19210. U. S. Bank (Philadelphia, PA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
February 6, 1841
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini
Short Digest
f8bb8559

Response Measures

Borrowed from banks or large institutions, Full suspension

Description

Contemporary articles describe heavy drafts presented against the U. S. Bank in early February 1841, rumors and refusals to pay spreading, followed by a virtual suspension of Philadelphia banks (Feb 6–9, 1841). The U. S. Bank later made a general/partial assignment to trustees (September 1841) and effectively ceased banking operations. Classification: an initial depositor run/pressure precipitated suspension and then final assignment (closure). Dates inferred from newspaper reports.

Events (3)
1. February 6, 1841 Run
Cause
Bank Specific Adverse Info
Cause Details
Large specie drafts presented (one reported $100,000 and others) that the bank failed or was reported to have failed to meet; news of failure to meet drafts spread and triggered heavy withdrawals/pressure.
Measures
Directors of other city banks met and resolved to continue specie payments; U. S. Bank had previously paid out large amounts since resumption but was later unable to meet further drafts.
Newspaper Excerpt
our community was thrown into a high state of excitement ... rumor ... that the U. S. Bank had again suspended specie payments. ... one draft of $100,000, another of $40,000 ... were made on the Bank for specie from New York
Source
newspapers
2. February 7, 1841 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Reports that the U. S. Bank failed to meet several heavy drafts and officers withdrew, provoking loss of confidence and a broader suspension among Philadelphia banks; suspension effectively followed the run/rumors of inability to meet demands.
Newspaper Excerpt
All the Banks of the City, with two or three exceptions, have just suspended specie payments except for Five Dollar Notes.
Source
newspapers
3. September 4, 1841 Receivership
Newspaper Excerpt
the U. S. Bank has been finally obliged to put a stop to all its remaining business. ... made a general assignment of all its effects, real and personal, to five Trustees, for the use of its creditors. (reported Sep 8, 1841: 'on Saturday last made an assignment') .
Source
newspapers

Newspaper Articles (24)
1. October 22, 1839 Rutland Herald Rutland, VT
Article from Rutland Herald, October 22, 1839

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# PROGRESS OF THE SUSPENSION. We briefly alluded to the fact in our last, that the Banks in Philadelphia, [including the U. S. Bank,] had mostly stopped specie payments, and that Baltimore had probably followed suit. It turns out to be true that the Baltimore banks did suspend immediately on receipt of the intelligence that the Philadelphia, banks had stopped. We further learn that the banks of Delaware and those of the District of Columbia have also suspended specie payments, and that probably most of the Southern and Western banks will be compelled to participate in the degradation. But the Northern and Eastern banks we were in hopes would be enabled to stem the torrent and sustain their integrity. We think so still, although some of the little petty institutions in Rhode Island, where private property is holden, were so shocked with the news of the stoppage of the Philadelphia banks, that they, as a matter of course, shut down the sluice gate for a day or two, until they could hear whether the suspension extended generally as heretofore throughout the country. It is now rumored that Rhode Island has resumed again. [Doubtful.] IR. I. bills not taken in Boston. The effect of this suspension will of course have a tendency to depreciate bank paper, and especially with those banks that have suspended payment, and most likely create distrust with those that stand fast. The U. States Bank paper had gone down to 70 cts on the dollar. The bills of the Baltimore banks had fallen to 93. The New Jersey and Connecticut banks, it is said, will hold out against the storm as long as N. York and Boston, and no fears need be entertained, we apprehend, with the sound banks in Vermont, while New York and Massachusetts buffet the tempest. The opinions and speculatious of our editorial brethren on the subject of the suspension, are somewhat interesting ; hence we transfer some of them to our columns. Our Banks were never in a more sound and healthy condition our merchants have for many months been preparing themselves for what might come, and will certainly see nothing worse than what they have already met and passed, without very serious inconvenience. There was never a better feeling in the community toward our banks; there is not the least danger of our own citizens requiring specie of them. At the same time the feeling of all is, that when the balances between Providence and other cities are in favor of our banks, our specie shall not be drawn from us, by those already in our debt.- Rhode Island is sending the fruits of her industry abroad, and has always a sufficiency for herself.- Let New York and Boston go on, as they say they are abundantly able to do, and the banks of this state can go on, and increase their accommodations to our merchants with entire safety to themselves; and whatever course they may take, we believe will be to the satisfaction of the community.-Prov. Jour. The banks in this city, [says the Boston Daily Advertiser,] proceed in their business as usual. We perceive no tendency to a suspension of payments. A suspension under present circumstances would be a bankruptcy. Public sentiment does not require it, and would not justify and uphold it. There is, of course, a severe pressure, and money is obtained with difficulty, for the necessary wants of commerce but the public have the sense to perceive, that the proper method of relief is not to urge the banks to an act of bankruptcy. Considerable amounts in specie were drawn from some of the banks, on the day of the news of the suspension at Philadelphia, chiefly in small sums, from the impression that the banks would be closed here. But on the following day the demand in a great measure subsided. There is evidently no want of confidence in the banks, and little danger of an extensive demand for specie. The Richmond Whig of Oct. 12, states that no definite action had been taken by the Directories of the banking institutions, in reference to the crisis now before them, but it was thought probable they will deem it their duty to follow the example of the Northern Institutions, and again suspend specie payments. The Whig adds- As usual on all such occasions, there is a horde of vultures from the North, with notes of the banks, ready to draw specie, and thus embarrass the regu-lar business of the country. To satisfy their rapacity would be sheer folly, and would produce injustice to our own community. We re glad to find there is but little disposition on the part of our citizens to make a run upon the banks; and this spirit of forbearance should be inculcated by all whose opinions have influence or weight with their neighbors. Boston Caurier.

2. October 25, 1839 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, October 25, 1839

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Answers of the Philadelphia Banks. The Letter of Messrs Barton and Brooke, the Depu ties of the Attorney General, to the Banks of Philadel phia, warning them against a fraudulent issue of small notes, has received due notice from those In. stitutions Replies have been published from the Cashiers of the Farmers' and Mechanics' Bank, the West. ern Bank of Philadelphia, the Bank of Penn Township, the Schuylkill Bank, Bank of North America, Moya. mensing Bank, Southwark Bank, Mechanics' Bank, Bank of the Northern Liberties, the Girard, the Com. mercial, and Southwark Banks; the Bank of Pennsyl. vania, and the President of the United States' Bank Some of them say at once, that they have not issued any notes under $5. and all of them pledge themselves to observe the law and to make no such issues hereafter The following is the reply from the Mammoth Bank - which exceeds in its length any of the others : "THE U. S BANK, Oct. 19th, 1839. "To George W. Barton, and C. Wallace Brooke, Esqs, acting for the Attorney General. "Gentlemen- have had the honor to receive and submit to the Board of Directors of this Bank, your official communication on behalf the Attorney General of the Commonwealth. In reply you will permit me to state that the information therein stated to have been received by you, that 'since the present suspension of specie payments this Bank has issued, paid out, or trans. ferred notes of a less denomination than five dollars, is inaccurate. In no instance since the suspension has a note of less denomination than five dollars been paid out here, and prohibitory provisions of the law in that res. pect have been and will be complied with. So long as it was supposed useful or practicable, sums under five dollars were paid in coin, but the convenience of the community was not promoted thereby, nor can it be. whilst such coin is made an article of merchandise and sold to be shipped elsewhere. Great inconvenience, if not sufferiug. must ensue amongst our people for the want of small amounts-but the requirements of the law must be observed by this Institution as heretofore. To the Government of the commonwealth must it be submitted to provide a remedy or substitute, as it is perfectly certain, under the existing circumstances, with every desire on the part of the Banks to lend their aid, that the issue by them of coin would only tend to pro mote its instant sale and exportation. I am, gentlemen, Very respectfully, your ob't. T DUNLAP, President." The Bank of Pennsylvania confesses, that it has paid out such small notes " hisherto, in the belief that the public convenience was thereby promoted, and that the law was not violated, received and paid notes of less denomination than five dollars : but (adds) that in consequence of the communication received from you, the proper officers of the Institution have been instructed not to circulate or ISSUC any such paper.

