19134. Pennsylvania Bank (Philadelphia, PA)

Bank Information

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

Metadata

Model: gpt-5-mini
Short Digest: f4f13d1a

Response Measures

Accommodated withdrawals, Full suspension

Other: Banks formed a mutual safety fund and agreed on note-exchange arrangements to sustain each other.

Description

Contemporary articles (Feb–Mar 1842) describe an initial run (late January/early Feb 1842) that the bank at first met, then the bank closed and is listed among suspended/failed banks; by Feb–Mar there are discussions of appointing a receiver and it remains closed through at least 1843. Cause appears driven by loss of confidence related to failures/distress of other Philadelphia banks (not a discrete misinformation event).

Events (4)

1. January 29, 1842 Run

Cause: Local Banks
Cause Details: Run occurred amid widespread panic in Philadelphia after distress/failure of other large city banks (Girard Bank) and general loss of confidence in Pennsylvania Bank.
Measures: Bank promptly met demands, redeemed its paper, offered to keep open beyond banking hours and to meet any further demands; paid state interest at counter by arrangements.
Newspaper Excerpt: A run was commenced upon it Monday morning, and continued throughout the day with increased violence.
Source: newspapers

2. February 1, 1842 Suspension

Cause: Local Banks
Cause Details: Following the run and loss of confidence (and failure/closure of Girard Bank), Pennsylvania Bank was obliged to close its doors and suspend ordinary business; insolvency/continued panic led to closure and discussion of a receiver.
Newspaper Excerpt: The Girard and Pennsylvania Banks continued closed. The Pennsylvania Bank continues closed, and arguments are heard in Chancery for appointing a Receiver.
Source: newspapers

3. February 10, 1842 Other

Newspaper Excerpt: arguments are heard in Chancery for appointing a Receiver, but no decision has been had. The interest upon the State debt ... remains unpaid; yet the stock soon rose from forty-five to fifty.
Source: newspapers

4. February 15, 1843 Other

Newspaper Excerpt: The Moyamensing, the Pennsylvania, the Girard, and the U. S. Banks continue closed.
Source: newspapers

Newspaper Articles (14)

1. February 1, 1842 Daily Richmond Whig Richmond, VA

Article from Daily Richmond Whig, February 1, 1842

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BY LASTEVENINGS MAIL.. EXCITEMENT IN PHIILADELPHIA. Run upon the Banks. The excitement is on the increase in Philadel phia. Confidence is lost in the Pennsylvania Bank, which, in point of capital, is the largest in the State, and is the Deposite Bank of the State A run was commenced upon it Monday morning, and continued throughout the day with increased violence. It succeeded in redeeming its paper with other notes. Its doors, it was expected, would be closed Monday, (yesterday) as it could not hold out against the run upon it. Two others are suspected; and there will be a general run upon all. The interest of the Pennsylvania State debt, (half a million) due day. will not be paid. Great confusion and commotion are anticipated in the city of brotherly love, during the week. This Bank and the Girard are both Loco pets.

2. February 3, 1842 Daily Richmond Whig Richmond, VA

Article from Daily Richmond Whig, February 3, 1842

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From the U S. Gazette of Tuesday. # THE BANKS AND THEIR ARRANGEMENTS. We alluded, yesterday, to the run which had been made upon the Pennsylvania Bank, on Saturday, and we then stated that all demands had been promptly met by the Bank, and that offers had been made to keep open beyond banking hours, if any one had notes to exchange. As the Bank of Pennsylvania was not represented in the convention of Banks, on Saturday evening, much anxiety was felt as to its course yesterday morning, and especially as the State interest is payable at its counter to day. Meantime it seems his Excellency, the Governor of the State, made short work of the matter, and settled the doubts whether the Bank would open its doors, by sending to its directors the following epistle.

