19174. Second Bank of the United States (Philadelphia, PA)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: federal
Start Date: February 9, 1841
Location: Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model: gpt-5-mini
Short Digest: c65492af

Response Measures

Full suspension

Other: Political agitation and bank-specific policies (post notes, cotton operations) drove public loss of confidence; later legal actions led to assignment of assets to trustees and attachments.

Description

Contemporary reports describe Resumption Day (Jan 1841) with limited withdrawals, followed by a brisk run and a large demand (~$100,000) that the bank declined to meet on 9 Feb 1841 and 'stopped' payment. Other Philadelphia banks quickly suspended thereafter. The bank went into liquidation over the next years; the government sought a receiver (Nov 1841) and trustees/assignees handled distribution of assets through 1842–1844. Cause of suspension here is heavy withdrawals and inability to obtain expected specie (bank-specific adverse condition and loss of confidence).

Events (5)

1. February 9, 1841 Run

Cause: Bank Specific Adverse Info
Cause Details: Continued disappointment in receipts of large amounts of specie and heavy withdrawals from eastern balances; persistent large demands exhausted vaults.
Measures: Met demands promptly throughout the day until the large $100,000 demand was declined; had paid out large sums of specie since resumption (reports of millions paid in weeks prior).
Newspaper Excerpt: The run was brisk the whole day yesterday, and every thing was promptly met until a few moments before three, when a broker appeared with a demand of one hundred thousand dollars in specie...the payment was declined-and the Bank stopped.
Source: newspapers

2. February 9, 1841 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Forced suspension following an organized run and inability to meet a large specie demand; directors cited 'continued disappointment in the receipt of large amounts of specie.'
Newspaper Excerpt: The Bank closed its doors yesterday afternoon at 2 o'clock, on a demand of $100,000 for specie...finding the struggle was of no use, the payment was declined-and the Bank stopped.
Source: newspapers

3. February 27, 1841 Other

Newspaper Excerpt: The suspension of the United States Bank, has been followed by a suspension of specie payments, by other banks...they were necessarily compelled to suspend on the 6th inst., in consequence of the great run...the holders of their liabilities had been induced to make on them, by the unexpected suspension of the 'regulator.'
Source: newspapers

4. November 22, 1841 Other

Newspaper Excerpt: We learn that the Government of the United States has filed a bid in equity in the U. S. Circuit Court of Pennsylvania, Against the Bank of the United States...to appoint a receiver to take into his possession the funds of the Bank.
Source: newspapers

5. November 2, 1842 Other

Newspaper Excerpt: The trustees of the Bank of the United States...have filed a bill of discovery in the District Court of this city, against Mr. Biddle...the beginning of the end. We shall have others at the confessional.
Source: newspapers

Newspaper Articles (25)

1. May 31, 1837 Cheraw Gazette Cheraw, SC

Article from Cheraw Gazette, May 31, 1837

Click image to open full size in new tab

Article Text

means specie with the except treasury, from the so banks not counce find all their notes collected so into the Treasury for the into specie that and veried the paid immediately banks deposite for duties banks con. use Government, while the banks of the their debts to the other in will not nor the Treasury in for instance, this specie, pay Take, pay warrants indemnity example. specie. under the French France. The claimant moneys due him in for him: had certain Government imported i(in gold of distribution an order for his of his own and he The obtained when the receiving day portion. share received arrived, But, his instead of iden' gold, be has of the own proper not silver, but the notes banks which very notes itself wo id refuse to vernment deposite neither gold receive which the from Go- he claimant for any debt So long, this very owe to the Government. the Go. might as the Government and banks will not pay in it would be rashness to pay specie to them; other vernment therefore banks, specie and, those as to in banks cannot make a discrimination al. they whom they will pay, the Govern- only hose is to concur with in the general ternative ment banks the this. suspension. They Philadelphia banks saw unequal thought Our it useless to carry on so were to intercourse, in which they refused pay an to New York, while New for if the PennsylPennsylvania ; York New York to pay banks to paid while those of have been vania the whole revenue would specie turned did not, into Pennsylvania notes, and demanded. the midst of these disorders, the Bank In the United States occupies a peculiar Had con. poof and has special duties. sulted sition, merely its ownstrength, it reserve. would have But continued its payments without Like all the other Pennsylvania of our 1st. it owed a duty to the citizens stand banks. State and it was not disposed the to other own from a general movement of might aloof State institutions, which however it regret, it could not consure. to 2d. It was not inclined, moreover, the a refusal to receive it, paper other State banks which of still less to force discredit, pay the specie, by debts its had in Pennsyl- specie, ceased to debtors to pay their were alvania other citizens in other States thus when to in a less costly medium of down, for the the merchants and lowed States, breaking pay benefit manufacturers other and mechanics of Pennsylvania. While the vaults of all the of other the 3d. closed, the Government would have no but the Bank of banks United procure were States specie resource the the United risk to which ought not to assume for bull States, the only source of supply offices of ion being to the Government and the land as 4th. well The as for deposite exportation. banks of the the Govern- bank would not pay their debts to should ment the United States. Why, then, these of Bank of the United States pay to the institutions, on account of the Government, for their notes, when these ? There very specie banks would not pay their own debts reciprowould have been an equal want of city and of justice in such a proceeding. There was another reason moment against 5th. and decisive. From the failed it, final the deposite banks of New York it was that comply with their engagemen's banks o that all the other deposite the same, that there must a throughout versal must manifest do suspension the the be country, midst uni- of that the Treasury itself, in and its nominal abundance, must be practically bankrupt. Insuch a state of things. the first i:-how consid is how to escape from moment to cration at the earliest practicable not be provide a condition which should to change the necessity which comit. The old associations, the the manded tolerated connexions, beyond established credit, the United extensive capital of the Bank of the for large render it the natural rallying point It States resumption of specie payments. waste seemed the wiser, therefore, not to be doubt- its strength in a struggle which might in its while the Executive persevered, all its resourful, policy, but to husband favorable mopresent to profit by the first ces so to as take the lead in the early resump the ment of specie payments. According, that tion of the United States assumes efforts will poBank From this moment its itself silion. itself strong, and to make anxbe to keep S prepared and always and sironger; to assist alway in recalling the currency to the point ious exchanges of the country It will co. the which they have fallen. with the from cordially and zealonsly banks, operate banks, with all the other aid and Government with any other influences which can in that object. In the mean time two great duties devolve banks and the country. on the first regards foreign nations-the to forThe our own. We owe a debt resoursecond by no means large for our present ccs, eigners but disproportioned to our