3. December 14, 1839 The Camden Journal Camden, SC
Article from The Camden Journal, December 14, 1839

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# LATER FROM ENGLAND. The steam packet Liverpool, arrived at New York on the 5th inst. bringing Liverpool papers up to evening of the 16th ult. We make a few extracts from our New York papers. The commercial news is rather encouraging. Cotton is up 3.8 of a penny sterling, equal to 3.4 of a cent. The U States Bank shares are 161. to 161 10s. sterling, equal to 70 per cent. in our money; today in New York they were 66 per cent. A complete revulsion had taken place in American banks and state stocks but cotton is firm and rising. Mr. Bates, of the house of Barings, was in Paris, attempting to make arrangements to aid the United States Bank. Great excitement was produced in London on the arrival of the Liverpool on the 7tn ult. with the suspension of the U. S. Bank. All the negociations in London and Amsterdam, to raise a loan in favor of the U. States Bank have failed entirely; yet Mr. Jaudon has met all his bills of exchange. LIVERPOOL, Nov. 16. The state of trade in every part of the country is as dull as can well be imagined. The absence of American orders is causing an universal shortening of the hours of labor in the manufacturing districts, and prices are in a trifting degree dhooping, though not to such an extent as would have been anticipated. The failures taking place are bu few, and some of them are fairly attributable to the stoppage of the Imperial Bank, rather than the depression of trade. The Garrick arrived yesterday, and there is a partial revival of confidence manifested, owing to the continuance of specie payments by the New York banks, and it is hoped that they may be able to weather the storm What we want, however, is specie, and it must be had before our commercial affairs once more assume an unembarrassed character. France was tranquil, but her monied men and merchants, were embarrassed, like those of all other commercial countries. Very numerous and heavy failures had taken place. The state of things in Spain remained about the same. Espartero and Cabrera had not measured swords, but a decisive action was apparently pretty near. The affairs of Turkey and Egypt were still undecided.

4. April 15, 1840 Morning Herald New York, NY
Article from Morning Herald, April 15, 1840

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cupied by the Pennsy Ivania institutions. Those banks with the U. S. Bank at their head, remain in a non specie paying attitude, not able to pay their own debts, but watching the movements of the sound banks, and stand ready to take adyantage of any indiscretion. to wrest their specie from them and reduce all to the same level of bankruptcy This one fact is the chief ressonthat trade remains so dull, and the masses of produce continue inactive throughout the country. The growers of the produce generally neither the means nor facilities of sending it to market. Those who were the shippers last year canno obtain the means to purchase this, because the institutions find that the moment they issue their bills they are returned upon them by the brokers or bank agents for specie, and the amount carried to Philadelphia. Many of the banks in Ohio have, it is well known, sold their own specie to the U. S. Bank at a premium, in the hope that suspension would be legalized in Ohio. In this way the iniquitous proceedings of the Pennsylvania legislatare have deranged the business of the whole Union.The only remedy for this state of things the pxblic has to look to, is the proposed General Bankrupt Law but even this is likely to be defeated by the pernicious influence of the banks. The bankrupt institutions and the speculators have, it appears, 80 much influence in Congress, that unless corporations are expressly excluded from its action, no bankrupt law can pass. This influence which the banks possess over the needy is one of the most objectionable features in the paper system. The regular, prudent, upright merchant, who lives within his means, and is not dependant upon the Banks, cannot be dictated to, or governed by them. With speculators, spendthrifts, and upstarts ofail kinds, who know no industry and appreciate no labor, the Banks have supreme control, and they do their master's bidding. Unless, therefore, the Bill is passed, allowing the institutions to defraud whom they please, and obliging individuals to pay, there will be no Bankrupt Law. sales at the Stock Exchange.

5. May 9, 1840 Morning Herald New York, NY
Article from Morning Herald, May 9, 1840

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The prospect for the Southern exchanges is by no means flat- tering; the course pursued by the banks is such as to preclude the probability of any speedy equalization of the currency. In consequence of the weight of capital and connections of the U. S. bank, the whole South takes its tone from Philadelphia, and the irredeemable policy being dominant in that quarter, there is no hope of a resumption South. On the 12th inst. the extra session of the Pennsylvania Legislature commences, and a strong movement will be made for a repeal of the late law, which authorises a suspension until February next. The turn which affairs have taken since the adjournment of the late ses- sion, has materially strengthened the opposition of the sound banks to a continued suspension. The evident rapidity with which the affairs of Philadelphia are deteriorating in conse- quence of their disgraceful position, and the shameless avowal of the Governor in his last message, that he had sold the honor of the State for $3,000,000, have much increased the number of those in favor of resumption; expediency, interest, honor, mo- rality, every thing requires that this disgraceful blot upon the State should be removed. If the law is not repealed the present, state of things cannot continue; the U. S. Bank will be com- pelled to pay if she can, and if she cannot, she must go into li- quidation. In this city and east, the characteristics of the market are great accumulations of idle capital, stagnation of business and utter waat of confidence in securities generally. Where the securities are undoubted, money can be had at a much less than the legal rate of interest. The Government recently advertised to receive proposals for the exchange of $1,000,000 of Treasury notes for specie. This has resulted in an arrangement to take the notes, payable in one year, with permission to re- deem them sooner, upon sixty days' notice, at less than five and a half per centum interest. At the same time there is a arge mass of securities upon the market, on which money can- not be commanded at any rate. This will illustrate the dispo- sition of capitalists. The banks are willing and eager to discount all strictly business paper, but the amount hitherto created is of such moderate amount as scarcely to increase the supply of money. The crops of the country are immense, but have as yet scarcely moved towards market. The crop of cotton particularly is large of this article the receipts are now 300.000 bales heavier than in the year 1838, when the crop was immense; at the same time, the export to Great Britain is 70,000 bales less than at that time, and the stock on hand is 200,003 bales greater. This singular position grows out of the deranged condition of money affairs. With very little excep- tion the banks throughout the union remain in nearly the same position that they occupied in the fore part of December last. That is to say, the banks which were then suspended remain so, and those which paid specie continue to do so. The winter was spent in fruitless legislation on the subject, on the part of the different State governments. This had no other effect than to cause them to remain stationary until the result was ascer- tained. During the whole of that time, the U. S. Bank has been secretly a purchaser of specie, and the demand thus created has pressed heavily upon the specie paying banks, and obliged them to keep their currency within the smallest limits. This has entirely cut off the usual facilities to shippers of produce and country dealers. The consequence has been an entire pros- tration of the usual Spring business of N.York. The failure of this business is exercising an immense influence upon the value of property in this city. New York city is the point from which most of the foreign imports into the United States is distributed throughout the union-two thirds of the whole amount of imports into the United States are made at New York as follows:- IMPORTS INTO THE PORT OF NEW YORK, AND TOTAL IMPORTS INTO THE UNITED STATES FOR A SERIES OF YEARS. Imports into N. Y. Imports into U. S.

