of Pennsylvania seld at a depreciation 33 great as 35 a 40 per cent. The Moyamensing Bank notes are now at 12 to 2 per cent. disconat. The Bank of the United States notes at 46 a 47 discount. Country Bank paper is not quite so good in Phila. d-lphia, owing, it is probable, to a greater abutdance than usual being in market. The notes of several of the interior in Banks of Pennsylvania have. within a few days. declined value. Chambersburg, York, Gettysburg and Carlisle 31 a 34 discount, Harrisburg and Northumberland 1 a 11 Lawcaster County Bank 11 a 17.

19. April 20, 1843 Virginia Free Press Charles Town, WV

Article from Virginia Free Press, April 20, 1843

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The old Bank of Pennsylvania, in the city of Philadelphia, which institution suspended payment some time since, gives public notice that it would resume regular business operations on Monday last."

20. April 26, 1843 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, April 26, 1843

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and Money Matters. TUESDAY, P. M. Atboth Boards to-day the sales of State Securities exended $200,000. Prices were generally firm, and Ohio firs went to 75, a farther improvement of 1 per cent.Rate Fives went up 1. Kentucky fell off 1 per cent.; 1a. inco Foreign Exchange is very firm and Bills scarce. Sterling Fa7; Francs 5.371 a 5.35. The Yates County Bank has redeemed fifty thousand del. of its circulation since the run commenced. Its friends wenthat they will not let it stop. Thampson's Bank Note Reporter says: We last week cared that fifty dollar notes of the Bank of Buffalo, pericly new, had made their appearance in this city. Since to seen more of them. They never come directly but are palmed to some up Wall-street, have off town' be bro- reNo broker will buy them unless guaranteed to noed in by the Comptroller. This discovery has made the of other broken Safety Fand Banks a drug in the marD. D. to the our as joies bel. We place Bank of their Buffalo, in for, list, be accution to the public not to touch notes. We line. the Comptroller will very soon stop redeeming them. Tx notes of the Commercial Bank of Buffalo are 35 to 374 percent. discount." The Bank of Louisville and the Northern Bank of Kenarky hare voted to accept the late law of the Legislature, stated an act to amend the charters of the Banks of KenThe says: are loans contemplated to with as little as ady. insed sill be the made Lexington Intelligencer delay be possible. made under The We this districts law inbefore desiguated will be attended to as soon as the acthe Bank of Louisville is known." At a meeting of the stockholders of the Mechanics Bank of Mw-Haven, it was decided. by a large majority, to reare the capital stock of said Bank and resume the payment dividends, according to the law passed at the last session (the Legislature. The Bank Commissioners, as one of their last official acts, usejust taken an account of the specie now in the Banks of Iston, the result of which shows that they are in a very sifying condition. The gross amount of specie in all of in at the close of business on the 21st inst., was $100,000; while the estimated circulation was only about 1,690,600, or but little more than half the amount of specie hand. At a meeting of the stockholders of the Milbury Bank, it was decided that the Directors so shape their aras to autumn, instructed at the derwise agements less., wind up its regular affairs meeting in the of the stockhold- unless will in October next. It is thought that the stockholders realize from 50 to 60 per cent. on their capital invested. Bicknell's Philadelphia Reporter of to-day says: The resumption by the Bank of Pennsylvania is fully successful, and seems to afford general satisfaction. We are told that of the $2,100,000 which the Bank owed in February, 1842, $1,400,000 was paid before the year 1813 came in. Of the amount of indebtedness, $867,000 was paid on account of the commonwealth. The money market is without change. The rates for good paper are from 5 to 6 per cent, per annum. We never knew money to be more abundant. The Banks cannot get enough of the right kind of paper to discount. The Moyameasing Bank resumed last week on all her liabilities for Relief notes. Specie continues plenty. Country paper is Emewhat worse. The rates yesterday for the Banks named were as follows: Chambersburg, York, Carlisle, Gettysburg and Middletown held; Harrisburg 41; Susquehenna County 15; Wyoming Bank Sa9. The whole debt of Arkansas amounts to $3,660,000, of which ouly $2,676,000 were issued. These bonds were isfor banking purposes, and the loans made by the Banks mostly to planters, secured by mortgages of their planations. As the Banks willingly receive State Bonds in discharge of the mortgages, the debt is in a fair way of being gradually extinguished. The import of specie into Boston from January 1. 1843, the 22d inst., inclusive, was $3,949,739 in gold, and $89,520 in silver. The export during the same period was $46,146 in gold, and $157,491 in silver.

21. November 8, 1843 The New York Herald New York, NY

Article from The New York Herald, November 8, 1843

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MONEY MARKET. Tuesday, Nov. 7-6 P. M. The stock market, after the depression which has chsracterised it for some weeks, has resumed the buoyancy incident upon the improving state of public confidence here and in Europe. Sales were large, and prices in advance: Stonington Harlem 1. Long Island t. Kentucky t. Farmers' Loan fell 1. There were sales of New York State 5's, of 1850, at 13 advance, 35 days accumulated interest. At Boston, 5's of that city sold at 4 per cent ad. vance. At the New Board there was a good and improving business. The Bank of Pennsy lvania has been again galvanized, and is going on doing business. Public opinion is rather weak as yet. It is not best for the Philadelphia financiera to overburden it. The capital of the concern was $2,500,000. What it is now depends upon the credulity of the public. In another column will be found the advertisement of the Commissioners of Illinois, in relation to the books now open at the American Exchange Bank in this city, for the registering of the remaining Canal bonds. The books will be closed on the 20th inst. after which the bonds not subscribed will be classed as" deferred bonds." We recently made some remarks in relation to the con' nection of the Marlem railroad with the Albany, and the importance to the city of New York of a connection with the 1,200 miles of profitable railrords running to and from Boston. There are no two cities in the world so closely situated and of such relative importance to each other, as New York and Boston, without a railroad connection at the present day. It appears, however, that returning public confidence is operating with the abundance of money again to stimulate useful enterprise. The most direct way of communicating with Boston by railroad is over Long Island. From Boston through Worcester to Norwich are two railroads, and from Boston through Providence to Stonington are two others. These four roads, forming an oval figure with Boston at one extremity, nearly meeting on Long Island Sound, cost near $11,000,000. From the point of their union on the Sound, it is 24 miles across to the terminus of the Long Island railroad. Hence, when the latter is in operation it will take the whole business of the four roads, and its total cost will be $1,618,000; hence, if that business pays 1 per cent only en the cost, $11,000,000,of the four roads, it will yield the Long Island near 7 per cent on its cost. To complete the Long Island from Brooklyn to Green. port, there remain to be finished 49 miles, of which 40 are already graded, and the remaining 9 miles are in rapid progress. The contracts for finishing the road are all made, at the following rates:$31,500 For grading complete to Greenport, " Mud sills and ties, 24,500 " Iron rails 3700 tons, at $52 per ton, which is the cost, after paying $25 per ton duty, the 192,500 whole is already purchase in England, " Spikes 6,000 " Chairs 2,700 " Workmanship for laying rails 16,000 $275 200 There has been paid on the above contract for materials, cash 35,000 $240,200 14000 Allowing for contingenci es, 10 per cent $254,200 And there remains the full amount that will be required to finish the road, ready to convey passengers through to Boston. Of this amount, the contractors have agreed to