19100. Mechanics' Bank (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
0a6352c8

Response Measures

Full suspension

Other: Multiple contemporary articles describe runs, temporary closure/suspension of business, and later resumption (specie payments) by the Mechanics' Bank in Philadelphia in 1842.

Description

Mechanics' Bank in Philadelphia experienced runs in late Jan/Feb and during March 1842 amid a citywide banking crisis. It appears to have closed/suspended in mid-March 1842 (listed among suspended/closed banks) and then resumed specie payments on July 1, 1842. Cause of runs tied to distress of other Philadelphia banks and general banking panic (local contagion). Dates are taken from contemporaneous newspaper publication references (e.g., 'Saturday last' in Feb 1, 1842 piece and explicit July 1, 1842 resumption report).

Events (3)
1. January 29, 1842 Run
Cause
Local Banks
Cause Details
Run occurred as part of a wider Philadelphia banking panic and runs on other local banks (panic/contagion from failures and refusal to receive certain banks' notes).
Measures
No specific special measures reported for this discrete run besides general bank meetings and arrangements among banks to exchange notes and create a safety fund.
Newspaper Excerpt
MECHNICS' BANK This notes of THE first Farmers' on Saturday AND last to throw refuse out to receive the them ...
Source
newspapers
2. March 17, 1842 Suspension
Cause
Local Banks
Cause Details
Following sustained runs and widespread banking distress in Philadelphia in March 1842, Mechanics' Bank closed its doors (suspended ordinary business).
Newspaper Excerpt
The Bank of Penntownship closed its loors the 15th, and on the 17th. the Manufacturers' and Mechanics' Bank, after having sustained a run until 12o'clock, followed suit.
Source
newspapers
3. July 1, 1842 Reopening
Newspaper Excerpt
The Mechanics' Bank commenced its resumption to-day and maintained it without the slightest difficulty. A very small amount of coin was demanded in comparison with the amount deposited with it.
Source
newspapers

Newspaper Articles (12)
1. February 1, 1842 The New York Herald New York, NY
Article from The New York Herald, February 1, 1842

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Highly Important from Philadelphia-Progress of the Bank Revolution. We received yesterday afternoon highly important information, showing the progress of the bank revulsion, which has now decidedly set in upon Phila. delphia. A terrible state of excitement prevails in that city, which will no doubt soon prevail in Baltimore, Mobile, New Orleans, and every other" suspended city" in the land. These events are the natural results of the dishonesty of the financial clasees-their errors and their regueries. We annex such extracts as are important, referring our readers to the posiscript in thisday's paper, for the events that took place in Philadelphia yesterday. the Philadelphia Chrouicle of yesterday [From PANNSYLVANIA BANK.- On Saturday last RUN ON THE holders of the Bank of Pennsylvania kept up comthe note a run upon that institution, which was time of closing the doors, without severalflood. e cause was until menced from the perfect stated-of the that abatingin the Banks least as a has been erroneously The not all, to receive the notes of the Liberties, in this step were the refusing movers Northern, Pennsylvania. The Farmers'and first and the Commercial. the Moyamenwing and the Penn the notes of the Pennsy Ivania received Mechanics', the Mechanics', Bank Township through Pennout the day. of closing the doors, we were at the had At the time Bank, where great crowd of persons all left con- by sylvania both in and about the building, but AH inside gregated until the place was a perfect notes at the time of closing, had the run the in quiet. The Bank degrees. building departed blank. stood their changed and and we believe were it not that to loan morrow should is nebly, the interest on the State unon institution would contiaue to is day which redeem, but, consid- the be fortunately, paid. the under present circumstances, of the it notes, and the ered Pennsylvania advisable not to Bank redeem will, any doubtless, more remain closed we obtained last holding notes on of the caution to-day. This information the public evening, the Pennsylvania affairs and would not to make a hasty sacrifice, as the present a favorable interest on the State debt which will not institution Bank, condition. becomes Bank, due and The to-morrow at the Pennsylvania for a few payable will be allowed to go by default deferring be paid. It then paid. One of the reasons for specie-12 days, and is the very heavy premium on or its this per cent-and payment the interest must be paid in specie equivalent. of all the banks was held on each Saturday others' A meeting at which it was decided to receive existed evening, etc. Had this determination would not have been for notes the on past deposite, week, the present state of affairs The Directors experienced. of the Pennsylvania but Bank the conclusion were to hold to a meeting last evening, assured, (Sunday) would not vary from that and be arrived at, above-the we are bank net to redeem its notes, for the mentioned the State loan to remain hundred unpaid thom. sand dollars. the present. interest This on interest amounts to eight [From the Philadelphia Times.] CAMDEN BANK.- NICE War OF the REDEEMING following NOTEB RUN ON As a THE matter of on history. the State we record Bank at Camden, of. on fact. There last. was A a dense run crowd gathered round of old their women, fiee Saturday in Church Alley, and whole and streams damaged speculators, rough looking pouring countrymen, into the banking all office, hazards. anxious So to were get observed rid of their "Camden that notes," so far at from one's having was the crowd inside, at the notes you time or opportunity to without exactly knowing at you dense were hustledout head look was fixed. Bank recived, which was end of his person your MECHNICS' BANK This notes of THE first Farmers' on Saturday AND last to throw refuse out to receive the them the on to Bank the of Pennsylvania, at the and same time she dollars. was indebted the deposite, latter although in the sum of ninety thousand From the Philad Iphia Chinis-Saturday Chromcle Explosions, was THE BANK EXCITEMENT- excitement in Philadelphia. financiers, were another day of of explosions, among the of conversation at the order of the day, and place, and among all classes in corner of and our citizens. Around the least doors, public and every and rumors meeting the theme and coninside pursuits of those Banks assembled, which enjoy urged by curiosity, fidence, the while others crowds commenced of pesons running fed them by different to redeem rumors, their notes. Panic and excitement every body expecting the Bank for that day was the consequence, but happily all were disappointed, busin as undoors to be closed at least as they continued to do o'clock. ully blind to the signs must be wil the crisis of Bank forbeartilthree who They do not see that The most indulgent financiering of and them, the times, and is fast coming upon us. have lost all confidence procrastination in and ing of our citizens to be convinced that instead of better. Their of delay only makes them is past toleration; the has been conare beginning high-handed rule within the worse last few days the conduct strongest several of them well calculated to excite and plundered temptible, and against them. An out insuited with palliations, deindignation community, jaded and are worn rising to the vindication Banks are of and subterfuges, The days of worthless gone forth, the lays, their violated rights. the people has recreant numbered, the fiat of wall, and wo to that hand writing is upon the the fatal revelation. Institution that does not perceive Enquirer.] city the Pniladelphia Banks of the AN IMPORTANT [From BANK MEKTING assembled by delegates on and 01. ganized by appointing and Saturday county evening of Philadelphia last at the Philadelphia Bank, J. REED, Esq. President. Ther were JOSH. JONES, in attendance, Secretary delegates from the follow. ing institutions The Philadelphia Bank. Bank. The Mechanics' do. Farmers' and Mechanics' da North America do. Commercial do. Western do. do. de Penn Manufacturers' Township and Mechanics conseThe Southwark following Banks received were not timely represented, notice in quence The of not Bank having of Northern Libertica. Moyamensing Bank. The The Kensington Dundas, Bank. of the Commercial agreed Bank, upon, On motion of Mr to the follow effect was Boards, at spesubject tothe decision arrangement of the morning respective cisimeetingsto Ranks he to issue held their this own notes exclusively, of the 1. denomination The Banks to of make $20 and daily upwards. exchanges with each of other. 2. 3. The Balances to be settled weekly, or oftener, at the or