6. May 21, 1840 Morning Herald New York, NY
Article from Morning Herald, May 21, 1840

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1839 was the consequence. This is apparent in the fact that the cotton producing states have alone suspended. The manufacturing interests of the east, the commercial interests of New York, and the agricultural interests of the west have sustained themselves simply because their profits do not depend upon the prices of the supplies they purchase. They grow all those necessaries, on which the price of labor is dependent, within themselves, and the surplus products of their industry only finds a market elsewhere. On the prices of their surplus product depends the question in a great measure whether the planter of cotton will have a surplus or meet with a loss; his sales being regulated by the steadier currency of Europe. The elements of recovery are now visible in the fall of produce, and the consequent increase of the ability of the south to pay and to purchase. Those banks which have been conducted prudently, are perfectly able to resume and renew business; but the discredit and utter derangement of affairs attending the insolvency of the U. S. Bank prevents any movement of trade. The excess of produce in the south, must be actually applied to the payment of debts, and credits in their favor actually existing before trade can be renewed. This is a consequence of the want of confidence growing out of the position of the U. S. Bank.

7. October 7, 1840 Morning Herald New York, NY
Article from Morning Herald, October 7, 1840

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There is evidently more buoyancy in the money market generally, and the disposition to invest seems to be gaining ground. New-York State 5's were in demand this morning. The uncertainty attending the position of the U. S. bank, is sufficiently depressing to counteract all the confidence which the progress of political events might otherwise create in the rise of property. From the many rumors with which the Philadelphia papers are filled, it appears that the U. S. bank acknowledges its inability to resume without the aid of the other Philadelphia banks. The same papers, however, which state that these banks are proffering aid to the U. S. bank, also state that they are seeking aid themselves from the Eastern banks. This bolstering system, if contemplated, will not do. The banks must stand on their own responsibility. The attempt to bolster the Southern banks, was one great means of ruining the U. S. bank; and when she failed last year, if the sound banks had then cut her adrift as did the New-York institutions, their difficulties would now have been over. They have acknowledged repeatedly that the indebtedness of the U. S. bank has been constantly increasing. It will continue to do so until resumption is effected independently -not on a system of borrowing, but by an ability to pay their debts. Almost the only evil under which we now labour is the suspension of the southern banks. The excitement of the elections, and the prospect of a great contest, in a great measure diverts the attention of mercantile men, from the real cause of existing evils, which is the inability or unwillingness of the south to pay as long as the U. S. Bank stands ready to prey upon them, in order to resuscitate its fallen fortunes. The cry of a new National Bank is raised as the nanacea which is to remedy the evils growing out of the bankruptcy of the old one. Mr. Webster, in his speech, entertained a vague idea of a national bank, but gave no hint as to locality. New York does not want another national bank located in Philadelphia. The centre of business should be the centre of financial operations. Philadelphia will scarcely consent to the location of a bank in New York. The interests of the United States Bank will conflict with the interests of the new Bank. But having settled time and place, and amount of capital, say, $50,000,000, who is to be entrusted with the management, Mr. Biddle? We apprehend even that gentleman's high name would scarcely command the confidence of business men, after recent late events. In fact, the o'd system of conducting the banking system has been entirely broken up. The splendid dashing enterprises of Mr. Biddle, without counting cost, extended their influence through every grade of society; singly, individuals, and collectively, the whole country, lived beyond their income, because the means of doing so were furnished from the fountain head, in the shape of bank credits, and extended down through all the channels of social intercourse. When the time came to pay, and every body was astonished to find that he had not the means, Mr. Biddle exclaimed "Well, we have eaten too much, and drank too much, the remody is economy." This remedy has been applied, and the debts are discharged. We havenot the means, however, of resuming our former splendour; we are free from debt, industry is rapidly enriching the country; and trade is increasing its vigor daily. The minds of those who formerly were dazzled with fictitious prosperity, who lived upon the means of others under the shape of credit; and who are possessed of large quanties of fictitious property, are hankering after a return to that state of things. To reach it more bank capital is proposed as the readiest way. This cannot, however, succeed, the public mind is not prepared for a new race of speculation. The multitudes of people who quited their various employments, in former years, and engaged in speculation, was such as to impoverish the country in a very great degree. Since that time all those persons have returned to their useful and productive employments; and under their properly directed energies the real wealth of the country has immensely increased, and its debts not only discharged but balances accumulating in its favor. Its ingreased real wealth has formed the basis of that lucrative business now doing, and which is increasing on a stable basis. The grasping speeulators are now at work to upset and reverse this state of things. They wish the accumulated wealth of the country to be brought within the vortex of speculation; they are looking for the public mind to be again inoculated with the mania which shall draw the industrious from their employments, cut farms up into town lots, inflate prices, overrun the country with the products of foreign industry, and increase the annual tribute we are now paying Europe in the shape of interest; until the revulsion comes, and people awaking from their delusions, go back as heretofore to the employments they have quitted with the fruits of their industry, past, present and to come, mortgaged to the banks for their idle speculation.