2. May 31, 1837 Morning Herald New York, NY

Article from Morning Herald, May 31, 1837

Click image to open full size in new tab

Article Text

# MONEY MARKET. Wednesday, May 31. We are in the jaws of a fresh panic, and yet it ought not to be so, if we knew our true position, and would meet it like men of sense and intelligence. The present suspension of specie pay- ments, has, thus far, entirely deceived those who expected to reap advantages from the movement. We always knew it would be so. In a time of peace, the moral sense of a great commu- nity is thoroughly waked up to such an open breach of public faith, and not a movement can be taken by the banks that is not narrowly watched. When such a thing is forced upon a coun- try in time of war, men's minds are otherwise engaged, and great public deception in a currency may be indulged in-not so now. But not only are the community watchful and jealous of the banks-the banks are watchful and jealous of each other. In Boston, about thirty country banks are repudiated-banks, whose paper was formerly taken at par in that city. The same jealousy exists, between the Boston and other New England banks, that exists between the New York city and Western Safety Fund banks. Country banks, generally, are prone to issue vast quantities of irredeemable paper, and as the laws are made by country politicians, they are generally authorised be- yond the limits of the city banks. Such has taken place in this State. The banks in the cities, on the seaboard, are again connected with the foreign trade and foreign exchanges. The New York city banks have suspended specie payments only so far as re- gards the domestic circulation. The foreign exchange circu- lation has continued to be redeemed, secretly, by exportations of specie. This is also the case with the Philadelphia, United States, and other banks; Boston, too, and Baltimore. On the contrary, the suspension by the country banks is a complete sus- pension-a perfect specimen of "total depravity." They are converted into mere paper machines, and will never resume- nor ever can. For those reasons the city commercial banks re- pudiate and cast back the country bank paper. Even under the despotism of the suspension law of this state, we do not believe that the city banks will ever cordially redeem, or take at par, the paper of the country Safety Fund banks. But this is not all. The want of confidence between the city and country banks, is increased by the same jealousy between the banks of state and state. By the public prints, we see that the Pennsylvania banks in the same district of country, reject the bills of the New York banks, issued in the neighborhood. This jealousy will increase and widen, as the mere issues of paper increase and widen. The suspension of specie pay- ments will be utterly worthless for the purpose it was intended. It will end in total destruction to the whole banking system, and entire ruin to all concerned. A social revolution in the ownership of property, is its inevitable consequence. Our own position in this city is as bad as bad can be. The Wall street prints are very busy hiding the real state of the case as far as they can understand it. Not even the ordinary facts of the day do they appear to understand or explain. It has been vaunted forth that the United States bank has under- taken to ship cotton to Europe, and the other banks are advised to adopt the same course. This single fact is a greater evidence of a complete paralysis in the U. S. bank than any thing we have yet seen. It has been driven to this trade of mere barter by one of two causes-either its want of power to procure specie to meet its engagements and sustain its credit in Europe-or it is the only means left it to get paid for a debt due by merchants who had cotton on hand, but no money. Probably the U. S. bank has adopted it for both reasons, as both run into one line of policy. That institution in its recent operations must have taken in exchange for its celebrated post notes large amounts of paper, now valueless. For the want of funds, the persons giving that paper are under the necessity of paying in produce-and thus the United States bank to extricate itself from a dilemma is com- pelled to turn cotton broker. This single fact is one of the most humiliating circumstances that is connected with the history of the United States bank, and we trust for its character, solvency, and solidity that it may turn out to be a gross slander. In this city our position is unchanged. Stocks are falling- and the general foreign trade is daily getting more and more deranged. This arises from the continued apprehension of the news from England. Many acute reasoners begin to think that not only has the Bank of England suspended specie pay- ments, but that a change of ministry has taken place there, and, for aught we can tell, they may be at this moment in the full tide of a political revolution, equal in intensity to that of the French Revolution. We do not go so far in our own anticipa- tions, but that the commercial reaction will be severe, we have not a doubt. Our city banks placed in the centre of motion, with the revulsion from England expected on the one side, and the country banks crying out for terms on the other, are in the position of a citadel between two fires. It is no wonder that they curtail-that they are inactive-that they know not where to turn their head or their tail. The Circular issued by C. W. Lawrence & Co. proposing terms to the country banks, is a piece of charlatanism. The city banks are too deeply con- cerned with the large foreign exchange houses, here and abroad, to be able to comply with the suspension law, or the mode of settlement proposed in that circular. In the next month $5,000,000 of exchange is expected to return under protest from abroad. Even our banks may eventually be drawn to the trade of barter as the U. States bank has been. We shall see. Meantime the booby of the Star calls upon the banks to increase their discounts. Can he tell how they can? Prices of Paper Money in Wall street, 30th May.. New York bank bills

3. July 13, 1837 Staunton Spectator, and General Advertiser Staunton, VA

Article from Staunton Spectator, and General Advertiser, July 13, 1837

Click image to open full size in new tab

Article Text

The last official returns of the United States Bank of Pennsylvania show that it has more specie in its vaults than notes in circulation. This will be a bitter nut for those who are continually venting their impotent malice against Nick Biddle and his Bank, while it shows that the suspension of specie payments by that institution was the result of an enlarged view of financial policy, and in no way induced by its own condition or necessities.

4. May 3, 1838 Morning Herald New York, NY

Article from Morning Herald, May 3, 1838

Click image to open full size in new tab

Article Text

MONEY MARKET. Wednesday, May 2--6 F There is muchspeculation in Wall street with regard to the probable mission of Mr. Cowperth waite, from Philadelphia, who is now in this city. It is surmised by some of our financiers that his mission is connected with the supposed intention of Mr. Biddle to resume immediately with our banks, provided becan be satisfied that the United States Bank is safe from any further hostile preceedings on the part of the government.That he is ready to resume, is undeubtedly the case, and that his own plan is not to resume until a more favorable time, to ensure the benefits of a resumption on the whole community, is also allowed; but as the New York banks have virtually resumed, and public opinion seems to be in favor of an immediate resumption, it is thought he may so far depart from his own line of conduct as to resume a few months earlier, in connec. tion with the New York barks. If this does not take place, a serious state of confusion will undoubtedly be the result among the expanded banks; but the impression seems to be, that on the who le, Mr. Biddle will think it advisable to run some risk and resume. Under this impression, southern exchange has improved today. Baltimore was very heavy at 4 per cent. The board of directors of the Planters' Bank at Nashville, in order to reduce the present high rates of exchange, have deter. mined to issue post notes to the amount of half a million, payable in Philadelphia in 12 months from date. These will be issued to depositors or sold for the bank paper at par. This will no doubt relieve exchange in a measure in that quarter. In all directions there is a moving cause at work, which is gradually bringing our financial affairs once more inte a healthy state. The scareity of money we mentioned still pervades Wall street, and the transactions at the board have been quite limited in ai: stocks, with the exception of Delaware & Hudson, of which there was a fair quantity sold at great uniformity of prices-having opened and closed at a deeline of 1 per cent OR the close of yesterday. Some other stocks exhibit a slight advance-particularly N. River Ins, which rese 1 per cent; Harlem & Stonington improved I per cent. The Atlantic Bank of Brooklyn has declared a dividend of 8 per cent. No sales of Treasury notes were made. Since the virtual resumption of our banks, the inquiry for these notes has fallen off materially, and there will be no demand at the rates at which they are now held. It is sborter work for the importer to give bis own check at the Custom House, than to purchase Treasury notes, unless something can be made by the opera tion. By the South America, arrived this day, £175,000 in specie has been received. This nearly completes the million which is said to have been contracted for. How thisspeculation is to terminate, remains to be seen; as one of their intended customers (Mr. Biddle) can do without it. State of Trade. A fair business has been done generally, notwithstanding the unfavorable state of the weather, for out door transactions.The influx of goods and passengers from all quarters continue without intermission; and all that is wanted to produce a great activity in trade Is some regulation of irland exchange, and this will probably be soon accomplished. The sale of Kentucky hhds., given below by Gerard, was at 2, 3. and 4 mos. The bales over $100 days-the average of this sale was very good. COFFEE-We continue to quote this article as heretofore-a mo. erate business is doing for consumption. Mobile, 22d, ock fair; demand moderate-sales prime Havana, 14) a 167; Rio, 14 cts. SUGAR-There is no decided change is quotations, though pricesexhibit great firmness The arrivals have been 200 hads. At New Orleans, 23d, there had been a little more doing, though holders continue to ask the same. The demand is still limited-on plantation there were no tr insactions. Cleared for the week, 772 hhds., of which 263 blues were for New York. Mobile, 23d, sugar was dull at 6/ a7f. At Baltimore, 232 hhds, 119 able P. K were sold at auction for $6.65 a 8 90, 284 hhds P. R. $6.35 a 8.35. Boston, May 1st, sales 400 boxes Havana, 8 a 9, 200 do. old crop, 73 a 84.

