18979. Banks of Philadelphia (Philadelphia, PA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
September 26, 1857
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini
Short Digest
a0320d50

Response Measures

None

Description

Contemporary newspapers report that the banks of Philadelphia jointly suspended specie payments in late September 1857 (reports cite Sept. 25–26) during the Panic of 1857 and then formally resumed specie payments at the end of January/early February 1858. The evidence shows a collective suspension and later resumption; the sources do not describe a discrete run on a single named bank in Philadelphia that led to suspension, so I classify this as suspension_reopening (suspension with later resumption). Dates chosen: suspension 1857-09-26 (commonly reported); resumption 1858-01-31 (several reports state resumption on the 31st inst.). Cause attributed to the widespread 1857 financial panic (macro_news).

Events (3)
1. September 26, 1857 Suspension
Cause
Macro News
Cause Details
Part of the wider Panic of 1857: pressure and specie drains from other cities and suspensions in Baltimore, New York-area tensions and telegraphed bank failures led the Philadelphia banks to suspend specie payments in late September 1857.
Newspaper Excerpt
SUSPENSION OF SPECIE PAYMENT BY THE BANKS OF PHILADELPHIA...they had unanimously agreed to recommend...a temporary suspension of specie payments
Source
newspapers
2. September 27, 1857 Other
Newspaper Excerpt
a run from abroad during Saturday upon the banks had contributed no little to the universal demand for some protective action. ... WHEREAS.-The Banks of Baltimore, Phila., and Pittsburgh and Reading, have suspended-and whereas a run has to day been made upon our banks by brokers and bankers from abroad: ... Resolved ... to promptly suspend specie payment; until such time as they can resume with safety to the business interests of the community: Resolved, 2d, That we have the most entire confidence in the solvency of the several banks of our city, ... (Wheeling Daily Intelligencer, 1857-09-27).
Source
newspapers
3. January 31, 1858 Reopening
Newspaper Excerpt
RESUMED SPECIE PAYMENTS. The banks of Philadelphia, on Wednesday the 31 inst., formally resumed specie payments, without any previous announcement of their intention. They had been in suspension since the last week in September, but for some time the suspension has been merely nominal. The resumption is now full and complete, ... (Cooper's Clarksburg Register, 1858-02-12).
Source
newspapers

Newspaper Articles (16)
1. September 27, 1857 Wheeling Daily Intelligencer Wheeling, WV
Article from Wheeling Daily Intelligencer, September 27, 1857

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Our Banking Interests. CITIZENS' MERTING.-On Saturday evening, after considerable ringing of the bell, a large number of citizens convenen at the Court House, brought together by the street suggestions consequent upon the news published in the extras of the Intelligencer and Times during the afternoon relative to the suspensions of banks in different chies. The run from abroad during Saturday upon the banks had contributed no little to the universal demand for some protective action. On motion of Mr. Hamilton, Wharf Master, Mayor Caldwell was called to the chair and Geo. Baird appointed Secretary. The Mayor announced that this meeting had been called for mutual advisement and recommendation as to our banking interests during the coming week and so long as the money pressure should continue. For our banks to continue specie payments to foreign brokers, merely for purposes of speculation, because they had all confidence in their soundness, when all other banks were suspending, was suicidal to their own and our community's interests. On motion of J.B. Bingham, a committee of five was appointed to draft resolutions expressof the sense of the meeting upon the subject: Messrs. Bingham, Alex. Paxton, W. W. Shriver, M. Warren and J. M. Todd were appointed. (While the committee were out conferring, Mr. Wharf Master Hamilton, begged leave to call the attention of the meeting to the fact, that a species of forestalling was in vogue now in the traffic of marketables, and that it was a difficult matter to get a peck of potatoes, tomatoes or onions at a fair, christian price. He therefore recommended that in case the practice was not brought to a discontinuance, that a suspension of the Market House be decreed, through the instrumentality of a fence round about.) The minds of the people being oblivious to all else save money matters, ignored all thought of vegetables and casting about during theirimpatient waiting for the committee, centered upon Col. Wheat as the inan to edify them with some remarks. The Col. arose, and after a few appropriate remarks excused himself as there were other persons present more intimately connected with the banks. Mr. Sweeny being called for remarked that be had nothing to say now as he had said his say to-day, having advised that the demands of foreign brokers should be refused. The Committee having returned reported as follows: WHEREAS.-The Banks of Baltimore, Phila., and Pittsburgh and Reading, have suspended-and whereas a run has to day been made upon our banks by brokers and bankers from abroad: and whereas a continuance of our banks to pay specie under such circumstances would be disastrous to the community in depriving its citizens of the acconimodations necessary to a protitable transaction of the business, therefore. Resoleed 1st, That the Presidents and Directors of our different city banks be respectfully requested to promptly suspent specie ment; until such time as they can resume with safety to the business interests of the community: Resolved, 2d, That we have the most entire confidence in the solvency of the several banks of our city, and that the history of their management in former years, justities the request made in the foregoing resolutions. The resolutions were carried unanimously and the meeting adjourned with cheers and much 25 Tiple They good feeling.