2. February 5, 1842 The Cecil Whig Elkton, MD
Article from The Cecil Whig, February 5, 1842

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PHILADELPHIA BANKS. The Banks of the City and County of Philadelphia assembled by delegates on Saturday evening, organized by appointing J. READ, Esq. President. JOSH. JONES, SecretaryThere were in attendance, delegates from the following Institutions. The Philadelphia Bank, the Mechanics' Bank, Farmers' and Mechanics', North America, Commercial, Western, Penn Township, Manufacturers' and Mechan ics', Southwark. The following Banks were not represented, in consequence of not having received timely notice: The Bank of the Northern Liberties, the Moyamensing Bank, the Kensington Bank. On motion of Mr. Dundas, of the Com mercial Bank, an arrangement to the following effect was agreed upon, subject to the decision of the respective Boards, at special meetings, to be held this morning: 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 15 days to run;-after the 1st of March, not exceeding 30 days to run; to be approved by the creditor bank and guaranteed by the debtor bank. 4. A safety fund is also to be created, are to a deposit thus:--the $100,000 banks of each, largest and capital those of smaller capital, $50,000 each, in the hands of Trustees, each bank to choose one trustee, and the whole to a form a board. The above sums to be in specie, Treasary notes, or equally satisfactory security. On the default of any bank, the Trustees to have power to convert the security to such an extent as to pay the defalcation; and the defaulting bank to be thereafter excluded from the arrangement. 5. To resnme special 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 Pennsylvania was not represented.-Pennsylvania Inquirer.