5. August 21, 1838 Rutland Herald Rutland, VT

Article from Rutland Herald, August 21, 1838

Click image to open full size in new tab

Article Text

From the United States Gazette. SPECIE PAYMENTS IN PHILADELPHIA Yesterday was a memorable day in this city, and, perhaps we may say throughout the Union. The resumption of epc. cie payments by the barks was without commotion, without injury to themselves, and without inconvenience to the mercantile part of community. Much anxiety had been felt as to the effect which the resumption was to have upon the specie funds of the banks, and we accordingly took some pains to ascertain the state of business shortly before the time of closing the banks for the day and we are happy to state that there was not, in any of the banks where we inquired the least reason for believing that any unkindness of feeling was indulged by the community. The demands for specie were few and light. confined, as it was evident to the wants which the community felt for change. The Bank of the United States. it was thought, would feel the pressure upon the specie the most severely, but even there, nothing was seen to lead any man to believe that a run was attempted. The whole amount of specie paid out was short of sev. enteen thousand dollars, of which between eight and nine thousand were for corporation notes, principally of the denomination of one dollar. The largest sum demanded was three hundred dollars, and nearly the whole amount paid our was in small sums from one to ten dollars. We heard in the course of the morning, that certain persons having a few dollars in U.S. Bank notes, demanded and rnd received specie therefor, which they took to the brokers in the expectation of gaining three per cent, and were mor. tified and astomished to learn that the very circumstance which enabled them to receive silver for their paper, render. ed that paper as valuable, as silver. This probably checked a email run. It was reported yesterday morning, that large demands from New York were to be made upon the Philadelphia banks for specie. The demands came, and the United States Bank, in settlement of balances. gave the New York. ers a check on New York for the whole amount, say about half a million-not a dollar of specie changed place. We congratulate the community on this state of things.

6. October 22, 1839 True American New Orleans, LA

Article from True American, October 22, 1839

Click image to open full size in new tab

Article Text

P. YORK, Friday, The stock of the United Stays Bank run down at the Board this morning to $75, and some shares were offered af erwards as low as 71, but there were no bayers at hat pr : ! The impression is pretty general in Wall street, that the monster," and, indeed, several othern of the Philadelphia Banks have not only S sp nded, but that they are actual y broken and misolvent. There is one thing certain-the notes of the United States Bank are no longer received in preference to those of any other of your Banks, but are more shunned than they were ever sought after, even by it warmest advocates. For my own P rt. 1 cannot believe that this institution, under the management of such able and experienced financiers)as it is, should so far overreach its vast resources as to be unable speedily to meet all demands against it. The bro ers of Wall street, however, have lost all confidence in its soundness; and will be long. very long, before the Bank of the United States can again take its for. mer elevated stand among the banking institutions of the country. Our banks are firm and unti inching ; and there is no doubt of their perfect ability to perform their duty to the public. Checks on Philadelphia are not very readily ob. tained at 10 per cent dis. Operations, of all kinds in southern funds have ceased for the present. In cotton ther 18 nothing doing. Flour looks better northern $0.00 southern $6.25 southern corn 73. and northern 62, wight. Rye 87 a 78c. Some light sales of wheat neve been made at rather better Ices.

7. November 8, 1839 The Yazoo City Whig and Political Register Yazoo City, MS

Article from The Yazoo City Whig and Political Register, November 8, 1839

Click image to open full size in new tab

Article Text

The New York papers announce with confidence that the banks of that city will not follow the example; that they are amply prepared to resist it, and that in fact they will be relieved, rather than burdened, by the failure of the Philadelphia banks, and particularly by that of the Bank of the United States, which by means of her post notes has been drawing from them their resources. We trust that such will be the resolution of the banks, not only of New York, but of this city, and of all new England, and that it will be manfully adhered to. Sound policy, justice and duty to the public demand such a source. It is to be hoped that the ruinous expedient of a suspension of specie payments will not again be tried. It cannot in fact be tried but by the general consent of the public, and the public there is reason to believe, will not again tolerate it. All that is necessary to remove the apprehension of such a calamity is, that a due confidence should be placed in the discretion, firmness, and sense of duty, of those to whom the administration of our banks is entrusted. -Boston Advertiser.

8. March 24, 1840 Richmond Enquirer Richmond, VA

Article from Richmond Enquirer, March 24, 1840

Click image to open full size in new tab

Article Text

WHAT NEXT? The United States Gazette promulgates the following oracular encouragement to the worshippers of its great patron: "The Globe makes a loud flourish at the Loco Foco success in New Hampshire, as if any body dreamt that the Whigs should succeed, or try to succeed, this spring; it was not looked for-scarcely wished for; other plans are on foot, and the Globe might as well huzza at any unconstitutional act of the Government as at the Van Buren success in New Hampshire. Both are in the nature of existing things. The remedy for both is being prepared, and next fall will settle all the difficulties." "The other plans on foot," after the experience which the people of the United States have had in the scheme tor plundering and controlling them, which have already emanated from Philadelphia, may well excite some curiosity. It is, however, the most important feature of these plans, that their victims are not permitted to learn any thing about them, except from their destruc-tive influence upon their means of comfort when carried into operation. They would be stripped of their injurious influence by becoming publicly known be-forehand. "The remedy which is being prepared" in the secret recesses of the Bank of the United States, doubtless of the same character as those heretofore administered from the same laboratory to compel the people to change their responsible agents, by "SUFFERINGS inflicted upon the productive industry. Heretofore they have failed in producing any import-ant effect, except upon those credulous dupes who have undertaken to cram them down the throats of the people. Quacks who swallow their own me-dicines are proverbially fools. "The revolution, blood-less as yet," which was brought into operation by the panic of 1834, mainly injured the dependants of the Bank. The paroxysm of speculation into which the whole country was thrown by the unprecedented tor-rent of paper currency issued by and through the infin-ence and example of the Great Regulator in 1835 and 1836, was indeed universal in its destructive effects, as it gave occasion to the suspension of 1837, and the con-sequent stoppage of commercial intercourse throughout the country. The design of these "plans" became ap-parent only when the rallying cry of paper currency for the people and gold and silver for office-holders was si-multaneously raised in every quarter, for the purpose of exciting the people to resist the execution of the laws. The merchants who took the leading part in executing these plans, were rewarded by measures adopted by the Bank to destroy them, by monopolizing our great staples. The autumn of 1838 was signalized by the achievements of the Bank in elections, a specimen of which will doubtless be shown in due time by the country, by the expedients pursued to secure the return of its favorite Naylor to Congress, in defiance of the suffrages of the people. The general character, of these exploits has been fully exhibited to the world in the attempt to seize upon the government of Pennsylvania by force, in car-rying out the official notice that "the election will be treat-ed as though it had never taken place." But the climax of the destructive schemes of the bank was reached in 1839, when the deliberate and concerted effort was made to ruin all the sound banks in the U. S. and to plunge our manufactures and commerce into general confusion. When its plans had been secretly carried out by the sale of post notes and foreign exchange at tempting rates for several months, and many millions of gold and silver had been drawn from the banks and exported, the Pennsylvania election arrived, and its grand plan was at once developed. The Bank stopped payment, and endeavored to compel all the other banks to follow its example. Throughout a large portion of the Union, the evils inevitable from the absence of a sound circu-lating medium were renewed. The productive interests of the country were subjected to vast sacrifices for the purpose of re-establishing the political capital of bank-rupt politicians. With regard to any body's dreaming that the Whigs would succeed, or try to succeed, this spring," in the New Hampshire election, we are informed from an undoubted source, that several manufacturers in that State, who have been swindled at sums by the profligate managment of the Bana, manifested the most disinterested devotion to its political plans by en-deavoring to dragoon the operatives in their employ-ment to vote against the Administration candidates. No fdoubt the Bank managers have been greatly encouraged to adopt "other plans by such loyal subservience, in -spite of being shaved to the tune of ten or twenty per cent. by Philadelphia financiering. Whether these managers can securely depend upon the continuance of this suicidal course on the part of the manufac-turers and great corporations, remains to be seen. "The other plans on foot," if carried out, unless we wholly misunderstand them, must involve property and in-dustry to a far greater extent than any of the disastrous experiments of the Bank since 1834. Feeling a strong desire that all the great interests of the country may co-operate within their proper spheres in promoting the general prosperity, we hope individuals concerned in the manufacturing and banking corporations will sober-ly deliberate upon the consequences, before they make common cause with the Bank of the United States in the continuance of its warfare upon the people of the Union. "The other plans on foet" are doubtless like those plans from the same quarter, of which the coun-try has had so much dear-bought experience. Ib.