2. September 28, 1857 Daily Iowa State Democrat Davenport, IA
Article from Daily Iowa State Democrat, September 28, 1857

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BANK PANIC.-From a telegraphic dispatch received on Saturday evening we learn that the bank panic is raging in Boston, Philadelphia, Baltimore and Washington. We also learn that the banks of the above places have suspended specie payments. This, however, will not effect bill holders, nor hinder the currency issued by those banks from being received by our banks on deposit. The banks of Hopkinton, Rhode Island, and Monson Bank, Maine, thrown out. Don't take eastern exchange.

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 REVULSION OF 1857. THE PANIC IN PENNSYLVANIA. From the Philadelpola Press, dept. 26 ] SUSPENSION OF SPECIE PAYMENT BY TRE BANKS OF PHILADELPHIA. We are informed, upon the authority of a gentlemen, president of one of the city bock. that he was deputed as a full meeting of the presidente of all the banks of Phila delphia. held yesterday afte noon, to inform the public press that they had unanimously agreed to recommend to their respective boardet this morning a temporary suspen sion of specie payments; and also that another meeting will be held this afternoon by the same officers to devire each further means as the exigency may demand. Deeply as we reg: et that the banks have concluded upon suspension, and teadily as we have labored to pro doe a be tter state of things, we have new duties to dis. charge to ourselves, our fellow men and our great city and State. The first of these duties is to see that no harm comes to our great producing classes -to the farmers, mechanics and laborers-and, last, not lease, to those ecergette and public spirited mer hants who have bravely stemmed the torrent which se: against our institu. tions and Interests from New York, New England, and the West. The men who are rarely parties to the profits of banks, but who always bear the burden of a general bankruptcy, demand our utmost vollcitude Rash measures will barm them most The banks are still in a condition to inflict is jury upon the community, and while many of those . ho have enjoyed the favors of these losti. tutions will escape the blow, yet 18 will fall heavily upon those who have been toiling la their humbe avocations, content with the scanty rewards of honest industry. Let us bear this leading fact in our minds in the course of our action upon the present emergency. We are glad to know that leveral of the leading banks have resolved to take immediate steps preparatory to resumption. When we reflect that all the great Interests of agriculture are in a condition of prosperity, we cannot but hope that the present gloom will pass off in a CO paratively abort time; and when we remember the stringent laws against suspension, we may realize that 11 is the true Interest of every back to take steps to resume speate pay ments before the law has had time to operate. Meanwhile, friends, be of good cheer. Do not give way to inconsiderate action. Bear and forbear. This is no time for violent impulses. NOTES OF SMALL DENOMINATIONS We learn that the Presidente of several of the banks of this city have expressed a determination to do all in their power to bring about a general resumption or specie pay. ments at an early day. We hope they may succeed. Bat may be their general policy we earnestly Instet that immediate measures be taken to eleem in specie all their notes of small denominations-certainly all their five, and If possible, all their ten dollar bills. The saspension ought not, under any circumstances, " exten i to small notes, and there is no necessity that It should do to Before the FUD upon the banks yesterday the amount of specie in their vaults was nearly, If not quite, equal to their circulation. The former was about $3,500,000, and the latter abou $4,000,000. But yesterday nearly $1,5000,000 of specie was drawn from them, a large portion if which was received by depositors, who had about $20,00,000 in the banks. The continuation of a drain upon them of specie by depositors would speedity exhaust their resources But the policy of our exist ng banking laws discriminates be tween their obligation to redeem in specie their notes and the balances due to depositors, and whilethere are in bust. ness circles many men who regard the late movement of the banks as a measure of relief, and who anticipate from It rather benefit than injury, there is no each feeling to console the great body of note holders, particularly those who have small notes of $5 or $10, which are the fruits of their hard labors, and who can 111 afford to have them, ever for a short time, discredited. Let such persons, therefore, be protected. It cas cause no very serious difficiality to the banks to redeem their small notes, and whether it does or not, their first duty is due to their small note hold ers, who never receive their favors, who cannot afford, and should not be called upon, to bear the barden of their losses. Those who hold notes of large denominations can better walt for the general resumption, which, we hope, will take place at an early day, but we protest against the laboring men, the mechanics, the toiling masses who earn their bread by the sweat of their brows, being obliged to bear the brent of existing disculties. We are salisfied, too, that to business men generally the redemp 100 of small notes in specie would be a highly acceptable movement, and that It would greatly tend to diminish the distress and pressure which will be the necessary consequence of the present unfortuna e condition of our monetary affairs.