3. March 22, 1842 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, March 22, 1842

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RESUMPTION the 10th inst. entere states, The New the previous Orleans day, Bulletin "Proceedings Banks of by the Attorney-Ge were that against on ten of the recusant charters declared forfeited, of them, and viz the neral, to have liquidation. their Against three Atchafalaya, writs their into the Exchange, and virtue the of which the and are issued, and the books, property The Im 28. Banks are to the Board of are in a handed and over the Merchants' institutions, being sequestration sets provement the Orleans, closed, of the sequestrated by Banks Currency after having condition doorset as helpless as that the Bank Law, unable to and work thereby under compelled are to summarily go into cepted, Thus five of the corporations Proceedings similar are disposed of liquidation standing predica- pending and put five out others, of the to force way. them will leave into a nothing clemency but ment, the which, six Banks if and that whether have any of them will be the storm says, against to the weather Legislature, successful, is considered accepted problemetical. "that the among able The New Orleans banks in Courier N. Orleans it is calculated The American that that a case has to test the whole says, eight or sixteen nine will weather been the madelfor constitutionality storm.' presentation (of of Louisiana) the to new the Supreme Court, House of Representatives for the liquidation of Banks bank the bill providing The bill allows any various proceeded against by the The law.-"The passed with has been amendments. liquidation. immediately Attorney bill was which general, sent to to to go the the into consideration Senate voluntary and reader of that the will body same. perceive Philade? that which most we of have the Banks of have proceeded following Bankis.-The made from from the Philadelphia papers, faith. Four them specie Banks have, the resumed have run aground-but payments nine in good of Thursday agreeably their night, liabi resolutions and on Friday upon all that specie Ledger of Saturday will now sumed their Public payments pledges Banks says, lities. The to believe these legitimate business is every reason course and continue yesterday a confirms belief, The in a success sound for all of of the This them experiment course instantly has met in a the measure gain demands in re-estab strength made against confidence them. in them, which will by which the pub lished hour. The most effectual in way specie payments is every lic can business now sustain altogether the banks discountenancing with specie or specie-paying the use and notes, doing and discarding and of the surrounding States, the irredeemable notes for redemption or sale. Mechan them home 'runs' upon the Farmers' which and they ics' and former paid out some and a considerate sustained-the driving "There Northern were Liberties' in specie Banks, $25,000 in $7,000.00 specie, firmly and received $18,000, funds; the latter paid some The Philadel amount $8,000 more than out it received $10,000, in and received The $7,000 phia Bank $5,000 in New York were the specie, and of paid specie Banks specie. Funds. gainets North more and Commercial upwards of $50,000 than North American says the eight resuming was paid out by the Pennsylvanian, of specie American The was received them." by March 18.) Banks indu. BANKS.- (From Yesterday was of a restless day anxiety great ment in uncertainty this relative become to the almost pursued ced by was the banks, not a little increased by had a given ble, and it the Penn Township Bank they the "THE fact by that city. The present had feeling circumstances course institution that knowledge uncontrolla would deem formal We that 'under close the doors of the crowd of it advisable that to in the morning quite It a had understand of this bank. run. as notice vicinity increasing previo people it experienced thronged some time the a considerable past supplied and a being material in many share hands of the mestic for circulation, however, that its not notes long since amount its directors of $200,000, gave security is which If said, this is be to supposed really the other the to banks case, exceed the to notes the her present ought Mechanics not circulation to depre- Bank ciate. "This, however, its doors was yesterday, not all. after The of etanding course because pharp also closed The panic rumored the y still run until greater about when noon. this the circumstance run upon several was The of Moy through the town, proportionably and increased. numbers, other banks Bank was was called upon demands by great made upon after f mensing it promptly met the informed, until hour after e s as remaining before, the open, afternoon, as we and are a quarter The of Manufacturers an share s o'clock requisition in was made also upon had it. a considerable and likewise any and Mechanics attention, Bank but sustained hour after itself the well, usual time y is indeed a melancholy of state mischief, of the U. h popular remained closing. "This open of for that an mother banks have things. been Since how com S the explosion four other Philadelphin there being in trust, fact six e k pelled Bank, to close include their the doors, Schuylkill hand. Bank. The We Philadelphia yester. , that a better day America Bank paid their own g , ever, all, Bank if and we their the North liabilities is and at likewise issued and specie the Com. all Mechanics', course. t le notes. day on The understand, Farmers' and also pursued that should the same be follow and for it is ed, the public. mercial, This looks we well-this the only course is a lead calculated to was satisfy in type e e e tranquilize "Resumption at Last!-Since the subjoined the proceedings above which it will of of the be e received from and the ff e seen city we Bank and have that meeting county with resumption, but held have two last resolved commencing exceptions, night, upon result, all to-day. an the which immediate Banks We puls con- an bona gratulate fule the public anxiety upon heretofore this existing. meeting of delee end Bank to the Meeting.- fearful of an the adjourned city and county house last of Phils. ever t? gates from the Banks Philadelphia Banking following Banks delphia, ning, Mr. at Dundas the in The the chair, Philadelphia, the Commercial