3. February 5, 1842 Sunbury American and Shamokin Journal Sunbury, PA

Article from Sunbury American and Shamokin Journal, February 5, 1842

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From the U. S. Gazette. # THE BANKS AND THEIR ARRANGEMENTS. We alluded, yesterday, to the run which had been made upon the Pennsylvania Bank, on Saturday, and we then stated that all demands had been promptly met by the Bank, and that offers had been made to keep open beyond banking hours, if any one had notes to exchange. As the Bank of Pennsylvania was not represented in the convention of Banks, on Saturday evening, much anxiety was felt as to its course yesterday morning, and especially as the State interest is payable at its counter to-day. Meantime it seems his Excellency, the Governor of the State, made short work of the matter, and settled the doubts whether the Bank would open its doors, by sending to its directors the following epistle: Merchant's Hotel, 31st January 1842, 2

4. February 7, 1842 Lynchburg Virginian Lynchburg, VA

Article from Lynchburg Virginian, February 7, 1842

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BANKS OF PHILADELPHIA The Bank of Pennsyl met the runs upon it Sat urday till 3 o'clock. and then the officers having ascertained that no one of the many present had any further demands to make, closed the door at the usual time, stating that they would cheerfully meet any demand, even after bank hours. The Philadelphia U. S. Gazette of Monday morning says: - The Pennsylvania Bank is the depository of the State money, by law, and the State owns a large portion of its stock; and hence public feeling is, at the present time, much excited on this subject, inasmuch as the in terest on the State debt, due to-morow, is payable at that Bank: and it is understood that the funds were all supplied for that purpose, amounting to $800,000. Governor Porter, who has been for several day in this city, was at the Bank a considerable time on Saturday, during the run. We have stated that the run on the Pennsylvania Bank was fully met on Saturday. and further demands were invited. as we understand. and none were made.The great inquiry now is, will the State interest be paid to-morrow On Monday this Bank closed its doors, and small runs were made on some of the other Banks.

5. February 9, 1842 Jeffersonian Republican Stroudsburg, East Stroudsburg, Milford, PA

Article from Jeffersonian Republican, February 9, 1842

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# Philadelphia Banks. The Philadelphia Banks (the Girard and Pennsylvania) have agreed upon the following arrangements in order the more effectually to meet the present pressure-- 1. The Banks to issue their own notes exclusively of the denomination of $20 and upwards. 2. The Banks to make daily exchanges with each other. 3. Balances to be settled weekly, or oftener, at the option of the creditor; bank; to be paid in specie, or up to the 1st of March, in commercial bills, not having more than 45 days to run; -after the 1st of March, not exceeding 30 days to run; to be approved by the creditor bank, and guaranteed by the debtor bank. 4. A safety fund is also to be created thus:- the banks of largest capital are to deposite $100,000 each, and those of a smaller capital, $50,000 each, in the hands of Trustees, each Bank to choose one trustee, and the whole to form a board. The above sums to be in specie, Treasury notes, or equally satisfactory. On the default of any bank the Trustees to have power to convert the securities to such an extent as to pay the defalcation; and the defaulting bank to be hereafter excluded from the arrangement. 5. To restime specie payment on the 1st of August. After the adoption of a few further resolutions, not of general interest, the delegates adjourned.

6. February 10, 1842 The Hillsborough Recorder Hillsboro, NC

Article from The Hillsborough Recorder, February 10, 1842

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The Girard Bank and the Pennsylvania Bank, two of the largest banks in the city of Philadelphia, have failed. The Girard Bank had a capital paid in of five millions of dollars; but being intimately connected with the Bank of the United States, it in consequence sustained heavy losses, and a report becoming current that one of its officers was a defaulter for half a million, a run upon it was produced, and it was obliged to close its doors. The Pennsylvania Bank had a capital of 2, 500,000 dollars. Supposed to be in a tottering condition, the other city banks refused to take its notes or checks, and it was obliged to follow the course of the Girard Bank. The other banks of the city and county of Philadelphia, with two or three exceptions, have entered into an arrangement to sustain each other, by forming a safetyfund, to be created by depositing from fifty to one hundred thousand dollars each, according to its capital, in the hands of trustees. In case of default, these deposites are to be applied to pay the defalcation, and the defaulting bank to be thereafter excluded from the arrangement. On the 1st of August they propose to resume specie payments. These arrangements were unanimously adopted by the banks represented, and had considerable effect in allaying the popular excitement.