8. December 8, 1840 Morning Herald New York, NY
Article from Morning Herald, December 8, 1840

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$750,000, one third part of which is taken by the Bank of Commerce, in which Prime, Ward & King, and their principals, Baring Brothers, are large owners. Others of the refuse to accede to the proposition. These are the of America, the Merchants' Bank, and the Bank of York. The Philadelphia Banks will, however, undoubtedly resume on what they have got, and do their best. The present state of affairs is very singular. Sea one year ago, Philadelphians and Philadelphia papers were filled with revilings, and ridicule of the New York Banks, for what they were pleased to call insane attempt to continue specie payments. Thirty was then the extent to which it was supposed the t here and at the east would sustain themselves. As passed on, the banks remained firm, and the abuse subsided. Prime, Ward & King, and other interests however, strongly opposed to the U. S. Bank, and threw her many ways. In the spring the Philadelphia B expanded, and again commenced jeering New York cause they were doing a nominal business, while city stuck to the cash principle. Drawing towards September, the animosity between Prime, Ward & King the U. S. Bank broke out into the most undisguised hostility. The New York American, the organ of James King, was filled with the most scurrilous abuse of Griswold, Esq.; the most indecent and derogatory epithets were used. What a change is now presented to all. The U. S. Bank, and other Philadelphia institutions, have sent a committee "hat in hand," to our abused institutions, to beg for a few hundred thousand dollars to place them in the same situation that our banks were reviled for maintaining; and who is the active agent here to assist the U. S. Bank?-James G. King, who some weeks since was, through the public prints, calumniating the President of the U. S. Bank in New York. He may be seen in Wall street, at the head of the Philadelphia committee, going from bank to bank, not unlike a knot of mendicant friars in some of the Catholic cities of Europe, asking alms. This great and sudden change of demeanor has been the subject of much speculation, and has led to the belief of some new coalition between the bank and the Barings. It will be found, however, that a common interest is the only bond of union now. The principal business of Prime, Ward & King is with the Eastern States, which are manufacturing. The suspension cuts of a large amount of the trade of the Eastern cities, and resumption is for them a matter of paramount importance to restore trade. This gives an impulse to the New York House to forward resumption by all means in their power. Another reason may be the great influence which it is hoped the resumption will have upon the price of State Securities in Europe. In these, Baring Brothers are largely interested. It is conceded now, that the bank will resume, but the very general opinion is, that she will not be able to stand through the year without the same assistance in London that she asks here; that is, a renewal of old obligations, as they fail due. The bank, on resuming, must curtail. She has been much expanded last year, to curry favor with the public for having suspended. She must now rigidly curtail, and by so doing, will, in all probability, lose at least 25 per cent on her commercial paper. The resumption, with other circumstances may, however, advance her stocks 25 per cent, which will be an offset. We have it on good authority, that the bank holds- Of Stocks, $30,000,000 Of Commercial paper, 19,000,000 Other assets, 21,000,000 Total assets, $70,000,000 The stock of the institution is estimated to be worth, by good authorities, if now settled up, 60 per cent. It is the hope of the Directors to be able to work out of difficulty by obtaining a restoration of the Government deposites under the new administration, and they will probably get them. The new Government will not use the sub-treasury, and to organize a new National Bank, will be the work of two years at least. Small institutions cannot perform the duties, and the United States Bank seems to be the only resource, if she can show a good front. As we have above hinted, her movements are now seconded by her former opponents with a view to stock-jobbing. They may also wink at her having the deposites, but when the question of a new National Bank comes up for discussion, opposing interests will again conflict. It is very evident that undue expansion by any of the weak Banks will be self distruction. They must strictly confine their movements to the movements of trade. The products of industry are sufficiently large to form a business greater than ever before, and by keeping the currency dear, the export will be greatly facilitated and import prevented. From data in our possession, we may give the following estimate of the business of the Union as compared with the last year:-

9. December 26, 1840 Columbus Democrat Columbus, MS
Article from Columbus Democrat, December 26, 1840

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# RESUMPTION OF PAYMENT. The Northern Presses are in a fog about it. The Public Ledger of Philadelphia of the 3d says, that "A better feeling, however, is manifest among holders, which will continue, we suppose, until some new rumor of the probable failure of the Banks to resume is started into being. The Committee of the Banks of this City left yesterday for New York, there to meet a like Committee from the Banks of Boston, for the purpose of finally adjusting all negotiations touching the much talked of loan. The belief of some in their ultimate success may have contributed to the firmness manifested to-day at the Board." The N. Y. Herald doubts the power of the U. S. Bank to resume, or to continue its resumption even with the aid of the loan which is hawking about. That paper of the 2d gives, under the head of its "foreign articles," the following statement: "The conviction that there will be no resumption in January, is evidently gaining ground in the public mind. The arrangement so much talked of between the Banks in this city and the Boston and Philadelphia Banks, has fallen through.--This has not been decisively announced-but the negotiation has been tacitly allowed to drop.--This is partly from want of agreement among the New York Banks; but the main reason may be found in the fact that the proposition in itself is so insignificant that it could have but little effect on the Philadelphia Banks, if they are able to resume, and if they are unable to do so, it can give them no means. "The mere fact of postponing a demand upon them does not give them active means. The New York Banks and the public are anxious to do all in their power to bring about a resumption. If, therefore, they were to resume without any agreement, their Eastern creditors would avoid pressing them too closely. The position was made when the elections were pending, and partly with a view to feed the markets. The elections have passed, and the Bank party has triumphed in Pennsylvania, so far as to have a majority in both branches of the Legislature, and active measures are notoriously afloat to ensure a majority at the coming session, sufficiently large to render nugatory the Governor's threatened veto, and the suspension law will be extended." The last steamer carried out to Europe $120,000 in specie. - Richmond Enquirer.

10. January 14, 1841 Staunton Spectator, and General Advertiser Staunton, VA
Article from Staunton Spectator, and General Advertiser, January 14, 1841

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The Philadelphia Enquirer of Saturday says: "We understand that the U. S. 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 our 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 experienced even now with regard to small change."

11. January 21, 1841 Martinsburg Gazette Martinsburg, WV
Article from Martinsburg Gazette, January 21, 1841

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From the Philadelphia North American, Jan. 16. RESUMPTION DAY. It would puzzle the pencil of Hogarth to sketch the motley acene presented at the counter of the U. S. 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, half doubting whether it was best after all to burthen himself with the specie, and when he had got it looking for all the world as if he knew not where to go or what to do with it, and quite ready to accuse his stars for his fully. Not so with the next one, be is a gaunt tall figure, with a face so thin that only one person can look at it at a time, pinching a few bills in his long bony fingers, and quite determined to hold on to it with one hand, for fear of some cheat, till the specie shall rattle in the other. Then comes a hostes Quickly with her full red face and go-a-head manger, 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, and taken all aback when he sees the piles of gold and silver, and looking as if ready to knock down the man who had told him the bank was not safe and sound. Then strides up a huge Irishman, bringing his own bill and those of some dozen others. But what shall he do with the dol. lars? he finds a hole, or suspects there is one, in each of his pockets. So he off's hat and has them thrown into that, when out drops the crown, and the dollars roll around the floor to the merriment of all save the son of Erin. Then approaches a spare laundress with her ten dollar bill, asks for go'd, takes the eagle and deposits it in bersnuff box before she has stirred an inch from the counter. Then comes the Ethiopian, with his white ivory flashing through the curl of his dark lips: be has some how got a ten dollar bill, wants it all in fifty cent pieces, ahoves the shiners into his pockets, ejaculating as he turns away "I guess we II empty a their big box for them to-day." Then strictes up Locofuco 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. IJ All the Banks of our city paid out their own notes yesterday. except two, and one of these partially The reason assigned by one of these two for this extraordinary course was that she had none of her own bills ready. The community have the deepast interest in this matter of resumption, and will require that each institution, as the fate of all is at issue, should faithfully perform its portion of the duty. Any other course will be unjust, impolitic and hazardous.

12. February 6, 1841 The Madisonian Washington, DC
Article from The Madisonian, February 6, 1841

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# IMPORTANT NEWS. P. S. Our community was thrown into a high state of excitement about 4 o'clock this afternoon, by the rumor being spread abroad that the U. S. Bank had again suspended specie payments. The rumor was not at first credited, but, ere long, it seemed to be confirmed. I understand the fact to be that one draft of $100,000, another of $40,000, and perhaps other smaller ones, were made on the Bank for specie from New York, and that drafts of this kind have been of almost daily occurrence since the resumption of specie payments. It is understood that a meetingof the Directors of the different Banks will take place this evening, to determine upon the course to be pursued. The stock of this Bank will doubtless take a rapid decline in consequence of this event, and other stocks will probably be seriously affected by it. 2. P. S. Nine o'clock, P. M. The Directors of the City and County Banks have held a meeting, and resolved to continue specie payments, regardless of the stoppage of the U. S. Bank. The exchange is at this moment crowded. The resolution of the Banks to go on greatly relieves the anxiety which prevailed. It is said the U. S. Bank has paid out, in specie and eastern and foreign drafts seven millions of dollars since she resumed. Χ. Υ.