4. March 22, 1842 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, March 22, 1842

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e to close The Manufacturers' and Mechanics out against a terrific run. not open The Philadelphia d wnship somehow did The Gazette Penn of sterday afternoon stated semi-officially(sevenat will on Monday next do basis, issue their own paper, settle with in coln. Several have redeemed their notes with The Banks, least, each specie business other for Bankswirl unite." act true Ameeting this evening will decide if more of the From:N Philadelphia North American.) The public may rest assured that the banks to resume and maintain specie will not be another zards pared There suspension. payments will at the all be thic want payment for all claims against the en to they will be paid as the the last dollar required banks. If un. resumption law. The interest of the greatly promoted by not made upon the banks: for in ands however, being be unnecessary the public same de. portion as the public evince confidence in the to extend assistance and y will portion be able of relief banks, to the siness the city. This is much needed banks will most those of Philadelphia. The "The other example Pittsburg of of undoubtedly banks follow now. in parts the State, whether be compelled to do the same, or 1. will accepting become banks or The notes of all banks that do not cease to pass as currency, and will be sold at value, whatever it may be. dited. kers placed their the They resume to will dis. the on same footing as merchandise currencies of unequal value There cannot be a rket. culate ich will together. Two question can in never now, the be continued and which banished from cir. purious ation by the people. They will no longer tolerate currency We learn that a convention of banks that relief law has been called to meet at Lancaster, accepted for purpose of agreeing to rest upon their a determination will their will find public opinion far tial rant. law. than They Such law. prove rights more under death po. That will be against them. All the ks which do not now resume will be forced into li. ness. dation. They will not be able to exist and do any (From the Spirit of the Times, Saturday.) 'The following IS a list of the Banks of our city re lately. They all still king but are doing no business, and be down 'suspended houses. occupy may their that in the category as "essentially used up by it victims. They are the Bank, $35,000,000 1,000,000 Schuy!kill Bank, 5,000,000 Girard Bank, 2,300,000 Pennsylvania Bank, 500,000 Penn Township Bank, 1,400,000 Mechanics' Bank, 600,000 Manufacturers' and Mechanics Bank, 250,000 Moyamensing Bank, Total amount of capital, The total number of our banks therefore which $46,250,000 led within a few months, and four of them within have fee days is eight, and a combination of their capitals, kes the saug sum of FORTY-SIX MILLIONS TWO HUN ED AND FIFTY THOUSAND DOLLARS. The Tarif} -There can be no mistake about it. merican System Whigs go for Distribution, because The ev consider it as equivalent to an Tariff's is the cuckoo note Tariff IS the greatiro they have now Agitate the Tariff, is the advice of Mr. Ilan riff. anvil Whigs Tariff augmentation sounded of upon the by letter. which he has Whigs of Connecticut. essed Landthusa his Lithograph the Agitate privately the Trum- Ta. ad. the Whigs in the State The Washington also lets the cat out of the athandin April. describes Y American Correspondent of Election, bag.- which the consultation which the on inst., and their determination ( the the 14th Whig members to lay bill, and go on with the amendment, the rate of interest to the ie, de ual with and enlarging Mr Appropriation Fillmore's "extending present Loan the price of money and the actual credit of They are waking up to a the crisis and the : nal exigency Government. of sense the Na. of in then. Keep moving, and fire (all,aye, all) "is which untry in, , ill all in involves demands. accomplished responsibilities awayat the What is the use now of bills to priute will money which is not in the Treeasury, and ap. h not be there till loans have put it there : Tariff to meet the loan must follow A it may.' ies, we will resist resources of the Federal d timate sales, who Government, per until force.- the its are poured back into its be no increase of the duties until that is re then Treasury. done- Let not a cent put on, except what may be y necessary for the wants of a Government essen- most nomically administered. e At the commencement of the Richmond Medical held in the College building, on Monday, the Col. 7th March, red the degree of Doctor of Medicine was con. on the following gentlemen Hanover. AT 11. TYLER Richmond, ARTER JOHNSON HAPMAN J. 31. B. REID THE H. TYLER King William. Albemarle. C. MAURIN Nelson. IN HARDING Boxz Norfolk. M. PRITCHARD Richmond. HN CURRY Gloster. Chesterfield HALL R. WESTER Dinwiddie. HN 1. EDWARDS Essex. 1. FORANK Turm The 65. number of Students amounted at Kentucky. the late 7th day Commencement day was held on sesGraduates of March. The Diplomas were delivered Monday, to by President Maxwell of Hampden after which, an address was by the same, which was followed aduates tory College. from delivered by to Sid. the Professor Warner, and the day closed supper given to the Students at plendid change Hotel, night avale. at with the by the Faculty. ites The on N Y. Correspondent of the Philadelphia Gazette ich have the 16th, that "a part of the Treasury so shamefully dishonored by the been redeemed by Mr. Morris Mr. K at the urgent mment, cretary Wall street of have been request Ketchum of notes the go. es were the Treasury, accepted $100,000. These tured for negotiated by him, and are now coming in dit, he payment; but with a spirit that does him : and be feels Number: that his honor requires they should be