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

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SECOND BOARD. 371 4.000 Tenn. State 6s, 90 75 100 Reading Railroad 66 30 Chi. & Rock Isl. R.R 65 50 New-York Cent. R.R 25 100 Mil. & Miss. R. R 50 74 Mich. Cent. R.R 87 100 Illinois Central R.R. 10 so Cleve. & Pitts. R R 26 Galena & Chicago R.R. as SATURDAY, Sept. 26-P. M. The new bank disasters telegraphed from Baltimore, and the entire suspension of the banks of Philadelphia, had their natural influence upon the stock market, and a further large decline in prices took place, with but few exceptions extending through the entire list. The fall, however, was not as large as yesterday. The transactions continue to be nearly all of cash stock, the necessities, if not the panic, of holders throwing large quantities on the market, while buyers are few, and only to be tempted by a concession in price. The absence of a short interest, as it is called in the street, is an important element of the present condition of the market, and the decline is not, as asual, checked by the purchases of the bears to fill contracts. The decline at the first Board was, in Erie, 2 F cent; Reading, 1 P cent; Central, 1 P cent; P Michigan Southern, 1 P cent; Michigan Central, 4 eent; Pittaburgh, 1 & cent; Milwaukee and Mississippi, 3 P cent; Galena, I v cent; Toledo, 1 cent; Pennsylvania Coal, 21 cent; Cumberland, 11 s cent, La Crosse, 1 P cent; Panama, 1 P cent; Delaware, 2 # cent; Illinois Central, 1 cent; dec.