13. February 9, 1841 The Madisonian Washington, DC
Article from The Madisonian, February 9, 1841

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PHILADELPHIA, Feb. 7, 1841. U. S. Bank Stock fluctuated yesterday between 39 and 36. Considerable sales were made for cash by those whose necessities compelled, or whose fears prompted them to sell for the best price they could get. Girard sold at 29, and all others declined. Our Banks may all be said to have suspended, though one or two of them still endeavor to keep up the semblance of paying specie, and all redeem their five dollar notes. I said in my last that the U. S. Bank was reported to have paid out seven millions in specie and its equivalent since its resumption ; the cashier states it to be six millions. I understand from good authority that she has now only about two millions of immediate liabilities. No bank, even in ordinary times, could have done more than she has done, namely, pay in three weeks, three fourths of her circulation deposits, and other immediate liabilities. The fact is, she has been crippled by the inveterate hostility of her foes, who have been goaded on by the Journal of Commerce, the New York Evening Post, and other kindred journals. I admit that she has been badly míanaged, and has thus been exposed to the shafts of her enemies, but had she bean treated with indulgence, or even fairness, she might have sustained herself, and eventually have recovered a portion at least of her former strength. What course she will now takewhether she will go into a liquidation and final settlement of her claims, or whether she will attempt to realize what she can from her assets, and resume business again at some future day, is not known, and in regard to what she sought to do, there is a contrariety of opinion. Her course will probably be governed by the action of our Legislature. One of our Banks-the Pennsylvania-it is understood, has sent a committee to Harrisburg with orders that, in case the Governor and Legislature shall legalize the present suspension, to surrender her charter at once. In this bank the State is a large stockholder. This is right, and I hope every bank in the State will pursue the same course; for it is vain for them to attempt to do business and meet all the demands against them, in specie, in the present deranged and depressed condition of the country,-when not only individuals cannot meet their engagements, but the State and National Governments are bankrupt and have to depend on borrowing to save their honor The evils under which we are suffering are too deeply seated to be much affected by state legislation :nothing short of Congressional action can reach and remove the cause of these evils. The General Government has brought them upon us, and the General Government, including Congress, can alone remove them. X.Y.

14. February 9, 1841 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, February 9, 1841

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The great Bubble has burst again, and probably forever. The U. S. Bank has stopped-its stock is down to 40, and it will probably descend lower.-The Philadelphia Public Ledger of Friday last, traces the proximate causes, of the suspension, to the following circumstances: "A great degree of excitement prevailed in this city yesterday afternoon and evening, in consequence of a rumor which prevailed in regard to the U. S. Bank.The cause which gave rise to this excitement was, as we learn, a failure on the part of the Bank to meet certain demands against it. As far as we could best ascertain the facts, there was a heavy draft presented about 21 o'clock, by the runner of the Brokers between this city and New York, we hear the sum stated as high as three hundred thousand dollars, which the Bank failed to meet, the officer saying "it could not be paid," and the officer withdrew. Two other drafts, one for twenty thousand dollars, presented by a broker in Third street, and another for about the same amount, by another broker was also refused payment. As may be imagined the rumors of these facts soon spread abroad, and the Exchange last evening was crowded with anxious inquirers into the truth of them; and opinions were various as to the probable consequences of this unexpected measure, and a meeting of the other city banks was held lastevening in relation to the matter." These Banks rallied for a few hours-but it is now believed, that they have with few exceptions virtually suspended-and - those of Maryland have followed suit. From the Philadelphia National Gazette.) I "P. S. Saturday, One o'clock - All the Banks of the City, with two or three exceptions, have just suspended specie payments except for Five Dollar Notes. The apprehension expressed above is thus already realized." From the New York Correspondent of the N. Intelligencer, Feb. 6.] U. S. Bank stock sold at the Brokers' Board to-day

15. February 11, 1841 Herald of the Times Newport, RI
Article from Herald of the Times, February 11, 1841

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this evening, when it is expected a general suspension will be agreed upon. Another day such as this cannot be withstood by any, I think. The "Shorts" kept the U. S. Bank pretty well up to-day; but, these supplied, it will fall largely; at least such is expected. The Legislature, it is expected, will sanction another suspension. The only difficulty is the Governor's signature to such a law.

16. February 16, 1841 The Madisonian Washington, DC
Article from The Madisonian, February 16, 1841

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Philadelphia Correspondence. PHILADELPHIA, February 9, 1841. U. S. Bank stock, as well as Girard, rallied a little to-day. The former sold at 29 and the latter at 32. U. S. Bank notes 5 per cent. discount. Exchange on N. Y. 105 to 106. Governor Porter has again vetoed a resolution passed almost unanimously by both branches of the Legislature, to refund the money borrowed of the U. S. Bank by Gov. Ritner, in 1838, to repair the damages upon the Canal near Hallidaysburg, caused by an unprecedented freshet. This refusal on the part of Gov. Porter, to pay a just debt-to refund money advanced to the State under the most urgent circumstances-must be viewed by every honest man as indicating a total disregard of the principles of justice. Such a refusal by a private citizen would stamp him in the eyes of all men as unworthy of confidence-as dishonest and despicable. His excuse is, that he does not know whether the money borrowed was properly expended! Suppose Gov. P. should lend John Dae $1,000; that J. D. should die, and Gov. P. in reply to a demand upon his executions for payment, should receive for reply, "True, J. D. borrowed this money of you, but we will not pay it because we do not know how he spent it;" what would he think of the honesty of those who could make such a reply? A meeting of a few citizens was held here on Tuesday evening, of which George M. Dallas was chairman, which adopted some resolutions recommending all the city and county banks, except the U. S. Bank, to the favor of the Legislature; or, in other words, recommending the suspension of specie payments by these banks to be legalized, and leaving the U.S. Bank to the tender mercies of her enemies. This partial course has roused up a feeling in the breasts of the citizens generally, which will be expressed at a meeting called at the Exchange to-night. While none will deny that the U. S. Bank has been some years back sadly mismanaged, all must admit that she has made extraordinary and commendable exertions to sustain herself, and that had she been treated fairly, she would not have again stopped. Under these circumstances, it is but justice that the same measure which is meeted out to others, should also be meeted out to her. Any partiality to others, will only enlist the community in her favor; an effect which injustice to any one invariably produces. One of the most extraordinary things that has occurred in this State of late is, the pardoning by Gov. Porter, of two men, the conductors of a scurrilous paper called "The Magician," who had been indicted, but not yet tried, for a libel. Yet this same Governor P. who caused Mr. Sage, of Allentown, to be indicted and tried for a libel upon himself, pardons two of his own partisans for a similar offence against a political opponent, before they are even tried by a jury of their country! If this is not sustaining "the liberty of the press" with a vengeance, I don't know what is. It goes even farther, and sanctions its licentiousness. We have winter upon us again in good earnest X. Y. the weather is very cold to-day.