5. March 24, 1842 Lynchburg Virginian Lynchburg, VA
Article from Lynchburg Virginian, March 24, 1842

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The Senate to-day plassed me - first, however, amended it in several particulars, some of them important. Among its amendments was a substitute for the 4th section, which, retaining the lst day of November as the period of resumption, strikes out that feature which requires the Banks to resume within sixty days after the principal Banks of Philadelphia and Baltimore shall recommence specie payments. I regard this as a very salutary change, in view of the peculiar circumstances by which the Banks of those States have been induced to open their vaults. In both, the apprehe usion of P pular tunulis, growing out of the peculiar character of a portion of their population, al ways inflammable, and easily excited to deeds of V10 lence, was the primary and influential cause of resumption at so early a day. I infer this from the fact, that, prior to the exhibition of any sympton of mobocratic up ro. r. the Philadelphia Banks had clearly indicated that a should be upon, nd of der c. reumstances sooner 14 of August. more than re. no note the day Maryland would generally fixed The it Legislature be had safe while declared to resume those of the that of Balti- latter unState. too, it is not improbable, was itself precipitated into the adoption of the law which ultimately passed, by the cm, hatic processadopted by the mob of Baltimore to make "nown its wishes- 200 of their number. under the imposi. T name of committee of the people, having visited lis Learing the high behests of their and ached the Legislative hall in martial procession, with ers front to to their injune a constituency, give emphasis appl ions. and music Such in their proceeding indicated a distempered condition " mind, which it was not safe to disreg be probably of rd, the od but public itself by which to no legislative body ought to have permit. overawes. It finds a parallel and precedent only in the history of the "rench Revolution, when bodies if sans culottes and cut-thic is invaded the halls of the Natu al Assembly, to dietate law. to the mock Republic, and to drag from the tribune to the gu. Hotine such of its members as had nerve enough to defy the 16. ~rorists. A resump tion brought about by such means may be permanent, but it is hardly probable that it will be: but Is these who entertain this impression should be deceived, and these institutions shall show their ability to maintain spec. payments, I have no doubt the Banks of Virginia will voluntarity place themselves in the same attitude, before the 1st of November. The Senate also struck out that section of the bill, as it went from the House, authorizing the appointment of a Commissioner, to examine in to the condition of the Banks of this State; and (I be lieve) that also prohibiting the sale of drafts and bills of exchange. I cannot predict with certainty the fate of these amendments in the House, though, from the pro racted period of the session, and the universal anxiety to bring it to close, I think it probable they will be as sented to. Another cause may operate to the same endand that is, the certainty that some of the members, who have been in favor of the most vigorous measures against he Banks, have run rather ahead of their constituents, w tho, more conside rate if not more wise than their delegates, perceive that every blow aimed at those institu tions, the interests of which are inseparably intertwined with those of the people at large, must fall with accu mulated force upon their own heads. See, for example, the proceedings of the people of Buckingham, at which , leading Democrat was Chairman, another one of the Secretaries, and a third (George Booker, Esq.) whose rabid antipathy to Banks has been for years proverbial in all Buckingham and the region round about, was the chief orator-in which it is recommended that an assu rance shall be given by the Legislature to the Banks that they shall not be required to resume before the 1st of February, 1844! And yet one of the delegates from that county voted for immediate resumption, and the other for the earliest named day. Others, I have no doubt, have equally misunderstood the clamors of a few demagogues and shavers for the voice of the people, who, whatever be their conviction that the Bank ing has been grossly abused and system may favor and of perverted. overthrowing requires to be reformed, are not in t suddenly, and by the same process of involving every class and every profession in society in indiscriminate ruin. If the Banks were hostile, or even a separate and distinct interest, which might be but others in their be involving downfall, they reached retribution might with visited with the rnest detheir the manded perhaps properly by alleged delinquencis-but crushing when the edifice cannot be destroyed without the builders, they will wisely pause before they begin to sap its foundations. there can be no doubt that the Baltimore Banks will in compliance law, While attempt resumption, with hope they the and perhaps maintain it,--as I sincerely may e able to do,-I have no faith in the capacity of those if Philadelphia to do likewise. The hesitancy which as marked their coursethusfar, shows, that if they even make the attempt, it will be with fear and trembling as o the result. And well may they be thus apprehensive, when, in anticipation, runs have been commenced upon some of them, indicating a feverish agitation of the public mind, especially unfavorable to the success of their efforts. The Bank of Penntownship closed its loors the 15th, and on the 17th. the Manufacturers' and Mechanics' Bank, after having sustained a run unil 12o'clock, followed suit. The Mechanics' Bank, hol- and he were also besieged by Moyamensing but demands. their notelers, were strong enough to meet all The with one or wo exceptions, have resolved to with the law-with reforthwith other Banks, comply what effect nains yet to be developed. The Tax Bill was to-day ordered to be engrossed by he House of Delegates, and will be passed and sent to he Senate on Monday morning. The rates re same as those of last year, except the that of of the taxation vender license of broker is raised from 2 to $300, and that a of tiekets from 500 to viz: several new subjects of domesticlottery a however, $1000. taxation. There old re, one dollar. and silver and of watches 25 piano fortes, of $100 value in watches, cents; other $1, metallic used and 200 value and upwards, $2, except such as are a seminaries. or by music teachers. Silver plate, over Bank ain value, 19 like KC subject to taxation