5. September 30, 1857 Staunton Spectator Staunton, VA
Article from Staunton Spectator, September 30, 1857

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Suspension of Specie Payment. The money crisis which has been so long anticipated, has come at last. On Saturday the newspapers brought the news that all the Banks in Philadelphia had suspended specie payment; a telegraph dispatch was recived the same night, stating that the Baltimore Banks had followed suit and on Monday we learned that the Banks in Washington, Richmond, Winchester, Alexandria, Charlottesville, Staunton and in Virginia generally had adopted the same course. This intelligence has created a good deal of consternation; but we are persuaded that, so far as the Virginia Banks are concerned, there is not the slightest ground for uneasiness. They never were in a better or sounder condition than at present. And backed as they are by abundant crops already going forward to market or in progress of preparations for market, they will be ready to resume at any moment when the panic shall have subsided. The necessity for a suspension by the Virginia Banks has grown, not out of any embarrassment in their affairs, but from the fact that they are large creditors of the Northern Banks which have suspended. At this season of the year the Virginia Banks are always careful to fortify themselves by obtaining produce and cattle drafts on the Northern cities, to be used in redeeming their notes, which, in the regular course of trade, are carried to the North by our merchants to pay for their fall supplies of goods.At this time they are particularly well fortified. But what under ordinary circumstances would be a source of strength, is now a cause of weakness. Having large balances in their favor in the Northern Banks, they find themselves, in consequence of the suspension, unable to use a dollar of those balances in the redemption of their own notes. The result would naturally be, that all their notes would fall into the hands of brokers who would present them at their counters for payment in gold and silver. The law requires the Banks to keep one-fifth of the amount of their capital in specie. They could therefore pay out one-fifth, and then they would be exhausted, because the sources from which they ordinarily derive their supplies have been closed by the suspension in the North. The question presented to the Virginia Banks was merely a question as to the time of suspension. The condition of things in the North and East rendered a suspension inevitable, and the only enquiry was whether it was better to suspend at once and full-handed, so as to be able to resume readily, or to continue to pay until they were exhausted, and then to suspend with empty coffers, and without the capacity to resume readily when the condition of the monetary affairs of the State will justify it. We think the Banks acted wisely to suspend at once. Our counsel to our friends is to give themselves no uneasiness, but to await patiently the better day which is coming. P. S. After the above was put in type on Monday, we learned by the mail of that evering that the Richmond Banks had not suspendtherefore. nositively All at this present writing, is, that the Banks of Philadelphia, Baltimore, Washington and Pittsburg, with one or two exceptions in each place, and the Bank of the Valley at Winchester and others in Virginia have suspended The citizens of Wheeling held a meeting on Saturday and requested the Banks there to suspend. The Govnor of Pennsylvania has determined tocall a special session of the Legislature, to assemble on next Tuesday. According to telegraph reports, the Banks in New York and New England show no signs of suspension.

6. September 30, 1857 The Hillsborough Recorder Hillsboro, NC
Article from The Hillsborough Recorder, September 30, 1857

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The Financial Pressure.-- The pressure in the money market at the North has caused a partial suspension of specie payments in all the Banks of Philadelphia, Baltimore and Washington City. Specie is paid for 5'sand 10'sonly; larger notes and checks are refused. The Banks in New York and Boston, and the New England Banks, as yet appear to be able to withstand the pressure. According to the law of 1850 this action of the Banks in Philadelphia will involve a forfeiture of their charters. It is announced that the Governor of Pennsylvania was about to issue a proclamation calling a special session of the Legislature to assemble on the first Tuesday in October.

7. October 1, 1857 Delaware Weekly Republican Wilmington, DE
Article from Delaware Weekly Republican, October 1, 1857

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SUSPENSION OF SPECIE PAYMENT. The banks of Philadelphia having suspended the redempof their notes in specie, the banks in our city were compelled to adopt the same course on Saturday morning, in self-defence. It is reported that several brokers arrived on Friday evening for the purpose of drawing out a large amount of coin, but their object was frustrated, and they returned home in rather a bad humor. The verdict of our people is "served them right P As a means of relief the banks commenced paying out small notes, and several of their customers were accommodated with quite large sums for change. This step seems to have been rendered necessary, and it is very generally sustained by our business men, without distinction of party, as they hope that discounts hereafter will be more readily procured, and the necessary money obtained withou t heavy sacrifices, for the transaction of legitimate business. There have been no failures in our city, and it is now supposed that the most trying time is passed. We hope this will prove to be so, and that the payment of two and three per cent. a month will no longer be heard of, in business circles. In Philadelphia the failures or suspensions have been very nu. merous, and among the number we may note the following, most of whom are well known in our State. Caleb Cope & Co.; Aaron S. Lippincott; Hoskins, Heiskell & Co., Tennent, Derrickson & Co.; John Farnum & Co.; Hacker, Lead & Co.; Deal, Mulligan & Huey; T. P. Remington, General R. Patterson & Co.; Senheff, Hughes & Co.; R. Garsell & Bro., James P. Perot & Bro.; J. W. Stitt & Co., John Briggs & Co.; Walters & Stackhouse ; S. Brock jr., John Drake, John L. Pomeroy; Longmire & Brooks, and T. K. Collins. It is reported that Reeves, Buck & Co. and Reeves, Abbott & Co. have obtained an extension, and will resume business. Over a hundred failures are reported in New York and different sections of our country, but the list would not prove of any in terest to our readers. In another column will b3 found an account of the run on the Phila delphia Banks.