17. March 12, 1841 The Madisonian Washington, DC
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Philadelphia Correspondence. PHILADELPHIA, March 9, 1841. A Bank bill has been reported to our Legislature. It sanctions a suspension for two years, authorizes the Banks to issue small notes to nearly the amount of three milllons, imposes a tax of 8 per cent on Bank- dividends, and prohibits the banks from loaning mo- ney to any officer or clerk in their employ. The last provision is unexceptionable. Almost all the recent bank difficulties here have begun with speculations made by Presidents and Cashiers on the loans obtain- ed from their institutions. A two years' suspension will be most injurious to our credit. It is, to say the least, very impolitic for the Legislature to excuse the banks from a fulfilment of their obligations for so long a period, when the course of the General Government is yet undeveloped, and before the effects of its healing policy are yet felt. This frequent and injudicious le- gislative sanction of bank suspensions for extended pe- riods by no means tends to promote a prudent admin- istration of bank affairs. I must not be understood to be unfavorable to indulgence to the banks on the part of the Legislature. The existing suspension, at least, must be authorized, but every well-wisher of the banks could hope that a little discriminating rigor were exer- cised by our legislature, unless it wishes to incite them into speculations and mal-administration by removing every check and legal penalty. The State is in an unfortunate dilemma. The U S. Bank was the chief cause of the late suspension, until her credit is re-established no resumption will be lasting, and that this institution will ever again obtain general confidence may be justly doubted. The State is, in part, privy to the embarrassments of the bank by the heavy bonus imposed upon it for its charter, and the numerous exactions from it in the shape of loans. It also holds more than six millions of Pennsylvania 5 per cent stock, upon which there is a depreciation of more than $620,000. The State cannot, therefore, without manifest injustice, inflict penalties upon it for embarrassments which it has itself in part produced. The question now presented to the State is how far it can be just to the U. S. Bank and sustain the interests of the community. Except this bank, from the indul- gence granted to others, and one great cause of our dif- ficulties will be removed, but the State will be depr.ved of an institution whose lideral contributions have fre- quently saved the honor of Pennsylvania, and whose unmense capital is most sensibly felt in commercial operations. Moreover, the Girard funds, and the mo- neys of several other valuable trusts are placed in this bank, which would be greatly damaged by a forfeiture of its charter. The bank elicits sympathy also from its prompt generosity to New York and Charleston af- ter the destructive conflagration in those cities, and from its general liberality to our merchants. The question then presented to the State is, shall this bank be sustained or not? To many it appears better that the State should oblige it to close its affairs, but at the same time release it from every possible obligation so as to enable it to expire with the least possible injury to its stockholders. The proposed amount of small notes authorized to be issued, by this bill, is too large. That it is but ad- ding three millions to the liabilities of the banks at a time when they should be diminished. One million is abundantly sufficient for the wants of the community. The restriction of bank dividends to five per cent is very unjust. The utmost liberality is extended to the banks, but the legislature seems very jealous lest their stockholders should derive any benefit from it. To a loss of 25 per cent on bank stock will then be superad- ded a reduction of one per cent on dividends. The State in poses 8 per cent tax on dividends, and in its necessities wanders a mendicant from bank to bank begging assistance to enable it to pay its debts, and, in every possible manner, seeks to make money from the banks, yet it cannot act with cominon justice to the innocent stockholders! This provision cannot pass it is to be hoped. It is surprising that it was introduced The bill with these obnoxious exceptions strikes me as a good one. The Inaugural meets with universal approbation. U. S. Bank stock holds at 17 and Girard at 27. Peo- ple here are very curious to know why no effort is made to compel the retuin of Levis to this country. Many of the directors of the Schuylkill bank suffer under prejudicial imputations from the apathy and indiffer- ence manifested on their part to the apprehension of Levis. John Banks, of Reading, will be nominated as the Whig candidate for Governor. He is a popular man, and will be among the few of well educated go- vernors that Pennsylvania has had. Gov. Porter has no chances of re-election. Yours,

18. April 20, 1841 Richmond Enquirer Richmond, VA
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POLITICAL. Bank, "The made awful THE by disclosures" the AWFUL late report enough DISCLOSURES relative of the created to Investigating the a United deal of States Com- will exmittee have naturally community. The effect abroad councitement electrical. in the The friends of the to credit Bank the may serious contempt, the mis-managers brought an array of such charges be terfeit with against and refuse astounding insinuate of the itself. Insti- facts tution, but truth will gradually genthem, more permanent impression. and fremake the have been so before the familiarly The tleinen whose into the report are A. G. Jauquently Bevan and Humphreys, Dunlap, the and introduced names favored terribly public disturbed. Nicholas Biddle, have all that the don, and " explanations tending to show, to be-not not that with better than it is described transactions Bank is any engaged in the most villainous of the W1has not been has not squandered the money schemes and -not that it in the most extravagant been in the dow and orphan speculations-not that it has not its millions to visionary the "pipe-layers, and lavished hands of election of a Federal Administration-but the purchase the virtuous of men, and done that they are citizens! the most That every thing they degree have of honhas injured been of marked with an extraordinary they individually approand the community! esty; priated and were that ultimately the half millions expended for the benefit of the Bank second letter, as pointing of the out the Bank, causes is Mr. Biddle's humiliating position of the present Soon after the late could worthy of notice. Bank felt that its course statespecie-payments and the that it must suspend. By were the be Mr. Cowperthwaite, the first fall on of maintained, of should directors resumption anx- New not ious ment however that this the a storm rusc was attempted, by Ex. the York. To effect amount of foreign exchange. wanted sale, change to an on immense Paris was to in demand-that is, Paris, and therefore people greedily Acto transmit premium money bills payable in that city. New bought at a of exchange were sent bank to had cordingly and large sold without masses limit, although the Here York, dollar in the hunds of its foreign agents! full of bills, not a downright knavery! A large book exhausted. Apwas signed in blank, then wassent made on, to the and soon Agent of considerable the Paris plication was New York, who drew also a sales created House at The proceeds of these but amount besides. the New York balances against Banks, the desimmense admirably; and notwithstanding trick failed they perate stood efforts it of the U. S. Bank, the whole in its contemplated result effects! of such measures upon this inNow came the The bills of exchange had not been the stitution itself. even regularly advised: i. bills e. had provided Hottinguers for, nor of Paris, upon whom funds the to pay Messrs. had not been supplied with even been been drawn, they became due, nor had they them informed them when that the Bank Of was course about the to bills draw were upon protestfor such an amount. once struck a death-blow at the foreign of all cd. credit This of the at Bank, and disgraced it in the proverb, eyes are Curses, says an Arabian to roost. Europe. chickens-they always cor other home schemes like young sometimes with financial and and injured So it is by the Bank recoiled the trick itself. Its attempt to bring but resulted only its own to York banks, and bursting in gun was Mr. Jaudon, who was then negoits none The overcharged,! planned destruction. contrived down drafts, Europe, New The kill in owner. sustain the Bank, and protect its stocks order ciated to loans at an immense These sacrifice, stocks were and thus pledged locked up, in every direction. has rendered them almcst useless. and The until resumption depreciation of specie payments next occurred, of we all know what remarks was the that consequence. such was the have vitality Mr. Biddle it might, even crippled as His it was, would been the Bank, proper management. policy the revived by to have made it of necessity once new more Adhave been of the Government under the effected. fiscal agent This he thinks could have been Bank to ministration. would have recommended the Adminis-Then he it appeared what relief the new concurring pause until inclined to afford the country, have been tration was a permanent resumption might was not comwith which, He reasons that the Bank with the other attempted. resume on the 10th January was pelled to and cunningly adds, that the Legislature be made to in Banks; of the Banks! and could do was it for the banks to say breaks to the on the first anything: "How the power easy dollars-the State Governor, lend you of to borrow 800,000 can borrow it only from us-and if break we to February want you and unless resume you specie neither payments, shall we break. nevitably Authorize on a our- sus- the selves. beyond Let us agree the 15th that January, and been we wise will and protect easy. you But iiistead of this course pension 1st of February. This the would banks have resumed-then lent the 800,000and then broke down immediately." more. The last paragraph clearWe need what quote no have always averred, that the Bank ly proves S. has we been thereal Governor of Pennsylvania; and that were of the U. extent it still governs us; in consethat to some confidence not withdrawn from it, been dethe public of the "awful disclosures that have would govern quence for the last four or five years, it interest in veloping iron sceptre, and make every to the us with an no matter how important, this give way but We have more to say on must its defer it until Spirit of the own. community, [Philadelphia another day. Agony subject over.-Pre- Times. and HOUSE.- The Long thousand THE has settled the fate of the The sident for the Custom House in applicants Tyler CUSTOM this announcement city. one thus disposed of in an official Roberts, to be spoils in the are National the Intelligencer: room of Calvin Jonathan Blythe, removed. W. J. Collector, in Tyson, to be Surveyor, vice George Officer, in Washington removed. Bela Badger, to be Naral Roberts Riter, of John Horn, removed. Mr. $4,400 is the place county Collector's salary the Nafrom er annum. Montgomery That of the Surveyor $2,900, and l officer's $3,000. the N. Y. Standard.) The Investigating From Committee who have recently