7. February 10, 1842 Martinsburg Gazette Martinsburg, WV

Article from Martinsburg Gazette, February 10, 1842

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Moyamensing-Joseph Solmns. THE BANKS AND THEIR EFFORTS. The plan for uniting the efforts of the Banks of our city, to sustain each other by deposites of the available property of each, seems likely to produce the good anticipated in the inception; and the a. greeable operation of the scheme was manifest yesterday in the general quiet and ease of our citizens. It seems to us that the arrangements are of the right kind, that is, they are better than any that have been hitherto proposed, and deserve the approbation and confidence of the community. The daily check which is had upon the issues of each Bank, will not only pre. vent excesses to injure the public, but it will insure that confidence so absolutely necessary to business, and to comfort in the transaction of business. No Bank can now issue beyond its securities; and this will be as agreeable to stockholders as to bill holders. And we shall shortly find its operation on business manifested in the exchanges, which are now at an outrageous difference. And what is worse, gold and silver, in any desirable sums, are at almost double the advance of New York funds. This, of course, comes from the momentary panic of individuals, who, anxious to secure something upon which dependence can be placed, are converting their available funds into silver and gold, for domestic purposes. This, of course, will soon "leak out" into the market, and thence to the brokers, so that the demand and supply will regulate the price, and a healthy tone restore an equilibrium between specie, and the notes of specie paying Banks. We look now with confidence to a continuance of quiet; unless the Legislature should be induced to mar the plans of the Banks and introduce confusion by untimeIv action. We trust they will not do that thing, and go against the rights of the pe ple. The Pennsylvania Bank continues closed, and arguments are heard in Chancery for appointing a Receiver, but no decision has been had. The interest upon the State debt, due and payable yester. day the 2d inst., remains unpaid; yet the stock soon rose from forty-five to fifty. And we may remark, that some other stocks experienced a small advance.

8. February 16, 1842 The New York Herald New York, NY

Article from The New York Herald, February 16, 1842

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Philadelphia. [Cerrespendence of the Herald] PHILADELPHIA, Feb. 15. The weather to day is cool though clear. In business, nothing is doing-in panic, nothing-in politics nothing-and in fun, fashion and frolic, but little. The most amusing matter in hand just now is the ridiculous conduct of our Legislature. A greaterset of donkies, with two or three exceptions, never were ears. The last bill reported on the sub. ject of resumption, is u broad farce, and has done more to lessen that body in the respect of the peo. ple, than all the weak and wicked conduct in legislation for the past ten years. Petitions are in circulation in considerable numbers, to which a large number of names are attached, asking that body at once to adjourn sinc die. I venture to assert that if these petitions could be presented to every voter in the city and county. so thoroughly arothey disgusted with the last legislative doings, that seven-eights of them would sign them. Some of these petitions are drawn up with signal tact and ability, and the sarcasm of their burlesque eulogy must make certain Senators feel, if they are not as invunerable as a rhinocerous' hide, how supremely ridiculous their ignorance or venality makes them appear. Had the House's bill been promptly passed, as their conduc: for a time warranted the belief, would be the ca e, these members would have returned to their constituents with a popularity rarely equalled. The most of the present ridicule comes from the particular friends of the banks, which, when it is known, may induce the Senate at once to take up the Assembly's Bill and passit through the Senate. The Pennsylvania Bank is besieged to day by an immense crowd of persons, seeking their interest on the State debt, which continues to be paid on the same equitable principles as yesterday, to wit, 1013 to the 100. It was remarked, however, to-day, that the paper paid out in several instances, was more depreciated than that used yesterday-some of It being ten per ccnt below par. The Governor has returned to Harrisburg. The business in stocks to-day was light, at prices even firmer than yesterday. State fives advanced one half, selling as high as 50 in currency, equal to about 47 in specie. Exchange on New York is selling to day at 5 to 6-specie 51 to 6}. Pennsylvania Bank notes 8 to 10 percent below currency; Girard 35, and United States Bank, 50 to 55. It is roundly asserted here, that the officers of the Tow anda Bank, are doing all that they can to discredit the issues of the institution, and at the same time buying them. This is modern finan. ciering. am informed that some steps have b en taken in the Court of Common Pleas, to forfeit the charter of the Girard Bank. At the Che nut street Theatre, Miss C. CushIX an, Mrs A. Selton, and Mr. Chippendale, spear to night. These with the other talent attached to the establishment, should give it good audiences. A resumption town meeting is called for Thursday evening at the county court house. There will be some strong expression of opinion there, and perhaps some fun. It will doubtless be very large. - the -