6. March 26, 1842 New-York Tribune New York, NY
Article from New-York Tribune, March 26, 1842

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many brokers in relation to the Bank of Lyons, the Chatauque County Bank, and the City Bank Rochester, is the apparently large amount of notes they have in circulation. They are to-day bought by most of the brokers, and great confidence is expressed in some quarters that these Banks are perfectly sound. We regret to learn that the pressure of the times has compelled the stoppage of the highly respectable exchange house of Lancaster, Denby & Co., Richmond, Va. The extensive shipping house of James Patterson & Co., Savannah, Ga., have also suspended payment. There has been a good demand for Treasury Notes to-day, and the supply of small amounts not very large. This description sold as low as 1½ a 2 discount. The large notes sell at 3 a 4 discount. A hearing will be had in regard to the appointment of a Receiver of the Lafayette Bank on the 31st inst. The bills of the Hamilton Bank are redeemed at 20½ Bowery. The Evening Journal states that since the resumption of the Clinton County Bank in January last they have redeemed $55,000 of its circulation. The circulation is now stated to be only $25,000 to $30,000, and a belief is expressed that the safety fund will not be called upon. The notes of the Princeton (N. J.) Bank are received at the Bank of Northern Liberties, Philadelphia. The Inquirer states that the balance due from New-York to the Philadelphia Banks is about $500,000. The money market continued very tight. The Mechanics' and the Moyamensing Banks are making strenuous efforts to resume business. The latter institution has received in payment of debts a large portion of its circulation. The following New-Orleans Banks, according to the New-Orleans Courier, have accepted the new Bank Law: Citizens', Consolidated, State Bank of Louisiana, Improvement, Mechanics' and Traders', Commercial, and Carrollton. The Union Bank has petitioned the Legislature for exception from certain clauses of the laws enacted this year. The Gas Light Bank declares that specie payments have never been suspended by them; therefore their charter cannot be cancelled. The City and Canal Banks are allowed by the second Bank Law forty days for deliberation.

7. March 26, 1842 Sunbury American and Shamokin Journal Sunbury, PA
Article from Sunbury American and Shamokin Journal, March 26, 1842

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Broken Banks in Philadelphia. The following list of Banks still occupy their banking houses in this city, but their business is suspended, and their capital may be considered out of market. We annex their locations with the capital of each institution : U. S. Bank, located in Chesnut street $35,000,000 above Fourth, capital Schuylkill Bank, corner Sixth and Market, 1,000,000 Girard Bank, Third below Chesnut, 5,000,000 Pennsylvania Bank, Second below Chesnut, 2,500,000 500,000 Penn Township Bank, Sixth & Viee, Mechanics' Bts, Third above Chesnut, 1,400,000 Manufacturers' and Mechanics' Bank, 600.000 Third and Vlne, 250,000 Moyamensing Bk, Second & Chesnut, $46,250,000 Total amount of capital,

8. March 26, 1842 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, March 26, 1842

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Money Matters in Boston.-The Boston Courier of Thursday afternoon says: The announcement of the failure of James Read & Co. to-day, for a large amount, has but added to the previous want of confidence in the money market. This is one of the largest failures that ever took place in Boston: the liabilities are variously estimated at from seven to eight hundred thousand dollars. The failure of Mr. S. S. Lewis, the agent for the Cunard steamers, for n large amount, was also announced to day; it is said that his name was on the paper of a firm that failed some days ago. Money is extremely scarce, and the banks themselves feel it as sensibly as individuals. The Banks in Philadelphin.-Matters went on smoothly on Saturday, with the banks. There was no run at. tempted on any of them. There were, as might have been expected, demands for specie, in small sums; but the receipts, it is believed, nearly or quite equaled the payments. This will, of course. continue to be the case, as nothing is received in deposite, or in the payment of notes, by these institutions, but specie or the notes of specie-paying banks. Our citizens have thus far be. haved with commendable forbearance, and it is hop. ed the monetary affairs of the community will gradual. ly resuine their wonted regularity.-Phill Sentinel. The Banks-The Times, &.C.-As far as the Banksare concerned, matters and things are going on now pretty easily. We said all along that a resumption of specie payments would set every thing right, and facts are fast proving the accuracy of our arguments. The excitement is dying away. Of the Banks of our city nine only are left, i. e., the Philadelphia, Commercial, North America, Farmers' and Mechanics', Southwark, Northern Liberties, Western, Kensingten, and Germantown. These redeem their paper in coin and per consequence, public confidence is being rapidly restored. Of course, however, business is tight. Thousands have lost considerably by the closed Banks, for the bro. kers take advantage of their necessities, and even the Relief Notes which should be at par, are bought at a discount of from 15 to 20 per cent. This is a serious loss, and will ruin many. Cannot some mode be adopted of lessening the evil? We hear it suggested that the Penn Township, Moyamensing, Mechanics and Manufacturers', and Mechanics' Bank, re-open their doors, and receive in payment of debts, each others notes. This would do. A great sacrifice would thus be avoided by the note-holders, and the Banks could daily make exchanges between themselves and withdraw their notes from circulation. Some arrangement should be made atonce, we think by these Banks to relieve an injured and suffering people.-Phila. Spirit of the Times. HUZZA FOR OLD SOUTHWARK.-Southwark has nobly redeemed herself! We rejoice at this demonstra. tion of probity on the part of her citizens, and hope we may never be compelled to record after any election in that district for the future, a result different from that of last Friday. The regularly nominated ticket succeeded by perhaps eight hundred majority. This is glorious! Mr. Grover too-with all his wealth, which he fondly imagined could accomplish anything-is no longer, we are delighted to perceive, a member of the Board. The arrogance of ignorant opulence will no longer rule that thriving district, and we may soon ex. pect to see the face of affairs there assume an expres. sion gratifying to every good citizen, and honorable to those whose exertions may occasion it. Huzza for De. mocratic Southwark:- Ib. Ohio Banks.-The Pittsburg Advocate of Thursday last, says: The twenty-two specie-paying banks of Ohio it is confidently believed will be able to sustain themselves. Some of the weakest have been heard from, and the account is that they were doing well; there being but little run upon them. Our own banks have not yet had official notice of the Resumption bill and it is not yet known what will be their course under it. One thing, however, is pretty certain, that is, that they will promptly comply with its provisions." DEATH OF A Mayor.-The Hon. Jacob F. Mintz. ing, Mayor of Charleston, died in that city on the 15th instant, of gout in the stomach.