9. October 31, 1840 Lexington Union Lexington, MS

Article from Lexington Union, October 31, 1840

Click image to open full size in new tab

Article Text

Extraordinary Law Case.-Some 26 years ago, an Irishman married a young woman, his junior by 25 years in Liver pool, England, and set up a tavern onga large scale. A fine looking, brawny fel. low, fresh from the Green Isle, became a lodger, and in a short time, made love to the hostess, and prevailed upon her to elope to America. The lady, being the factotem of the hotel, converted every thing she could conveniently into cash, and with her lover and all the tangibles that were portable, set sail for America, leaving her husband with the empty house, and as she says "to take care of its contents." The elopement was so well planned and executed, that her whereabouts was unknown for nearly 18 years when her forsaken lord obtained news of her arrival and marriage in this country to her lover. A few days ago he arrived here, and in a short time sought and found his long-lost wife. She immediately dropped on her knees and renewed her allegiance, and swore that she would be his again. Accordingly she packed up his goods, took several hundred dollars which her late husband had in the house, and eloped with ber first husband. When the last husband found out his position, he commenced a suit in the Superior Court last Saturday, and had the first husband arrested for crim. con. and seduction The defendant was thrown into jail, and yesterday morning the parties had a friendly conference, quietly compared notes, balanced accounts, discontinued the suit, released the true husband, and went into a tippling hole and made merry-it being mutually agreed that the first husband should have precedence.--N. Y. Sun / United States Bank.-In the District Court lately for the City and County of Philadelphia, fourteen judgments were entered against the United States on the bills and post notes protested for nonpayment in specie to the amount of one million eight hundred and Alty-seven thousand dollars. The court on that OCcasion decided that the bank was bound to pay 12 per cent. interest on its dishonored bills, according to its charter, and not 6 per cent. according to the act legalizing suspensions.-Phil. Times. Mobile.-One hundred and nine new buildings, exclusive of out-houses, have been erected in Mobile within the last twelve months. Without the fire limits, there has probably been an equal number of buildings erector during the same period; these are, however, generally frame dwelling houses-Pic. A man died recently in the prison at Ghent, who had been confined there 42 years, having been condemned in 1798, for highway robbery. It is an excellent rule for a man, when

10. January 13, 1841 The Camden Journal Camden, SC

Article from The Camden Journal, January 13, 1841

Click image to open full size in new tab

Article Text

The New York Herald of Friday, speaking of exchange on the South and the indications of a general resumption, has the following remarks: The rates of premium on specie indicate the degree of depreciation of the local currencies throughout the South, and the different degrees of indebtedness to the commercial centre of the Union. It will be observed that the rate of bills on England, being in deprecriated currencies, are generally lower than at this port, and are in every instance below par for specie. Whether the proposed resumption will extend to all these points or not, is yet problematical. Letters from New Orleans are confident that it cannot be effected there. The resumption by the United States Bank is a juggle, and will in all probability not last three months. New Orleans is a commanding point, and the branch of the United States Bauk there and the Merchants Bank, exert as great an influence as the mother bank does in Philadelphia. Popular opinion does not set so strongly in favor of resumption in the former, as in the latter city. It is therefore feared that non-resumption in New Orleans will be made the cloak for another suspension at an early day, unless the deposites of the federal government are restored the United States Bank. If this cannot be effected, a new suspension and derangement of affairs, will make it the instrument of new political intrigues.

11. January 19, 1841 Daily Richmond Whig Richmond, VA

Article from Daily Richmond Whig, January 19, 1841

Click image to open full size in new tab

Article Text

Resumption Day in Philadelphia. g a Loco-Focoism for years has been proving arith$ metically. logically and politically, that the Bank of e the United States was a broken concern. An an. e gry and vindictive feeling, the legacy of Jacksonism, t and dark political designs, which sought their accomplishment in its overthrow, have instigated the incessant assaults upon that institution. It could not e be supposed but that these assaults, long continued, ) unscrupulous, ingenious, and fortified by the known I losses the Bank had sustained in its unjustifiable cotton speculations, had made a deep impression on The timid were alarmed-the Focoism was stimulated tizan the public of Loco mind. by his party parpassions, to realize the predictions and the wishes of his party. Resumption day arrived, and a run organized by party spirit, was made on the Bank. It was a high scene, from all accounts. The Bank gallantly weathered the gale, as we believe all the solvent Banks will do; for we believe there is a great deal more of panic than of reasonable fear about resuming. The North American gives the following amusing sketch of the scene: "RESUMPTION DAY.-It would puzzle the of Hogarth to sketch the motley scene presented pencil at the counter of the United States Bank yesterday. First you would see some active sharp sighted broker, very polite, and asking for only some fifty thousand; then would follow a distrustful depositor, offdoubting whether it was best after then the specie, and when he looking himself for all with all had to bur- got it the world as if be knew not where to go or what to do with it, and quite ready to accuse his sta S for his folly. Not so with the next one, he is a gaunt tall figure, with a face so thin that only one person can look at it at a time, ing a in his long to hold on to it with one determined few bills bony fingers, hand, and for pinch- quite fear of other. some cheat, till the specie shall rattle in the "Then comes a hostess Quickly with her full red face and go-a-head manner, shaking her bills and determined to take ample revenge for all the shinplasters and counterfeit notes which her roguish customers have palmed off on her. Then comes up a sailor, taken all aback when he sees the piles of gold and silver, and looking as if man who had told him the safe down and the sound. Then ready bank to was knock not strides up a huge Irishman, bringing his own bill and those of some dozen others. But what shall he do with the dollars? he finds a hole, or suspects there is one, in each of his pockets. So he offs hat and has them thrown into that, when out drops the crown, and the to the merriment of round of the Erin. floor, Then dollars all save roll the ason approaches a spare laundress with her ten dollar bill, asks for gold, takes the gle and deposits it safe in her snuff box before she eahas stirred an inch from the counter. "Then comes the Ethiopian, with his white ivory dishing through the curl of his dark some got a ten dollar bill, wants it pieces, how shoves lips; all in he fifty has cents the shiners into his pockets ejaculating as he turns away, "I guess we'll empty their big box for them to day." Then strides up a loco foco with his elbows out, and his nose red enough to illuminate his footsteps in the darkest night, "here Mister, is a shinplaster of yours, if it's good for any thing give us the hard stuff." Then comes wheasing along a countryman with a bag on his back filled with specie, rolls it from his shoulder upon the counter, and requests its amount in bank bills. Had a man sprung out of his grave the astonishment of the motley group could not have been greater. The women dropped their specie, the loco foco stood speechless. the pickpocket forgot he had fingers, and hostess Quickly was pale and still as Lot's wife in monumental salt."

12. January 21, 1841 The Charlotte Journal Charlotte, NC

Article from The Charlotte Journal, January 21, 1841

Click image to open full size in new tab

Article Text

MONEY CONCERNS. The Philadelphia Enquirer of Saturday says We understand that the United States Bank has now in her vaults more than $4,000,000 in specie. All doubts as to a general resumption have disappeared, and we begin to indulge a hope that out community will glide so gradually from suspension into resumption that the affair will not create a momentary sensation.The truth is, very little difficulty is expe. rienced even now with regard to small change."