9. February 21, 1842 New-York Tribune New York, NY

Article from New-York Tribune, February 21, 1842

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Profit and Loss 8,646-Total 492,777. Capital Stock 420,000, due Bank of the Company 72.777-Total $492,777. There was not much change yesterday in Philadelphia in money matters. State Fives sold at #-Exchange on New York at 5 a 5:-Specie 5 a -Girard Bank Notes 35 a 37-Pennsylvania Bank 5 a 7-Relief Notes 10 a 15. The Philadelphia North American states that the Farmers' and Mecnanics' Bank receives deposites, from its cus tomers to larger amount than any other Bank, but still limits the amount. The Etna Insurance Co. of Hartford, has declared a dividend of Five per cent for the last six months. The bill for the reduction of the capital of the Dutchess County Bank, was opposed in Committee of the Whole by several members, and was ordered to be printed. The Comptroller states that the circulation of the Clinton Bank of this city, recently suspended, is 22,662 dollars- Se curities 35.000. Illinois Sixes at present worth about 7,000 dollars. The excitement in Philadelphia has nearly subsided. Re. lief notes are generally taken by the shopkeepers. Pennevenia Notes 5 a 7 discount, Girard 35 a 40, United States 50 a -specie, 6 per cent premium. The Girard and Pennvivania Banks continued closed. The Commercial Bank of Lake Eric is paying off its depositors and declining business. New-York Market. ASHES-Sales - of Pets have been made at 6.50. Both sorts are very dull. COTTON-In consequence of the steamer being near at hand, operations are quiet and the sales are about 400 to 500 bates per day. FLOUR-The market is very heavy. Sales Troy, afloat, have been made at 6:06: Holders generally ask 6123 a 6 189. Sales Genesee are only in small lots at 6 25. Southern without change and very little doing. Georgetown 5.00, Alexandria 5 75, Brandy wine 6.00 a 6 12 GRAIN-No Wheat in market. It is wanted. A parcel of 3000 bushels New-Orleans Corn sold for export at 58c. delivered up town. The market is nearly bare of all descr ip tions of Grain. A small parcel Jersey Rye sold at 68. A lot of Northern is unsold. Jersey Oats are selling at 40 a 46c. A cargo Southern is in the market unsold.

