Article Text
DAILY DISPATCH. WEDNESDAY MORNING SEPTEMBER 30. 1857 THE FINANCIAL PANIC! Further Suspensions in W Inches. ter. North Carolina, and Wheel ing. The excitement in the Money market is unaba ted. and gains additional fuel from the hourly an nouncement of suspensions at the North. MATTERS IN PHILADELPHIA The Philadelphia Ledger of Monday, speaking of the monetary panic there, on Saturday, says At a very early hour on Saturday, the excite ment regard to monetary affairs. and the cour of the Banks. was renewed. It first man self in the market houses, and arese from the fa sel that the farmers. who had come to the city to their produce, refused to take the notes of any the banks, without single exception. manded specie, which many were destitute and were to a put obtain The general belief that all the banks had conclud suspend specie yments, no doubt induced th farmers to refuse the notes. Most. not all. of the victual pursued different course. They only rejected the notes the Penns Ivania and Girard Banks. All others freely taken, which had a what effect tranquilizing the hour for opening the banks approached. gathered groups on the day before. was the subject earnest lis It was evident that many who formed the crowds there from alone. curiosity As became known the designed citement, to a very great fortunate of notes this hastened exchange them for hard and paying tellers were kept busy during the day Checks not paid bank far so could but five dollar notes deemed all, except the Pennsy Ivania and Penn ownship. The Ledger discussing the position of the banks there says They cannot discount. but will probably agree mark checks 'good their deposits. will received by the other banks payment them. Marked chec short time species of the from banks. city and these will used they liquida stringency the in money It fallaciou was a hope on the those part of who chants urged the banks. with the that would afford relief the market. Independent stab which the financial will be very the of that opposite hoped falling due may be extended on the payment of mark by checks. but this tone or energy to business. and trade must flag so long well Philade as morals in resump until will phia, secondar position any point or city, the trade of which i based on coin now in the very leasant dilemma of community without legal currency will be as soon banks redeem the their limite very lations Under existing laws there is no currency other than by the earning inviting hith than giving remain the until of bank all that notes come us illegall well it fact known that will not the in same time Men emple their pay labor. much they money deposit the Savings Funds, the inability those into general currence drawn against and when may debts: coin But the itself. as differ hides and paper almost be without wholly hand the hand to day butcher. ends daily their fac subie the the The of causes fi be future for Bank informs it us that being its bills pr itself ready as any the of assets Saturday able to pay. Bauk the North and America, are under agreement, follow agreed by the Bank of and th July, unless the the bank. But such the times by said Bank debts due with the Banks, their cin which will paid. plished in be tolerably free from liabilities. The of the exports from this port foreign the of bon Morri the ia holders paid Clark prox 1st on of were little Saturday were sales and made, price the money market there were no quotati street of did no discounting bills, we thing mentioned diff from of three already in the price of bank notes and coin York. 4a5 cent premium The Philadelphia Bullet of Monday afterno of greater calm to-da an appearance no of the there brisk although upon most five dollar for their only At them. certify checks of dol fifty the holders before their policy th than during much day the banks, each state what present to at different In Savings fo Th clamor been has This the has money nn state the legal ad obtaining Savings Bank the as in the same extra the the at adopte session, also be them this of banks of first the The genera was 1814. during the period of the war with Great Britain and was diately to of promeasures the by secute that war with advantage. This suspension. bank valno of the by notes, caused specie to disappear rapidly indi viduals invariably hoard that which is diately followed There valuable tiferous crop of irredeemable paper, Issued by pri and individuals, vate and bankers no was there known shin plasters. in kind this course paper issue. the upon credit was its until extent. unlimited creased entirely broken down. The losses to the comm nity were very large. for probably not one-half ever redeemed Th notes of the banks sul fered, during the entire period, depr eciation alse. nominal their fifth nearly oneContraction being forced upon the banks, after much affering in the business community and numerous failures specie payments were resumed in 1817, but the process of liquidating indebtedn continued for several years thereafter. without much alleviation and business suffered immensel