13. January 22, 1841 Jeffersonian Republican Stroudsburg, East Stroudsburg, Milford, PA

Article from Jeffersonian Republican, January 22, 1841

Click image to open full size in new tab

Article Text

Resumption in Philadelphia. THE GOOD WORK CONSUMMATED. All the Banks of the City and County of Philadeiphia resumed specie payments yesterday. The affair passed with litle or no excitement whatever; and the demand in the aggregate, was exceedingly limited. Before the doors of the United States Bank was thrown open, a few persons were assembled in the neighborhood, most of them attracted thither however, by mere curiosity. The numbers decreased as the day advanced, and a stranger on passing the Institution, would not have been reminded that the long talked of resumption was in progress. Propably several hundred persons in the course of day, obtained specie for small sums; but all was good humor,nothing like alarm was apparent, and we learn that in several instances, specie that had been obtained from one institution, was found rather inconvemient, and was deposited in some other. The other Banks also paid treely, all demands that were presented- instead of there being any thing like rush, it was remarked that the entrances and exits appeared to be exceedingly limited. The Girard is located immediately opposite our office, and there was no demand whatever upon that Institution. They also all, with the exception of the Commercial, paid out their own notes, and several of them have, we observe, obtained during the suspension, new and beautiful plates-so that their paper is at least more valuable than formerly, in point of appearance. There may he some slight demand Lis-day for small sums in specie; and then every thing will grow perfectly calm once more. We congratulate our citizens on the manner in which this business of resumption has been comsummated, and consider it highly creditable to our community, that the affair has passed off satisfactorily. A little longer, and we trust that business, confidence and prosperity will revive.--Par Inq.

14. February 10, 1841 Daily Richmond Whig Richmond, VA

Article from Daily Richmond Whig, February 10, 1841

Click image to open full size in new tab

Article Text

From the N. Y. Commercial Advertiser of Friday. UNITED STATES BANK. The intelligence brought by mail of this morning in regard to this institution is of a very unfavorable character. It appears that the bank closed its doors yesterday afternoon at 2 o'clock, on a demand of $100,000 for specie, The first demand of any considerable amount was for $10,000, which was paid, The correspondent of the Courier says that the suspension of specie payments was clused by the "continued disappointment in the receipt of large amounts of specie." The directors of the bank were to meet last evening, and we may expect some account of their proceedings this afternoonif it comes we shall give it in a second edition, It will be spen by a reference to the money market that the stock opened this mornig at 40 and closed at 41 ONE O'CLOCK. The Bank it appears, has been compelled to stand in the breach alone, ever since the resumption the other banks having withheld issues of their own paper, and made their pay ments in the bills of the United States Bank. This course has kept up a continual run upon the latter. The Bank has redneed its liabilities FOUR MILLIONS since the resumption. It is apprehended in Wall street that the other Philadelphia banks will be obliged to suspend.True, they have not much paper in circulation but they have all the deposites of the city. It will be a question between the banks and the merchants-one side or the other will give way. Should the Philadelphia banks suspend, the measure will probably again be general west and South rather theye will be no resumption in those directions for a long time to come. The run was brisk the whole day yesterday, and every thing was promptly met until a few moments before three, when a broker appeared with a demand of one hundred thousand dollars in specie. Finding the struggle was of no use, the payment was declined-and the Bank stopped. The institution was probably sowewhat embarrassed by being obliged to take four hundred thouand dollars of the new state stock, to enable the late to pay its interests,

15. February 11, 1841 Virginia Free Press Charles Town, WV

Article from Virginia Free Press, February 11, 1841

Click image to open full size in new tab

Article Text

JOHN WHITE, Chairman F. A. RATBOLD, Secretary. The Philadelphia U. S."Gazette accompanies the foregoing annunciation with the following remarks:In the short space of twenty days, since its vaults were opened, we understand that the Bank has paid out nearly six millions of dollars ia specie funds. The daily increase of the demands up. on its vaulte, from the eastward, render. ed it im possible for the Bank longer to resist the torrent. It Sas reluciantly yielded to the force of imperious circum. stances. The great error, we consider, arose from the Legislature requiring the Banks to resume before they were prepared for it : for how can the Banks pay the people, before the people pay the Banks? hen the Bank of England suspended specie payments, it required twenty-two years to resume. The immense resources of the Bank of the United States, and the zeal and integrity of its Directors are a sofficient pledge to the public, that is the shortest possible period. it will resume specie payments. and discharge, with good faith, all its obligations. Forbeerance and moderation are, therefore, alike enjoined by justice and sound policy.

16. February 27, 1841 Lexington Union Lexington, MS

Article from Lexington Union, February 27, 1841

Click image to open full size in new tab

Article Text

# MORE BANK SUSPENSIONS.-The sus- pension of the United Stater Bank, has been followed by a suspension of specie payments, by other banks, which in extent are but little inferior to the great suspension of 1837, and which will perhaps prove but little inferior to it, in their important and destructive consequences. Altho' the other banks of the city, and county of Philadelphia, had determined in convention, not to suspend the payment of specie on their liabilities, they were necessarily compelled to suspend on the 6th inst., in consequence of the great run, the holders of their liabilities had been induced to make on them, by the unexpected suspension of the "regulator." In consequence of the great run made on the Baltimore banks, on the 6th and 7th inst., they met in convention on the 8th, and unanimously determined not to make further payment of their liabilities in specie. A number of the New Jersey banks suspended on the 6th and 8th. The news of the suspension of so great a number of banks in the eastern and middle States, created much sensation in New York, but the banks of that city had not suspended up to our last dates. At our last advices, the banks at Richmond, Va., had determined not to suspend.

17. August 28, 1841 New-York Tribune New York, NY

Article from New-York Tribune, August 28, 1841

Click image to open full size in new tab

Article Text

Sales after the Board. do 9, do 75 33 181 100 do Harlem RR 18 200 do N A Trust 100 do do s3ds 34 181 50 do Stonington 20 do do 9g 50 do US Bank Commercial and Money Matters. Friday, P.M A large business has been done at the stock board to-day, and a better feeling has generally prevailed, particularly in railroad shares. Upwards of 1,000 shares of Harlem were sold at an improvement ou yesterday's losing sale of : It will be seen that a meeting of the stockholders of this road is called for Monday evening. The Auburn and Syracuse rose 3 per cent., Paterson if and Mohawk 2. About 2300 shares of United States Bank were sold-the market opened at 9t. Subsequently 250 shares were sold at 63, days, on the closing sale was at It, a decline of my per cent. on the closing sale of yesterday. Indiana Sterling Fives declined t, Fives i, and Illinois Sixes 1. The Commercial Bank of Albany has declared a dividend of 31 per cent. for the last 6 months. U.S. Bank notes have trembled to day, being quoted at 30 a 35 per cent. discount. EXCHANGE.-Foreign.-There is a little more demand for English exchange, and prices firm at 8a9. On Paris 5f. 221 a 5f 20. Domestic.-Bills on Philadelphia 97a971, Baltimore 971, New-O:l'ins 951 a954. U. S. BANK.-There were no sales of United States Bank shares at Philadelphia yesterday. The panic appears to have reached the billholders and sales have been made as low as 33 per cewt. discount for specie. Certainly the affairs of this institution become more gloomy every day. THE PLANTER'S BANK.-The Planters' Bank has redeemed all its old issues, with the exception of the notes abstracted from its vaults in April last, amounting to $37,000. We hope the bank will now be able to 20. some clue to the robbery, and would suggest to the public to be on their guard and not receive these notes without making some [Savannah Republican. inquiry in relation to them. In Office to Let.In the Basement of the New Merchants Exchange, corner of Wall and Hanover-streets, suitable for Brokers, or other purposes, such as a coffee or refreshment room. There are two offices connected, which will be let together for the balance of the year at a rent perfectly satisfactory to the tenant. Apply to Mr. Pearson, office of the Exchange Company, corner of Hanover-street and Exchange Place, or to the publisher of the New World, 30 Annjy13:tf street. IS Richardson's Accelerated Steamboat.-Citizens of New- -York and others are respectfully informed that the Building Commutee and Directors of the United States Accelerating Steam Navigation Company have appointed JOSEPH HOUGH, Esq. 220 Broadway, to receive subscriptions and deliver stock to all persons wishing the furtherance of that great project. They beg also to state that they have contracted for the building of the boat, which is to be completed and put in operation within ninety days from the 1st of September next, and that all money advanced is not to be applied to any other purpose. They would further state that Mr. Hough is authorized to refund J. S. RICHARDSON, President. the money unless so applied. C.C. HUEBARD, Secretary. P. -Any information required will be given at the office of the Company, corner of Chambers and Centre-streets, where the stock is au28 11 also for sale.