19. August 16, 1841 Mobile Daily Commercial Register and Patriot Mobile, AL
Article from Mobile Daily Commercial Register and Patriot, August 16, 1841

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Bank In stocks very little was doing. United States had declined to 144 a 14}. This is said to be owing to the immense quantities forced on the market by foreign holders. In Foreign Exchange, for the Great Western, which was to leave on the 7th, bills were rather scarce, and prices of some descriptions improved a shade : Sterling is quoted at 8 a 82, with some at 9 per cent prem; French f5 25. There was only one million and a half of the twelve million loan thrown into the market. Of this amount $300,000 WHS obtained in Boston, at from 5 to 5 2-5ths interest-and $500,000 in New York at 5 per cent, through Messrs. Ketchum, Rogers and Bement, to whom the Secretary had addressed himself, and who made him a prompt offer at the samerate for the twelve millions.This was declined. At Philadelphia there was quite a panic among the holders of the notes of the U. .S. Bank. The correspondent of the Journal of Commerce anys "The discount upon them in the last three or four days have run up from 18 to 23 per cent, and indeed few purchasers are found at the latter price-some of the brokers refuse to buy them at less than 25 per cent off for currency, or 28 for specie. There are many who, under the favorable representations put forth by the managers of the bank and its retainers, that it would pay not only all its debts, but leave something like half its capital, invested their money in its notes under the system which the bank adopted of funding its circulation at 6 per cent interest. payable at any time in the same currency. Many of these funders are now frightened and are drawing their deposites and crowding them on the market for whatever they will bring. "In short there is a general fall of prices. U. States Bank is down to'14) which is lower than it ever before sold in this market." On the 7th, in Baltimore, there was a sale of 40 b Mobile cotton at 121c. NEW COTTON.-The steamboat Kansas brought down two bales of new crop on Saturday-the first of the sexson. The qualities are different, one classing fair to good fair,' and the other 'fair.' They were grown by Mr. T. Gilliard, Monroe co,, and are consigned to B. Boykin, Esq., at whose office, we learn, they will be exposed for sale to-day. It has been well handled, but somewhat cut in ginning. The color and staple are both good,though the latter is not so lively as we should like to see cotton of that quality. Upon the whole, we consider these samples as very favorable specimens of the coming crop; certainly much superior to the first arrivals last season. The first cotton last year (six hales) arrived here on the 22d Augnst, and sold for 84c. The year previous, the first two bales was received 14th August.-(Journal. The above mentioned cotton has been sold to-day at 114 cents. Wm. McK. Ball, Cashier of the Branch of the State Bank of Arkansas and Fayetteville, recently absconded to Texas, leaving the bank minus some $64,000. The quantity of lumber brought into market from the forests of Maine for the year, is estimated in the Portland Advertiser, to be one hundred and sixty millions of feet, which on an average is worth $10 per thousand feet, and yielded $1.600,000. It is added that the other rivers in the state yielded sixty-five millions more, which will make the aggregate product of the year $2,250,000. On the 2d inst., the citizens of the county of Coweta, (Gs.) met, and after the reading of a preamble, setting forth the inconvenience and loss attending the depreciated currency of the state, adopted the following resolutions, and pledged its members to adhere to them : 1st. Resolved, That after the first day of Nov. next, we will receive in payment of debts due us, none other than the bills of promptly specie paying banks. or the bills of suspended banks at their specie value, specie being the basis. "2d. Resolved, That we urge upon our Legislature rigorous legislation on the subject of Bank suspensions in a time of peace." We have already noticed similar proceedings of meetings held in other parts of Georgia. The consequence of this determination to repudiate the ragged currency of worthless money manufactories, has been to make the bankers of the state look sharp to their affairs. They scent the storm in the distance, and already like discreet mariners, are beginning to prepare for it. These are about the first indications we have had that

20. September 8, 1841 Jeffersonian Republican Stroudsburg, East Stroudsburg, Milford, PA
Article from Jeffersonian Republican, September 8, 1841

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# An Assignment. We regret to announce that the U. S. Bank has been finally obliged to put a stop to all its remaining business. Robbed and plundered as it had been of its substance, it could no longer bear up, and on Saturday last made a general assignment of all its effects, real and personal, to five Trustees, for the use of its creditors. For the sake of justice, and that the blame may rest on the right shoulders, we now hope soon to see a complete exposition of all the misdeeds of its conductors, and likewise a full and fair account of the $99,000 said to have been paid, for the approval of the suspension resolutions, which the Governor and his friends have never yet attempted to explain.---Whig & Journal.