8. October 3, 1857 Grant County Herald Lancaster, WI
Article from Grant County Herald, October 3, 1857

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10 The week past has been one of general disaster in the great financial centres of the country. Every day has brought reports of the suspension of banks or business firms, involving very heavy losses, and Saturday brought intelligence of the general suspension of specie payments by the Banks of Philadelphia and Baltimore, alluded to elsewhere in our columns. We have already alluded to the closing of the Rock River Bank of Beloit, and the Farmers' Bank of Hudson, and on Friday we noticed the suspension of the Fox River Bank, of Green Bay. On Saturday the People's Bank of this city suspended; circulation by the Comptroller's Report of July 1st, $22,997; securities $20,000 in Missouri 6's, and $3,000 in Virginia 6's. The Badger State Bank of Janesville alSO suspended on Saturday. Circulation $22,370; securities $17,000 Missouri 6's, and $9,000 Tennessee 6's. Prices of wheat were considerably improved during the week, and remained quite steady for the last three days, but the falling off from the highest rates caused a diminution of receipts on Saturday, which alone kept up the prices on that day.-[Milwaukee Sentinel of Tuesday.

9. October 3, 1857 The Potter Journal Coudersport, PA
Article from The Potter Journal, October 3, 1857

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Bank Failures. There is more trouble in financial matters than we have known since 1837.The Banks of Philadelphia, Pittsburg, Reading and Lancaster have suspended specie payments, and the Governor has called an extra Session of the Legislature to take the matter into consideration. We think last winter was the time for legislation; and that there is more danger of doing harm than good by legislating under the pressure of a panic. It is very eyident that the Banking system of this State, is a failure, and that we need something similar to the Free Banking Law of the State of New York. Under that law nearly every Bank continues to pay specie for all paper presented at its counter, while under our system, nearly every bank in the State has, or soon will suspend. And there is a good reason for this difference. Under the free Banking system of New York every bill is secured by a deposite of State Stock or other equally good security with the Auditor General, and the bill holders, knowing that they are perfectly safe though the bank should fail, there is BA such run on the Banks for specie, as there is in this State, where the Banks have nothing but private property for security. Hence the failure of the Philadelphia Banks to weather a storm that has not shaken the New York City Banks in the least, We hope the Legislature of Pennsylvania, when it assembles at Harrisburg next winter will mature a Banking system that will protect the people from another wholesale failure, and that an amendment will be proposed to the Constitution, prohibiting the Legislature from legalizing the suspension of specie payments by the Banks for a single hour.

10. October 8, 1857 Holmes County Republican Millersburg, OH
Article from Holmes County Republican, October 8, 1857

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Monetary Affairs. We had 1 oped that money matters had ceased to be the leading feature of daily news, and that financial affairs had settled down into their usual quiet spot under "monetary" head. But the unexpected suspension in Philadelphia, Baltimore, Washington and Pittsburg have again thrown this subject to the surface of daily talk. We believe that the storm which has burst upon the cities named above, is the same storm that passed over New England and the West immediately after the failure of the Ohio Life and Trust Company. If that be so, we see no reason why its disastrous effects should re-visit the North, East and West. The determination in New York is to pay out specie let come what may. Such was a private dispatch of Saturday. The last month has enabled the New York Banks, and the Western Banks, to fortify themselves against any contingency, and we believe they will go through. The great feature of New York and Ohio Banks, distinguishing them from Pennsylvania, District of CoJumbia and Maryland money, is the immcdiate security to the bill holder, and this feature has kept down excitement, and kept up confidence, and we predict will continue to do so, and finally, carry us through the storm. So far as many of the Pennsylvania Banks are concerned they have been improperly extended, but on the contrary Ohio Banks have been, for months, curtaiiing. The New York Times says: The laws of Pennsylvania forbid the circulation of the bank bills of other States, and all denominations below five dollars of their own. She has, therefore, no claim on foreign banks to press to liquidation, and so far she may be considered as somewhat isolated from the general banking system of the country. The Pittsburgh Gazette of Saturday says: One word with regard to the Banks of Pennsylvania generally. Those of them that are organised under the law of 1850 are so hedged about with restrictions and securities that note holders are safe in almost any contingency. Whatever temporary inconvenience may result from the suspension of any one or more of them, the interests of note-holders are so amply cared for that the ultimate loss cannot fall upon them. It is worthy of notice, that the pressure in New York first reached the Banks; they fortified themselves, and the business men, to some degree, were compelled to suffer. In Philadelphia the reverse was the case. There the business men first felt the pressure and yielded to it. Then the blow fell on the Banks, but the business back bone being gone, the Banks could not gather up. Any one can see the distinction, and hence there is no valid reason why a suspension in Philadelphia should be followed by one in New York. If New Youk goes through, Ohio and the West can. The latest dispatches show that Boston, too, stands firm, and we hope and expect to be able, in a few days, to chronicle the gratifying fact that New England, New York, Ohio and the West have braved the storm, and with the reappearance of a blue sky will be prepared to continue a voyage of prosperity which these financial gales may, for a time, retard, but in no event can entirely check. Cleveland Herald. Whatare You going to do about It? Last fall the Democratic presses of the Country teemed with articles endeavoring to prove that; John C. Freemont, (because he planted a cross on the summit of the Rocky Mountains, and was guilty of other acts equally conclusive of hisreligious faith) was a Catholic. They circulated this species of trash against him, for and wide, and endeavored to make political capital of it in every section where it was suppos-