18. September 22, 1841 The Camden Journal Camden, SC

Article from The Camden Journal, September 22, 1841

Click image to open full size in new tab

Article Text

He went down knew himselfi the glass. to the landlord, and told him that he would never sleep in the !arnal house again, and get stung up in that way, Why says the landlord did you not sleep under the musquito bar? Johnny replied that he didn't know what he slept under, but he rolled up the shade on the bed, and got in, and such a tarnal biting he never got before." Here a general roar of laughter burst from the bystanders, and Johnny mistrusted his mistake, grabbed his hat, threw down his change, and made rapid strides for the steet, amid the shouts of the company. THE WHIG NATIONAL DEBT.-Henry Clay announced in the Senate, on Saturday that Congress, at its next session, will have to provide for another loan! From the Money Article of the Herald. The Bank of the United States having now ceased business, and its affairs gone into liquidation, the great pretext for refusing to pay specie is taken from the banks of Philadelphia. In January last tbose institutions professed their willing ness to return to honesty; but alleged that they could not do so while the United States Bank remained suspended in their midst. These assertions were so far conin the eastern loan sums of to was to money they consented fided alleged by to supply the the due banks place capitalists them large of that from that which they last- the United States Bank. The resumption ed but 3 few weeks, and on the final fail. ure of that concern they all a gain suspended and have continued so up to this time. The public have been taxed three to five per cent depreciation on the currency furnished by those institutions. What pretext will those banks find for continuing in this most disgraceful position? Do they imagine that the public will remain quiet under the present state of things? They may indeed plead the authority of the revenue law, but we apprehend that public opinion will have as much influence on the bank movements as those in stitutions had in causing the passage of that law. Not only in Philadelphia, but throughout the South. the community is moving en masse to put down bank rule. at Petersburg the report of the committee of the currency reform association appeals strongly to the interests of the people to discontinue the present banking system. The following is All extract: "The distressfroin 1819 until 1823, pro. duced by shaving Carolina money, cannot yet be forgotten here. Like causes produce like effects, and the same state of things must occur, unless this gambling in exchanges be checked by the Legislature's refusing a suspension of specie payments after next January, the time selected by. the banks and Legisluture as being the most appropriate for resumption. The banks are now taking four months bills on New York and Boston, at half per cent. discount from the face of the bills, and are selling their funds in those places at three and a half to four per cent, there. by making two to two and a half per cent exchange. This states the evil in strong terms, and the remedy is briefly pointed out as follows: "Already we are told that the Georgia plan of paying debts by notes, making the specie value of the note the basis, has had an admirable effect on exchanges." This is the true course-if the depreciated notes continue to circulate, take them for their actual value, and no more. This is applying mercantile law, which it is in every man's power to execute, and is far better than going to legislatures with the matter. Mr. Clay is a gentleman--he is not a gambler' nor a drunkard. nor a-,nor pirate; he is a gentleman-and so is his"boy

19. November 22, 1841 Daily Richmond Whig Richmond, VA

Article from Daily Richmond Whig, November 22, 1841

Click image to open full size in new tab

Article Text

IMPORTANT SUIT AGAINST THE U.S. BANK.-We copy the following paragraph from the Philadel phia Chronicle of this morning: UNITED STATES BANK -We learn that the Gov. ernment of the United States has filed a bid in equity in the U. S. Circuit Court of Pennsylvania, Against the Bink of the United States, the object of which is to annul all the ass griments made by the Bank as fraudulent, and to "ppo nt a receiver 10 take into his possession the funds of the Bank. If. as seems to be general impression, this application succeed, the consequence will be that all the prop erty of the Bank will go into the hands of the receiver, to pay its debts pro rata. The most important question for the note-holders is how it will effect them. It seems to us that If the $7,700,000 of assets is taken out of the posses sion of the first class of Trustees. it removes the special security for the five millions of post notes now held by the city banks ; that the city nks, pressed by their creditors, will then be obliged to seil these notes for what they will bring, and that thus an amount of five millions of notes of the Bank of the United States will be foreed into the market for sale, in addition to the three or four millions ROW floating about.

20. January 11, 1842 The New York Herald New York, NY

Article from The New York Herald, January 11, 1842

Click image to open full size in new tab

Article Text

This bond is endorsed as follows :" For value received, the BANK OF THE UNITED STATES guarantees the paymant of the principal and interest of the within bond in the manner specified there. in. J. COWPERTHWAITE, Cashier. BANK OF THE U.S. Oct. 1st, 1838." The bond is further endorsed, " Richard Alsop."These bonds, to the number of 312, fell due as specified, on the 1st inst. and on application to Jas. Iddings, As sistant Cashier of the Bank of the United States in New York, payment was refused, and at the request of J.E. Thayer, protest was made, and notices served on the following persons :-" Richard Alsop.Esq. Philadelphia; " Bank of the United States, Philadelphia, Pennsylvania ;" Jas. Robertson, Esq., President, and Thos. E. Tay. lor, Cashier of the U. S. Bank, Pa.; " The Planters Bank of the State of Mississippi, Natchez, Miss." These bonds are mostly held in Boston, and when negotiated in this market, it was understood Mr. Alsop was to receive the proceeds-he now, however, resists payment as endorser, because the bond purports to be sealed, although a close observer could discover no seal upon the instrument : suits were immediately commenced against him in the United States Court; and as we before stated, the rents of the U. S. Bank building in New York, were at tached. Since then the farm and other property of Mr. Alsop, in Connecticut, have been attached. The eastern creditors have long enough been harrassed by the practical repudiation, insolvency and dishonor of Pennsylvania, and seem now determined to have justice if the protection of the federal government can give it. In the Stock market affairs are very gloomy and prices again fellte-day-Delaware and Hudson 1 & per cent; Illinois 6 per cent, 1; Bank of Commerce Scrip 2 per cent; Harlemt; Mohawk R. R. 2 per cent; Canton 1; sales of bills on Philadelphia 41 a5; Baltimore 4; Mobile 17; New Orleans 10. Another sacrifice of the State credit was made at auction to-day to feed that vampyre, the Erie Rail Road, in the shape of $100,000, 6 per cent stocks. The effect of these repeatedly forced sales, may be seen in the fact that New York State 6 per cents, redeemable next June, were sold at the board at 96, which is equal to 14 per cent per annum on the investment. The Delaware and Raritan Canal and Camden and Amboy Railroad Transportation Company have declared a dividend of three per cent for the last six months, pay. able on the 15th inst. The Paterson and Hudson Railroad Company have this day declared a dividend of two and a half per cent, payable on the 20th inst. The Connecticut River Banking Company has declared a dividend of three per cent for the last six months, payable on the 10th inst. The Connecticut River Company has. declared a dividend of two dollars and fl fty cents, pay able on the 10th inst. Bela Latham, William Conclin, and E. W. Hubbard, have been appointed Bank Commis sioners for the State of Ohio. The Bank of Columbus, Geo., has withdrawn from the list of suspended institutions, and has resumed specie payments. A creditable move, and one which we trust will be extensively followed. The Farmers' Bank of Orleans, a free Bank, having failed, the Comptreller has issued a notice to that effect. The affairs of the Bank are stated as follows:FARMERS' BANK OF ORLEANS. Amount of circulating notes registered and is. sued to the Bank, $85,385 $78 650 Secured by bonds and mortgages stocks-Indiana 5's 75.000 $153,650 The bills at the best are, therefore, worth but 70 cents on the dollar. John Brough, Esq., auditor of the State of Ohio, has, in a letter utterly denied any connection with that ex ploded concern, the Lebanon Miami Bank. The State Bank of Illinois has issued the following notice STATE BANK OE ILLINOIS,? Dec. 29th, 1841. At a meeting of the Directors of this Bank, held on the 21st inst. the following preamble and resolution were adopted, viz: Whereas a circular has been received from the President of the State Bank of Indiana, setting forth that the said bank will be prepared to unite with the banks of Ohio and Kentucky in the resumption of specie pay. ment, on the first day of August next :-Therefore, Resolved. That the State Bank of Illinois and its Branches will be prepared to join with the banks of Ohio, Indiana and Kentucky in the resumption of specie payment, en the said 1st of August next." By order of the Board, N.H.RIDGELY,Cashier. This amounts to nothing. The same professions have been made these three years. The banks are never all ready at the same time. The following was the condition of the Bank on the 13th November last, as compared with the previous year STATE BANK OF ILLINOIS