10. 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

11. March 23, 1842 Jeffersonian Republican Stroudsburg, East Stroudsburg, Milford, PA

Article from Jeffersonian Republican, March 23, 1842

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# HARRISBURG NEWS. Correspondence of the Daily Chronicle. Harrisburg, March 17, 1842. IN THE HOUSE it was petition day and a number on the usual subjects were presented. Mr. Lightner made a motion that the bill for the payment of domestic creditors, &c., be recommitted to the committee on Ways and Means with specific instructions to report a bill providing for a suspension of all works on unfinished Lines and the Resorvoirs--for the payment of contractors, for work done prior to May 1st 1841, in State stock bearing one rate of interest, and for work done since then, at another rate-providing for the discharge of engineers, lock-keepers and collectors, except on the main line-to prevent the work done on unfinished lines from going to destruction to inflict effectual punishments to prevent mischief from being done to locks, &c. by malicious or evil disposed persons. But after some discussion, on motion of Mr. McCahen, the further consideration of the resolution of Mr. L. was indefinitely postponed. Mr. Deford reported a bill from the Bank Committee to enable the Pennsylvania Bank to make an assignment for the benefit of its creditors. Mr. Ryan, a bill to amend the charter of the Southern Insurance and Trust Company of Philadelphia. Mr. McCahen from the committee of Ways and Means reported a bill to tax inheritances. This bill taxes both lineal and collateral inheritances, making a difference however between the rates, and also making a discrimination between citizens of this Commonwealth, citizens of other States, and of foreign countries, according to a graduated scale--of course preferring our own citizens and taxing lineal inheritances lighter than collateral. The bill to provide for the payment of domestic creditors and for repairs (No. 344) then came up in order again on second reading, the question being on Mr. Stevens' amendment proposed yesterday to the first section of the bill. Mr. Stevens modified his amendment by offering to give the contractors 6 per cent. certificates of State Steck for debts due them for work done prior to the 1st of May last, together with interest on the same up to the time of receiving their certificates, if they prefer this to waiting until the Governor shall be able to negociate the balance of the loan authorised May 4th, 1841, and appropriated to the liquidation of their claims. Mr. Stevens said he had come to the conclusion after mature reflection that it would be suicidal to the State to give more than six per cent. for any loan, as it would tend to depreciate her stocks still more, as every body would conceit they could read her bankruptcy on the very face of the certificate, and that whilst she promised an exorbitant interest, she never intended to pay the principal. No vote was taken on the bill when the adjournment hour broke off Mr. Wright's speech in the middle of a sentence, he having just taken the floor about five minutes previously. IN SENATE a good deal of time was occupied in talking about retrenchment, &c. Mr. Darsie's bill to reduce the prices of printing, &c. passed a second reading. Mr. Sullivan's bill to shorten sessions and reduce other contingent expenses of Government, was discussed some time, when the second section was negatived, Yeas 9, Nays 20. The first section had been previously negatived. The bill to dispose of the main line of improvements was some time under consideration, but was then postponed for the present, on the motion of Mr. Ewing. In the morning the Speaker presented a petition from citizens of Philadelphia, asking for a reduction of the prices for measuring grain in that city to a level with the prices in Baltimore. Harrisburg, March 19, 1842. The business of to-day in both Houses was entirely of a private and local character. Amongst the mass of private bills jumbled up together into what is usually denominated an "omnibus," was a provision which passed in both Houses, reducing the price of measuring grain, including flaxseed, beans, and peas, to 25 cents per hundred bushels. The Switzerger & Ridgway case which has been lost in Senate by a tie vote, was offered in the House by Mr. Bonsall, and a long discussion amongst the lawyers was the result, when finally the amendment was withdrawn. In SENATE, Mr. Fegely introduced a joint resolution providing for the suspension of all work on the unfinished lines of improvement. Mr. Huster offered a resolution which was adopted, calling on the Auditor General for a statement of the items comprising the "contingent expenses" of the canal commissioners as contained in their stated account. POWERFUL MAN. There is a fellow down east, so powerful in his arms, that he is em-

12. 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,

13. 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.