11. January 22, 1858 Evening Star Washington, DC
Article from Evening Star, January 22, 1858

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Exchange on New York... 1/2 a x Do. Philadelphia Do. Baltimore This indicates but little difference in exchange between the cities, and looks to an early resumption of specie payments by the three cities yet suspended. The banks, having this fact in view, are doing but little to accommodate their customers. Money, however, is more abundant, and persons with known ability to make prompt payment find no difficulty in getting what money they want, of private bankers, at 6 a 8 per cent. Second-class rates. paper is hard to be negotiated at any Treasury notes are refused to be ta ken in New York by the banks, and arequoted at 99 and 99½ The same rates will govern here. We hear of but few sales of Corporation stock. No Inquiry for Bank stocks, and, as usual, we omit quotations. Land Warrants are in active demand, and have advanced 4 cents per acre since our last report. The General Land Office has advertised to be restored to market, in Juneand July next, the land on the railroads in Iowa within the six miles, and offer for sale a large quantity iu the same State, aot heretofore subject te entry. APPOINTMENTS BY THE PRESIDENT-By and with the advice and consent of the Senate.Beverly L. Clarke, of Kentucky, appointed Minister Resident of the United States to the Republic of Guatemala; to be also Minister Resident of the United States to the Republic of Honduras, pursuant to the 9thsection of the act of Congress of the 18th of August, 1856, entitled "An act to regulate the diplomatic and

12. February 6, 1858 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, February 6, 1858

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Sales in New York, Toursday, of $1,000 Virginia 6's at 91%. $1,500 at 91, and $4,000 at 90%. The New York Journal of Commerce of Thursday afternoon says: "The activity noticed yesterday still continues, and the market to quite animated, money being Dienty, and rates of interest in favor of the borrower. "The news from Philadelphia and Baltimore. giving an account of the resumption of specie payments by the banks, has contributed to increase the buoyancy of feeling. and it is now supposed that the movement for resumption will extend to all parts of the Mouth where there has been any suspension, a great improvement in Exchange and a farther revival of business is anticipated." The Philadelphia papers announce that the banks of that city, by a resolution of a convention of their Presidents on Wednesday, resolved to resume me the payment of specie on all their liabilities forthwith. The announcement created little or no surprise, from the fact that coin has been paid to all who demanded it for the last two or three weeks. There is no probability that there will be any unusual demand for it, but If there should be, the banks have taken care to provide themselves against every contingency likely to occur. The country banks, we suppose, will generally resume. The Mauch Chunk Bank, we learn by telegraph, resumed on Wednesday, with the city banks. The Bank of Pennsylvania suspended on Friday, the 25th of September, and all the othor city banks the next day. the 26th They have conseque ntly been suspended 130 days. Coin, for at 1 st one-third of this time, has circulated 80 freeIv that the inconvenience of suspension was hardly felt. LAND WARRANTS.-Messrs Thompson & Brothers quote Land Warsants as follows:

13. February 10, 1858 Nashville Union and American Nashville, TN
Article from Nashville Union and American, February 10, 1858

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COMMERCIAL Monetary and Commercial. The Philadelphia papers announce that the banks of that city, by & resolution of 8 convention of their Presidents on the 3d instant, resolved to resume the payment of specie on all their liabilities forthwith. The announcement created little or no surprise, from the fact that coin has been paid to all who demanded it for the last two or three weeks. There is no probability that there will be any unusual demand for it, but if there should be, the banks have taken care to provide themselves against every contingency likely to occur. They have not heard from the country banks, but suppose they will generally resume. The Bank of Pennsylvania suspended on Friday, the 25th of September, and all the other city banks the next day, the 26th. They have consequently been suspended 130 days. Coin, for at least one-third of this time, has circulated so freely that the inconvenience of suspension was hardly felt. It is generally understood that the Baltimore banks are in a condition to resume, and that they are consequently paying out coin generally where it is needed or desired, and also receiving considerable sums over their counters. Yet they do not resume -and one reason assigned therefor is that it is desirable first to effect some arrangement with the Virginia and North Carolina banks, whose issues 80 largely enter into the currency of that city, in conducting an extensive trade with those States, by which their notes will be lifted to a more near approximation with those of the Baltimore banks. The Matoaca and Ettricks cotton factories' at Petersburg, Va., resumed work on the 3d inst., after & suspension of about three months. A large number of persons are dependent on these works for support. The Manchester cotton factory at Richmond resumed operations on the 1st inst., giving employment to hundreds of females and others who have been idle for some time. the auction sale of Groceries yesterday by Harris & Co., Sugar sold at 54871; Coffee, 11a12; Molasses, 251; N. 0. Syrup, 291; Crushed Sugar, 111; Stat Candles, 17a174. The Cotton Markets. CHARLESTON, Feb. 6.-The mårket is firm to-day with & good demand. Sales 700 bales at 91 to ilf cents. AUGUSTA, Feb. 6.-The market to-day is quietprices unchanged. Middling Fair 10gc. SAVANNAH, Feb. 5.-The market has been quiet to day, there being but few buyers out. Prices remain firm, and sellers are asking slightly better prices, though buyers are unwilling to grant any improvement, which has limited transactions. The sales foot 468 bales, at prices ranging from9 to 11c.

14. February 12, 1858 Cooper's Clarksburg Register Clarksburg, WV
Article from Cooper's Clarksburg Register, February 12, 1858

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# RESUMED SPECIE PATMENTS. The banks of Philadelphis, on Wednesday the 31 inst., formally resumed specie payments, without any previous announcement of their intention. They had been in suspension since the last week in September, but for some time the suspension has been merely nominal. The resumption is now full and complete, and it is expected all the banks in Pennsylvania will immediately follow suit.

15. February 17, 1858 Weekly North Carolina Standard Raleigh, NC
Article from Weekly North Carolina Standard, February 17, 1858