21. September 9, 1841 Daily Richmond Whig Richmond, VA
Article from Daily Richmond Whig, September 9, 1841

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From the Baltimore American. U. S. BANK ASSIGNMENT. stated yesterday that the U. S. Bank had We an assignment of its assets, for the benefit of made creditors generally. We find in the Philadel its U. S. Gazette of yesterday the following with arti phia explanatory of the particulars connected this cle, final step in the existence of the institution: of On Saturday, the Directors of the Bank the States made an assignment of most of the valuable United assets of that institution to the following J named gentlemen:-James Robertson, President, S Newbold, a Director; Richard Bayard, of DelaAssistant Cashier. ware; Thomas S Taylor, Cashier; Herman Cope, The preferences, if they can be so denominated, or two small demands; next, those indivi are duals one are to be secured who have made themselves responsible for any liabilities of the Bank, particuthose who have entered security on judgelarly recently obtained against the Bank on is ments amounting, we think, to nearly two hundred notes, thousand dollars. The proceeds of the remaining of the assets are to be appropriated for de- the benefit portion of the general creditors, the note holders, positors, With reference &c. to this assignment, we may rethat it is called a "partial assignment," not general, mark because a general assignment would not for be valid without the assignees entering security of the nominal amount assigned, and no set this or other city of the men twice in any Union would could accept find a such security, or, at any rate, none trust of such little profit upon such an onerous con- and The assignment is, therefore, PARTIAL, the dition. authorised by an act of Assembly granting Bank is power to make partial assignments without knowsecurity from the assignees. Without asking we presume the schedule of property assigned of the contains ing, nearly all the valuable property Bank not included in the two former assignments, the viz: the one for the benefit of the city banks, and o her for the benefit of the note holders. One condition of this assignment is well worthy remark, viz: the assignees may receive notes or of of U. S. Bank for any bills receivable, notes the bonds due; and they have, besides, power granted thereto sell any of the assets, taking in payments for notes of the U.S. Bank. It iF thought by some that notes of the Bank will be of more value, as they are likely to either to pay liabilities or to we would take occasion to any sets; called now be and for, purchase that of it the as is probable that the want of some provision kind in a former assignment for the exclusive benefit of the note holders, has led to the non-fulfilment the general expectation that the assignment would of tend to keep the notes nearly at par. Though in THAT partial assignment (for the benefit of the notes note holders) the assignees are allowed to receive of the bank for the payment of bills and accounts due, yet such a provision has proved unavailing, becoming inasmuch as it is probable that the best of of class of assets were assigned for the benefit that and another class of securities were to the who act for the note were not allowed to sell the while given they Lanks, assignees those assets for holders, Uni- for thing but par money, at any rate, not any ted States Bank notes. That assignment, therefore, without any fault in the assignees, fails of one great We object may here proposed, remark that this assignment does interfere with or supercede the other two spccial not assignments to which we have referred. The course now adopted by the Board of Direc. has been rendered necessary by the great numtors ber of suits instituted against the Bank, on some of which judgment had been rendered and security while others were rapidly maturing for judggiven, and the numbers constantly increasing. These ment, suits were absorbing the funds of the Bank, it may, therefore, be fairly inferred that the Directors have consulted and protected the interests of both noteholders and stockholders as well as they could under existing circumstances. We le rn that in the whole of the business connected with this assignment, the utmost harmony and entire unanimity prevailed at the Board of Directors, the old and new members heartily concurring in the general plan and in its details. e With reference to the assignees, we may add for of our readers who do not reside in this neigh I those borhood, that their character and standing are such ( as to insure confidence in whatever they under9 take. Of course the Board of Directors continue e meet, though the banking business necessarily , e closes. The assignment allows to Messra. Robinson I. Bayard and Newbold fifteen hundred dollars a year I each for their services, and to Messra Taylor and e Cope four thousands dollars a year each. This is e diminution than an increase expenses as Mr Robinson rather inasmuch a relinquishes of his salary n of five thousand dollars a year as President, and in Taylorg and Cope have received as Cashier and Ase sistant Cashier the same salary which is now given is to them. The new arrangement will, of course e cause the dismissal of most of the clerks hicherto d employed in the institution. Mr Robinson contin h ues to act as President, while he discharges the du y of trustee. 1.

22. October 19, 1841 New-York Tribune New York, NY
Article from New-York Tribune, October 19, 1841

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U. S. BANK. The appraisers have returned the value of the property conveyed by the Bank to its assignees in its late general assignment at $5,109,700. It consists mainly of Real Estate, Internal Improvement stock, and sums due from Improvement Companies. The more available assets of the Bank had been specially assigned before.

23. January 5, 1842 The New York Herald New York, NY
Article from The New York Herald, January 5, 1842

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MONEY MARKET. Tuesday, Jan. 4-6 P.M. The transactions of the Stock Board to-day presented the usual features,viz: that of a disposition to sell,and declining prices. Delaware and Hudson fell 1 per cent; Indiana dellar bonds 1; Illinois 6 per cents 1: Harlem 1; Long Island 1; Bank of Commerce 2 per cent; Corporation 5's & per cent. Bills on Philadelphia 6; Mobile 13; New Orleans 9. The Legislatures of this State and of Pennsylvania, meet to-day, and both have important duties before them, in relation to financial matters. The first to preserve the tottering credit of the State, and rescue its fiscal con. cerns from the grasp of the stockjobbers, and the other to retrace their steps, and if possible, to restore its tarnished honor. That can be done in the first instance only by instantly, compelling a resumption of specie payments by the banks. That measure will be an earnest to capitalists, that there is some disposition to pay. Our Philadelphia correspondent, this morning, informs us that at a meeting of the U. S. Bank stockholders, a de tailed statement of the famous suspended debt of $29,000,000, of which ,according to the committee of last year, "very little is mercantile paper," will be made public. It is due to the honor of the State of Pennsy Ivenia that this should be done. The report of the Treasurer of the State of Maryland for the year ending 1st December, 1841, is before us. The receipts and expenditures have been as follow :985,970 Received in 1811, 996,492 Expended $91,478 Balance on hand, 250,953 Subject to an additional charge of $159,374 Deficit, The receiptsfor the coming year under existing laws $300,000 are estimated at 1,376.008 The expenditures, 1,215,483 Leaving to be raised, The Treasurer recommends an immediate tax of one dollar in the hundred, and earnestly presses the neces. sity. He remarks as follows:Last year, $600,000 would have saved the honor of the State and kept the treasury solvent through the year.To comply with her obligations through the year 1842, she needs more than double the sum. Last year she wanted additional aunual revenue, to the amount of $600,000 only. Now her annual wants are nearer $700,000. The deep disgrace to ensue her impending insolvency -the foul stain it will cast upon the bitherto bright and unblemished escutcheon of our venerable State, must make every son of Maryland, who has a heart or conscience, hang his head in shame-at home and abroadhere and every where-as long as it shall endure. The condition of the treasary of the Federal government, rendering ATI increase of revenues necessary, has opened the whole question of the tariff, and as was to be expected, the manufacturers seize the opportunity, in order, by clamour and misrepresentation, to obtain a bounty, in the shape of a protective duty on each particular branch, at the expense of the people at large. The Secretary ofthe Treasury, in his annual report, has lent himself tofu ther this object, and, with a bold disregard to the advancing state of public opinion, has advocated the policy of taxing the mass of the people in this country for the benefit of the comparatively few manufactors in it. He endeavors to show that when, in any country, a duty is laid upon aa article, the burden falls upon the foreign producer. The practical operation of the corn duty of England shows the reverse of this to to

24. 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,