9. March 30, 1842 New-York Tribune New York, NY
Article from New-York Tribune, March 30, 1842

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us.The Philadelphians continue to draw specie from About $90,000 went on this afternoon. The supply of Treasury Notes continues light. Small amounts we quote at 1g a 13 discount; large do 2 a 21. The money market is light, and good paper sells at 1 all per month. Some of the Banks are discounting to a fair extent, but mostly they are pursuing a restrictive policy. Advices by the Columbia speak of the money market in England as being very easy. The Bank of England had put down the rate of discount to 4 per cent. She has received large supplies of bullion. We can see very little that is favorable in the accounts from the other side. In American stocks the only actual transactions were sales of $100,000 Pennsylvania Fives at 471 a 48, and a small amount at 50, and $100,000 Ohio Sixes, of 1250, at 60. We annex the quotations of the 3d, of the principal American securities:New-York Fives 75; Penasylvania Fives 47 a 50: Ohio Sixes 60; Indiana and Illinois Sterling Bonds 25; Louisiana Fives 60: Maryland Sterling Bonds 55; United States Bank 20th Bicknell's Reporter says-" The resumption of specie payments by our nine solventar business-doing banks sill continues, and as a consequence our money market is alarmingly contracted-the out-door rates on what is known as good paper' varying from 2 to 2) per cent. a month. The suspended banks continue closed for the ordinary purposes of trade, and their notes are selling at ruinous rates. We annex the rates at the close of the week: United States Bank notes 60 a 65; Girard notes 50 Pennsylvan ia do 22 a 25; 'Relief' notes 20 a 25; Mechanics' notes 15 a 25: Penn Township notes 25 a 30; Manufacturers' and Mechanics' notes 25 a 30; Mayomensing notes 18 a 25. Specie-paying banks; Philadelphia County-Philadelphia Bank, Commercial Bank, Bank of North America Farmers' and Mechanics" Bank of Northern Liberties, Western Bank, Kensington Bank. Germantown Bank, Southwark Bank. Pittsburg-Exchange Bank, Merchants' and Manufacturers' Bank, Pittsburg Bank. "York Bank, Bank of Middletown, Easton Bank, Deylostown Bank of Bucks county, Farmers' Bank of Reading, Franklin Bank of Washington, Northumberland Bank, Miners' Bank. Pottsville, Honesdale Bank, Bank of Montgomery county, Bank of Chester county, Delaware County Bank, and probably several others." The Presidents of the Backs in St. Louis, Mo., that are in a sound condition, and the Board of Currency, have had a meeting in that city, on the 18th, the result of which has been an arrangemently which all the strong Banks will go 51 harmoniously together, making weekly exchanges, each Bank issuing its OWB notes payable on the 5th December next. The New.Orleans Bulletin of the 19th says- The Banks have all accepted the 'Relief Law,' three of them, however, conditionally; but none of them are rising in opposition to the law. If we are not misinformed, they will on Monday all commence paying out their own notes at their counters. We anticipate an entire restoration of confidence in our currency, and, as a natural consequence, a fall in specie and exchange." Specie at New-Orleans on the 19th, 5a7 per cent. premium.

10. March 30, 1842 Jeffersonian Republican Stroudsburg, East Stroudsburg, Milford, PA
Article from Jeffersonian Republican, March 30, 1842

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The Banks and Money. The Banks in Philadelphia, mentioned in our last as having resumed, continue to pay specie for all their liabilities. The run on them has ceased, and they go on doing business again, just as if no suspension had ever taken place. The Moyamensing, and the Mechanics' Banks, who were obliged to close their doors at the time of general resumption, are making efforts, it is said to re-open shortly and pay specie. The Relief notes, and the notes of the broken and suspended Banks, still remain at a heavy discount. The Faston Bank pays gold and silver for all her notes, and goes on swimmingly. She was the first one in the State to resume, and is sound to the back bone. The Allentown Bank is still under suspension, and its notes are at a discount of from 10 to 15 per cent.