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

Article from The New York Herald, February 2, 1842

Click image to open full size in new tab

Article Text

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

22. November 3, 1842 The New York Herald New York, NY

Article from The New York Herald, November 3, 1842

Click image to open full size in new tab

Article Text

Philadelphia. [Correspondence of the Herald.] PHILADELPHIA, Nov. 2, 1842. The stockholders and creditors of the various broken and suspended banks of the city and county, are becoming quite inquisitive about the actions of the assignees and trustees. It is thought high time, that in the general settlement of accounts that is now taking place, some sort of return should be made of the fragments of the loaves and fishes remaining after the repast of the Presidents, Cashiers and Directors. In accordance with these notions, the trustees of the Bank of the United States-quite reluctantly-have filed a bill of discovery in the District Court of this city, against Mr. Biddle, in order that he may tell what was done with the checks, &c. passed to Andrews, t'1e cashier, and with sundry other large amounts, as yet unaccounted for, and of which there is no statement on the books of the bank. Mr. B. can answer, or let it alone. It the former, he must tell something. If the latter, the Andalusia mortgage will probably be explained. This is a move that ought to have been made long ago, by some of the Foreign Stocknolders, who should have filed a bill on the Chancery side of the Circuit Court of the United States; above and beyond certain District Court influences, that may thwart justice of her aims. This bill is but the beginning of the end." We shall have others at the confessional. But what atonement can these men make for the misery, and wretchedness; the poverty and'agony caused by their remorseless frauds and plunderings? Every circle of society here has its own peculiar tale of fallen fortunes to narrate; and fair faces traced with tears, and aged sobbing old women reft of their incomes in their declining years, mournfully attest the ruin that Mr. Biddle and his sattelites have created around them. Our medical schools have commenced their intro. ductories; the attendance of pupils thus far IS not as great as usual. The Jefferson school has the most energetic and popular professors; but the Univer by its better museums and old reputation, still tains the lead in numbers. The Pennsylvania College, has been but recently established; they have Dr. McClellen, whose reputation as a surgeon is very great, but want the museums and other buildings requisite for a complete school. Two of our most noted gamblers have been convicted at the Sessions, and sent to prison in default. of bail. If the straw bail system does not save them, they will probably get their deserts. Theatricals are dull again. The Walnut does best, decidedly, and Miss Cushman's management bids fair to prove successful. The Chesnut street must be saved by the opera; or Augusta. the manager's daughter, will have to rival Celeste in her houses, in order to make the season pay expenses. Richings has his benefit to-night. The Southwark Bank has declared itsdividend, 3 per cent., payable after 11th. I learn that some of the others will make small dividends-but if they are honestly declared out of profits, they will be meagre indeed. The stock of the Southwark is par. The Northern Liberties Commissioners have notified their intention of paying off six thousand dollars of their funded debt. Sales of Stocks this day-25 shares N.O. Gas Light and Co. 6; 4 do Life and Annuity, 603; 6 do Wilmington Railroad, 9$; 197 do:do do 9; $300 Philadelphia 5's, 1664, 91 ; $770 Wilmington Railroad 6's, 1758, 621.

23. March 21, 1843 Wheeling Times and Advertiser Wheeling, WV

Article from Wheeling Times and Advertiser, March 21, 1843

Click image to open full size in new tab

Article Text

BOSTON. Dec 10, 1842. Dear Sir-Governer Lincoln, the collector of this eport, has furnished me with a copy of your letter to him of the 29th ultimo, asking for information to fur- nish grounds for forming an opinion of what will probably be the amount of accruing revenue, under the present tariff, for the half year ending 30th June, 1844. to which he has invited every attention and asked for a response upon the several points suggested. With this request I very readily comply. The great difficulty in the case arises from the circumstance that the opinion to be formed must be made up during the presence of a revulsion in trade of a severe and general character, and must have reference of that revulsion, and the greater or less degree in which retu cing activity and prospe- ity shall promote general increased consumption, especially that of foreign commodities. I have seen many of these revulsions in my day. and have paid a good deal of attention to their course and accompaniments-Their causes are somewhat various, and frequently involve great dif- ferences of opinion, but their course is generally pretty uniform. and, to an accurate observer, fur- nishes some data by which to judge when their termination may be expected, and in what condition they will leave the body politic. The most severe within my recollection was that of 1819, resulting from the change from a long continued depreciated paper curtency to a sound one, both in Europe and The United States Severe revulsions occurred in 1826 and 1829; a moderate one in 1832; an artifi- eal, and of course short, one in 1834. That of 18- 37 was excessively severe, growing ont of the wild overtrade of 1835-6, and. by its derangement of the currency, may be considered as intimately con- nected with the present state of things. A revulsion shows its first symptoms in the rise of the foreign exchanges to the point which causes the export of specie ton degree which makes it necessary for the banks "to apply the screws" or in other words check their discoun's, according to the greater or less intensity of the eccasion, but to the point necessary to stop the outflow of specie, which constitutes their life blood. This produces a dis- tressing scarcity of money, a reduction of prices in stocks and all commodities, failures more or less numerous, a reduction in the amount of imports, -dul ness and stagnation in trade. A violent pressure in the money market seldom continues to the commercial cities over three or four -months-I should say never so long 3 six. A very short time sutfices to check the export of specie, which, if the pressure is severe, soon begins to flow back by importation. Money hecomes plenty in the banks, but a great distrust of credit oxists; of course it can only be obtained on undoubted security.- The holder and more enterprising operators being. many of them, swept off the board, caution becomes the order of the day but, as money continues to become more and more plenty, prices gradually rise, operations in trade are successful, success inspires confidence, importations increase, and things resume their usual course. until a too rapid motion of the wheel brings on overtrade and ancther crisi, i should fix the term of a year as about the usual pe- riod of damushed importation, growing out of a vi- olent revulsion and as indicating a return of average activity in trade. To apply these remarks to our present case. The tremendous revulsien of 1837 commenced in the month of March, and was so violent as to cause the suspension of the Banks, This changed in a great measure the usual course of events, and in truth greatly aggravated the usual evils of a revulsion.- New York and New England adopted the proper course, of reduction of the inflated circulating me- drum to the specie basis, and their banks actually resumed in April, 1838, and their trade resumed its usua! course. The policy of the United States Bank, influen- cing the whole South and West, was different. Mr Biddle was opposed to resumption, and made no preparations for it, but, on the contrary, extended his operations. At the same time, in July, after the successful resumption in New York, under the pressure of public opinion, the bank undertook a resumption, all unprepared as it was. By the free use of its credit, then unbounded, the bank was en- abled to keep up a system of inflation through the whole South and West, under which trade revived to an unusual degree, under an art ficial system. which continued until October 1839, when the cre- dit of the bank had been so shaken that it broke down in irretrievable bankruptcy. The whole South and West went with it, and thus was produ- ced another paralyisis and revulsion of the severest kind. This continued through the greater part of the year 1840; but in 1811 trade revived again to its fu 1 average extent, notwithstanding the deprecia ted state of the currency throughout the large por- tion of the country.. The early part of the year 1842, however, found the system of irredeemable bank paper coming to a close. The banks of Philadelphia and Baitumore resumed specie payments. In New Orleans a spe- cie currency was resumed, whilst nearly alt the banks in that city went by the board in one gene- ral crash. In the mean time, Virginia, ard the whole South and West, with the exception of Alabama, have ban- ished the miserable currency of irredeemable pa- per, and established that of a legitimate and whole- some character. But this could not be done with out a crisis-a pressure in the money market and a paralysis in trade. It is the penalty inevitable from the adoption of this false system of miscalled relief. This sufficiently accounts for the stagna- tion of the last six of eight months, and the great consequent reduction of prices. In the mean time it seems reasonable, to sup pose that this stagnation and depression has nearly reached its term. A large import of specie has in- ken place, and money has become exceeding abun- dant in all the commercial cities. This state of things Lever fails to set trade in motion, The goneral discredit in the interior, including their banks, has thus far retarded it, but cannot do so much longer, The country is not in deht abroad. Large crops are in the process of finding a market, which, even at the present low prices, prepare the way for an increased consumption. A great check upon im- portation has existed for six months, and the storks of foreign goods are by no means excessive. It is inevitable that a very considerable improve- ment in trade should take place during the first half the year 1843. The importations, however, during this period