14. February 15, 1843 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, February 15, 1843

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$88,322,496 $88,862,248 Total To determine the circulation of all the Banks, the amount of notes of other Banks contained in the statements should bedecutted. The notes of the Northampton Bank, Pa., are becoming pre depreciated. Sales have been made at SO a SS per cent discount. The following counterfeits are in circulation Counterfeit twos on the Otseg Co. Bank are is circulation Rob't Campbell, President S. Scott, Cashier, Pay F. Cooperdate Aug. 4, 1842. Bank of Auburn, pay J. Long, dated Auburn, Nov. 1, 1842-J.S Seymour, Cashier E. Beach, Pre sident. Letter A.-No. 1456. The words Safety Fund' are heavy. corresponding with the general lettering of the bill; but New-York is lighter colored and longerle tered than it should be. The city banksa Rochester are discounting butlittle. Their circulation has greatly decreased the pastyear. Their presenticondition is such as to stimulate spring trade, should confidence become a little more restored. Exchange on New-York is from 1 to 1 per cent. Bickneli's Philadelphia Reporter says Money continues abuedant. Good paper is very scarce. The rate may be quoted at per cent per annum. The Manufacturers' and Mechanics' Bank has resumed specie payments on all liabilliles, except in Relief notes, since our last. The Moyamensing, the Peonsylvania, the Girard, and the U. S. Banks continue closed. Business is rather more active, but is yet regarded as very dull. Specie is plenty, Treasury notes on Saturday la 11 per cent. Relief notes without change.Nothing has been done by our Legislature in relation to the State Debt. The branches of the State Bank of Alabama have now all been put in liquidation and there was supposed to be little doubt that the Mother Bank at Tuscaloosa would SOGR be placed in the same category. Someot the New Orleans Banks and the Bank of Missouri St. Louis, refuse to received on general deposite or in payment Spanish quarters, bits or picayunes The latter has on hand $30,000 in dimes. The Mobile Advertiser of the 4th has the following remarks upon a panic in the Exchange market The market opened in the first of the week at 20 a 22 for starling, 18 for Ne w-York sight and 21 a 22 for New Orleans specie-from which it continued steadily advancing at the rate et 2 per cent. a day, until Wednesday, when it jumped up about 5 per sent, and on Thursday fully 10 per ceau more, sterling being rated at 40, New-York 35 to 40, and specie 40 per cent. premium on currency. A complete panic pervaded the community, almost every one hastening to invest his Alabama money in specie, exchange, cotton, or wbatever else could be had. In this state of things sellers of exchange could not be otherwise than affected with the general distrust, and in consequence were rather afraid to draw to the extent of their means. Yesterday morning the rates opened S to 5 per cent higher than the average rates of Thursday, but there was evi ently less anxiety to boy-whether because the most timid had suc. ceeded in ridding themselves of their money, or from areturn to the sober second thought, by the community, we cannot say, but the rates declined before noox on an arerage 5 per cent. Gold was sold early in the morning at 45, and hy noon 41 was the highest that could be obtained.e think it very doubtful whether the currency will for a good while to come stand as well in general estimation.The present blow, although admitted to have been uncalled for and altogether unnecessary, is one which will not lightly away with the occasion We give the average rates 90 yesteruny--sterling 40, New York and Boston 60 days, 35; 30 days, S4 a 36; sight S8 a 40; New Orleans 40; Specie 48 a 41. At New Orleans, on tbe 4th inst., no material improvement in Exchange. Sterling S a 53 per cent premium; Francs 5 53 a 5 57; New-York 60 days 24 a 23 per cent. discount; Sight Checks 1/4 a 1 per cent. discount. large amounts of specie were going over to Mobile. Markets-Carefully reported for The Tribune. TUESDAY, P. M. ASHES-We hear of no operations to-day 10 either description. The prices remain as before quoted. Pots 525 a531t offered, 5 50 asked; Pearls 6.50-nominal. There appears to be no demand for Pearls, but a few Pots could sold at 5313 COTTON-The demand to-day is rather dull, and we can bear of only some 500 to 600 bales sold. Prices are without no iceable change, but for qualities below7fair rates rather in favor of the buyer. Fair and above are firm al rather enhanced prices. Some fine is in the market, but held high-3c The recent arrivals have not on the 4th, the not been business was at below fair. was 5 a 5}; middling fair a fair a At Mobile on advices decline been sampled. having 7t and 72; upward. At Middling good N received, Orleans 81 quoted 83. steamer's light, of the of which were for investment of Alabama to 1c then some factors asking a much 41h, sales ces closed on the 2d, 1 mostly week higher 20,000 bales, previous week, 10,000 money. sold Pri- the greater advance. Quotations were unsettied. Ordinary a 6;; middling 6 a7; middling fair 71 a 74: receipts 20,657, stock 88,185 bales. At Augusta on the Bill, all received taken at iat advance. Middling fair 5 a fair to good fair 6 63. FLOUR AND MEAL-There is a moderate inquiry for and the market has become cleared of all Flour to be had below 4 434. For round Western, the the demand flas hoop nearly boop is We fiat Western 4 4S3 a 50. recent of N Orleans we have heard of no 551 obis of a fancy brand, on private or resexcepting the receipts light quote terms. brands In Southern there little and the lower are pressing on 4 12 a 4 25. How in very Common the market. doing, Small are worth Georgetownat about 12j. grades Ivania, s.c. 100 a 12); Richmond and-st, Peterburg, Alabama, sales Pennsy wine a small lot of N Men, farther sales at hhds 12:25 cash, 12 75 Mills sold Jersey City 250; 5 50; Brandywine Rye Brandy Flour 262); 312). 4 50; 4 mos. AtN Orleans Flour was dull at S 12) a 25. The BL Louis New Kra Upwards of 9000 abls of Flour