11. June 17, 1842 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, June 17, 1842

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Germans generally come prepared to purchase home, where they settle down, and make the best of citizens. THE TARIFF IN THE SOUTH.-From every part of the Southern country we hear of constant and steadily increasing changes of opinion in regard to the fallacy and folly of the free trade notions which once prevailed so extensively among the Southern people, and the pernicious tendencies of which are now beginning to unfold themselves in our heavy foreign indebtedness and the general pecuniary distress which pervades every department of business in our country. In the County of Albemarle we have known and heard of several instances in which the advocates of the so-called free trade system have openly renounced their error, and expressed the opinion, taught by sore and severe experience, that the policy of husbanding our resources and fostering domestic industry is the only safe and sure remedy to be found for present evils, and the only preventive of subsequent embarrassments. We take the following from the Lynch[Virginia Adv burg Virginian: THE SOUTH.-We have remarked that there has been a great change in the opiniens of the Southern people on the subject of the Tariff. It would have been miraculous, indeed, if there had not been such a change, in view of the practical refutation of all the arguments of the opponents of a judicious scale of duties Among these changes we may notice the editor of the Columbus (Ga.) Enquirer, who says "We used to be a tolerably hot Nullifier in our bevish days, when our head was turned inside out by the glittering bauble of an impracticable free trade system, which we were fool enough to think within the range of possibilities-and, so far as the principles involved in the multification doctrine are concerned, we hopenever to abandon them. But we may as well confess that our free trade notions are looked upon, at this present time, as the vagaries of an undelly-excited imagination. The thing is utterly impossible."The marvel is that any man should ever be deluded by the flimay sophistry of those who advocated it, in the teeth of existing facts. CAUGHT.-The following is from the Philadelphia letter of the Journal of Commerce: It is reiterated here that the Mechanics' Bank will resume specie payments on or about the 1st of July. Not u word is heard from either the Manufacturers', the Moyamensing, or Penn Town. ship. They are as quiet as the grave. A good joke, at the expense of the Moyamensing, has been circulating here for the past few days, more currently than its bills. A gentleman had given his note to the Bank for some $3,400, and called a few days since to pay it. To his inquiries, the clerk answered that the Bank had parted with it. The gentleman expressed his regret, but continued pulling out his money, and commenced counting it our over. The clerk, seeing that the bill. were of specie-paying Banks, requested him to stop till he a isquired for the note at the Cashier's room. In few minutes he returned with the note, which was handed to the owner in exchange for the roll of bills. The owner was not long in tearing the name from the note, nor the clerk in discovering that the bills, except a few on the top, were all of their not own Bank. He bastily remarked. We do take these billshere, sir. The reply was prompt If you prefer the note, (handing it back less a signature,) take it." The clerk was caught, and had to stand the shave of his own razor. Served him right. The disreputable practice is observed here, by most of the suspended Banks, of throwing their bills receivable into the specie-paying Banks for collection. Of course these latter Banks will not take any thing but specie, or its equivalent, in pay. The suspended Bank makes the discount on then own paper, but loses all character for honor or honesty. As IMPOSTER.-The Rev. G. C. Light, of the Kentucky conference cautions the religious public, through the Cincionati Christian Advocate, against a man of the worst character, who. at Louisville, went by the name of A. Bernard, and professed to be a dentist. He imposed himself on the Methodist Episcopal Church, and has a license toexhort, in his possession. It is supposed that he has gone to the north or to Canada. It is believed that Berhard is not his real name, and that he will change his name when circumstances call for it. He is about 5 feet 6 inches high, somewhat heavity built, has a full face, dark eyes, dark bair, fair skin, high forehead, inclined to baldness, handsome features, and assumes a modest air in company. It is affirmed that said Bernard, not long since, suffered all the penalties of the laws of South Carolina for the crime of bigamy, and that he has now seduced away the wife of a very respectable gentleman of Louisville, Ky ICP A man named Meade, who lives in Amelia county, Va., was whipping one of his slaves with a strap, a few days ago, when a buckle upon the strap struck him under the ear, causing instant

12. July 2, 1842 The New York Herald New York, NY
Article from The New York Herald, July 2, 1842

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Philadelphia. [Correspondence of the Herald.] PHILADELPHIA, July 1, 1842. Merciful fathers ! what a hot day this is. Yesterday was thought to be a scorcher; but it was no touch to this. By Monday night, should this weather continue, the financial situation of our citizens will be fully tested; all who are then found in the city may be safely set down as too poor to get out of it. Extensive preparations are making for various 4th of July excursions, and for longer visits to the country. Cape Island, Saratoga, and Brandywine Springs, are the principal points of attraction. The Mechanics' Bank commenced its resumption to-day and maintained it without the slightest difficulty. A very small amount of coin was demanded in comparison with the amount deposited with it. I felt satisfied that it would be thus, and have now some hopes that some of our other broken banks will follow suit. A small amount of business was done in stocks to-day at prices much the same as y esterday. A bill passed our State Senate on Thursday, which interests very materially the creditors of the United States Bank in Philadelphia. The bill was got up for the benefit of certain debtors to the Branch at Erie, and provides that unless the assignees of the United States Bank will agree to receive its own issues in pay ment of debts due it, all property by them seized, for the collection of such debts, shall not be sold, unless it brings two-thirds of its appraised value. The bill was opposed by Mr. Spackman and others, and passed by a vote of 17 to 15. This will materially affect the interests of those who hold the assigned assetts of the Bank-thougha righteous act. Several persons have been arrested in the city to-day, charged with passing counterfeit bills on the Bank at Princeton, and notes of the Commercial Bank at Mil. lington, altered to notes of the Commercial Bank of this city. Our city is remarkably dull in all business operations; markets full of évery thing good to eat, drink and wear, at prices quite low, or rather at prices that would be low, could our operatives get enough to do at even present wages. The Rainbow," steamboat, goes to Cape Island on Monday. Her fame for speed is fast filling up her passenger list; I don't know but I shall go down in her myself. If I knew which of the several boats kept the best wine and the coldest ice, I should be able to determine at once.