24. January 6, 1844 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, January 6, 1844

Click image to open full size in new tab

Article Text

Things in Philadelphia. Correspondence of the Tribune. PHILADELPHIA, Jan. 5-5 P. M. UNITED STATES BANK.-The Court of Common Pleas was vesterday engaged in that perplexing case. in which exceptions were taken to the report of the Auditor appointed to report upon the distribution of certain effects of the Bank of the United States, which had been assigned to Trustees for the benefit of creditors. The Government of the United States is a claimant for $400,000, and Joshua Lippincett. who was surety to the amount of $350,000. After the case was argued, Judge King advised an amicable adjustment of the matter: but farther argument in the case was postponed until some future day! Why do not the Judiciary meet this affair at once? LEGISLATURE.-There is nothing of interest from Harrisburg. Col. John J. McCahen, of this city, has been elected Clerk of the Senate. He is a rabid Bank Loco-Foco! SERIOUS.-John Gallagher was brought before Mayor Scott this morning, charged with the commission of a highway robberv last night in Chestnut street near Seventh, upon a Mr. Bruce. BURGLARY.-The dwelling of Hon. Richard Rush was entered and robbed on Wednesday evening of numerous articles of gold and silver ware, amounting to about $700 in value. John Koch was yesterday afternoon sentenced to ten years' imprisonment at hard labor, having been convicted of highway robbery upon Adam Overholtz, a farmer. George Stradley, convicted of bigamy, to two years. ENTERPRISING.Messrs. A. Wright and Nephew, the most extensive Salt dealers south of New-York, are about entering into a new undertaking, of which they propose making the public acquainted through the proper medium. I trust their assiduity to business-their fame abroad-will prove a sufficient guarantee in all they may undertake. Their Salt establishment in this city is a curiosity. BUSINESS MATTERS.-The prospect of an animated Trade never was more manifest than at present. Our merchants are receiving large supplies of goods, both domestic and foreign, AS the manifests of your Liverpool and Havre packets testify. During the week just closing. there is but little to note, the transactions of the old year occupying the attention of our commercial I notice the principal feature of our market: Wheat are to Grain- The men sales of limited small sales Penn. from red store for shipment Eastward at 96 a 98 cts. for pritine and Southern at 88 a 92. A sale of Corn afloat is reported today at 40 cents for Southern Yellow. Oats are rather flat at 27 cents for fair Southern. Seeds-The supplies of Clover Seed have been limited. and note sales of about 200 bushels strictly prime at $5. FlaxI send remains dull at $1.33. In Coffee, Sugar, Molasses, and other articles, I have nothing worth reporting. MARKET-Beef Cattle-In market. 50 head. includCATTLE ing 120 driven to New-York. Sales ranged from St to $5 per 100 lbs. as to quality-about 50 left over. Cows and Calves.-150 in market. Sales at from $15 a $30 per head. Hogs.-400 offered; dull at $1 a $5 per 100 lbs. Sheep.-1000 in market. Prices ranged. according to quality. at SI 30 a 3 50. COUNTRY PRODUCE -We have a splendid market this afternoon-every thing in abundance, and prices reasonable. STOCKS are down to-day. Girard Bank is heavy at 3: Things, generally, look gloomy among the brokers-who seldom are out of pocket :

25. February 15, 1844 The New York Herald New York, NY

Article from The New York Herald, February 15, 1844

Click image to open full size in new tab

Article Text

# MONEY MARKET. Wednesday, Feb. 14-6 P. M. Stocks closed to-day without much variation from yesterday's prices. Vicksburg declined ⅛ per cent. Kentucky 6's up ½; Illinois ¼. Long Island, Paterson, Harlem, Stonington, Ohio 6's, Pennsylvania 5's and Norwich left off at yesterday's quotations. The sales were to a moderate extent. The holders of the Post Notes of the Bank of the United States, issued to certain Banks in the city and county of Philadelphia, and covered by the assignment of the 1st of May, 1841, are informed that the auditors appointed to settle and adjust the accounts of the Trustees, and make distribution of the assets, will hold an adjourned meeting at the Bank of the United States, on Saturday afternoon next, the 17th instant, when those who have not yet filed their claims, will have the opportunity of presenting A bill has passed its third reading in the Senate of the Legislature of Mississippi, allowing the Grand Gulf Bank, or its assignees, to sell their railroad for the notes of said bank, or other liability, and giving the purchaser or purchasers the corporate privileges necessary to a rail road company, and requiring them to complete the road within three years. The revenue of the port of Toronto, for the year ending 5th January, 1844, is upwards of £18,000, of which fully two-thirds arise on goods imported from the United States. The total exports, during the same period, amount to £105,000, of which not more than £2,500 were sent to the United States. The amount of specie exported to Buffalo is about £2,500 per week. The Banks of South Carolina, in their regular monthly reports, present statements showing the greatest regularity of movement, and the soundest condition individually. The course of the Banks of that State has heretofore shown that their officers have been thoroughly skilled in financial matters. During the revulsions lately experienced, they have been compelled more by institutions of a similar nature surrounding to suspend than by their want of ability to meet their engagements. The revolution in 1837 swept them away with others, but they rapidly recovered, and since, famidst the many speculations in cotton, that have been going on around them, have not been seduced to enter them, but have carried on successfully the legitimate business, for which they were chartered :-