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1858. NORTH-CAROLINA. WED NESDAY. FEBRUARY 17, Nat e RESUMPTION OF SPECIE PAYMENTS.- The Banks of The late Fight in the House. The following let We have seen several accounts of the late unfor. New York, Philadelphia, and Baltimore have resumsentative, the Hon ed specie payments; but those of Richmond and tunate difficulty in the House of Representatives beD attention of the fr Petersburg have not yet done so. We presume that tween Mr. Keitt, of South-Carolina, and Mr. Grow, e tional Foundry on 1 of Pennsylvania, and in which other members were the Banks of this State are awaiting resumption by h involved before it was terminated. Mr. Keitt was the Richmond and Petersburg Banks. The Baltimore American of Saturday last says, clearly in the wrong. Mr. Grow had a right to any b SIR: Since the p part of the hall, at least to make a motion and but "though the measure was an important one, and nec1 called for by His ] e essary to place our exchange on a par with the cities for the rude remark made to him by Mr. Keitt, the peeting the advanta e for the site of a Na scene would not have occurred. We say this as north and west of us, whose Banks had already rea been directed more journalists aiming to be truthful and just, though we sumed, its effects here were scarcely noticable. Our had been to an int detest Mr. Grow's principles and associations, and banks have for some time past met all the local deh occurs at the Tyser can have no sympathy with him. mand for specie, and therefore no urgency was exAs I deem the re As the danger increases-and it is increasing-it hibited upon the part of any one yesterday to obimportance, I have cate them to you f becomes the representatives of the Southern people tain gold or silver for their notes. The suspension , tached to the repor in both houses of Congress to address themselves to of our Banks, following immediately upon that of The ore is of a d their duties with more than ordinary calmness and the Philadelphia institutions, occurred in the latter 5 respect it closely r dignity. Our cause is too momentous-it involves part of September, and has lasted therefore about but it is distinctly , e The powder is an too many great and vital interests to be put to hazfour months, a shorter period than any previous both from the haem ard, or to be injuriously affected by the mere passuspension, and proving that though the crisis was n as from the commo sions or resentments of individual members. Let severe the recovery has been proportionably rapid. d black. But, like t The example of the Baltimore banks will no doubt us meet the aggressions of our enemies with firm. and hence it is pro be shortly followed by those of Maryland, Virginia ness, but the halls of Congress are not the places for tion is not very unl from the common : and North-Carolina; and these indications of returnthe exhibition or the exertion of physical force. erous system, in th ing confidence will give vigor in time to the slowly The Washington Correspondent of the New York n several other partio progressing revival of trade." Times gives a somewhat amusing account of the the Blackband ore

16. February 17, 1858 Edgefield Advertiser Edgefield, SC
Article from Edgefield Advertiser, February 17, 1858

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"THE REACTION." The reader's attention is pointed to the following very cheering paragraph from the Charleston Ecening News, of the 8th instant: "The times are improving. The prices of American produce are advancing. Cotton has again reached a paying point, and assumed steadiness at all points. It has also commenced to come forward freely, and planters, with a certainty of remunerating rates, can now powerfully aid in effecting and sustaining a monetary reaction. The banks of Philadelphia, Baltimore and Washington have just resumed specie payments, following the previous action of those of New York, whose money plethora begins to find relief in even low rates of interest-less than G per cent. on first class paper. A similar condition and process exhibit themselves in England. France still earlier recovered her equilibrium, and the return of confidence throughout Europe is marked in its progress. Consols have gone up to over 95, showing that capitalists, where they can have confidence, are assenting to the most moderate rates of interest. The advices from Manchester are favorable, and trade indicates revived activity and steadiness. The receipts of gold from California and Australia continue full, and the flow of a re-swelling credit is everywhere felt. Our cotemporary has watched the moneyed crisis with constant concern, and from his position, is enabled to estimate shrewdly its probable duration and results. That he has reckoned aright in his present observations, is most earnestly to be hoped. With him, we think the indications decidedly good for a happy clearing-up of the financial 'spell,' which has hung so gloomily over the people for the last six months. In the country, as in the cities, matters are becoming easier every day. The rise in the cotton market will at once throw a large amount of bank bills into circulation. The crop will be no longer held back. Every planter will sell, and ought to sell. If he has no debts to pay on his own account, he probably has friends who have. To these he might lend his funds on good security, at 10 per cent if he will not do so for less. The moneyed troubles of '57 and '58 may end in a happy jubilee, if every one will thus act. Such in point of fact is the course now being adopted by the planters. On our side of the State there has not been, after all the threats to creditors, anything like the sueing that was anticipated. Return-day, for Edgefield at loast, is passed, and no great harm done. almost hundreds of thousands,-of indebtedness, will be liquidated amongst us by the proceeds of the large remaining portion of our cotton crop. At 121 cents per pound, there is enough of the staple yet unsold to make money abundant. The cotton-buyers in Hamburg are up to the mark, as usual the Hamburg Bank too is liberal in furnishing them the ineans of paying full prices. And Hamburg money, suspension or no suspension, is as good as Mr. Dorn's gold in these parts. Treasury Notes could be no better. Only let there be enough of it, and all will be well. We warmly congratulate our readers upon the promising appearances of the hour, and wish them a happy issue out of their monetary afflictions.