1922. Bank of the Metropolis (Washington, DC)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: state
Start Date: May 12, 1837
Location: Washington, District of Columbia (38.895, -77.036)

Metadata

Model: gpt-5-mini
Short Digest: 3eb9ad67

Response Measures

Accommodated withdrawals, Public signal of financial health, Capital injected, Full suspension

Other: Government/Mint and Treasury drafts used to prop up the bank; directors pledged private fortunes.

Description

Newspaper reports describe a heavy run on the Bank of the Metropolis in mid-May 1837, followed within days by suspension of specie payments (despite government support, drafts and Mint specie). Later items (1837–1838) indicate the institution continued operations, paid out specie after the suspension, and sought charter extension in 1838, consistent with suspension followed by continuation/reopening rather than permanent failure.

Events (3)

1. May 12, 1837 Run

Cause: Macro News
Cause Details: Panic from broader collapse and Treasury policy (widespread bank suspensions and 'the Experiment'); runs on many banks and loss of confidence in specie payments
Measures: Treasury provided a draft on the Mint for $200,000 and individual government officials reportedly became responsible for specie advances; bank issued printed notices asserting ability to pay and directors/cashier pledged private fortunes
Newspaper Excerpt: A heavy run has been made on the Bank of the Metropolis today, and one on the Bank of Washington
Source: newspapers

2. May 16, 1837 Suspension

Cause: Macro News
Cause Details: General suspension of specie payments across the country and overwhelming runs despite government attempts to prop up the bank (Mint drafts, requisition of specie); bank ultimately suspended specie payments in mid-May 1837
Newspaper Excerpt: The Bank of the Metropolis ... was compelled to yield to the general necessity. ... it was obliged to suspend specie payment.
Source: newspapers

3. May 12, 1838 Other

Newspaper Excerpt: Subsequent to the general suspension of specie payments, the institution has, nevertheless, paid out not less than sixty thousand dollars in specie... apply for the renewal or extension of its charter beyond July next; to which it is at present limited . . . they are prepared... to resume every branch of its specie business, embracing both deposites and notes . . . (Memorial of President and Directors). (May 1838).
Source: newspapers

Newspaper Articles (14)

1. May 2, 1837 The Herald New York, NY

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WASHINGTON, April 29th, 1837. y The Committee appointed at the meeting of the g merchants of your city, has not yet arrived. The : gentlemen comprising it are expected tomorrow morn) ing, and I presume will present themselves before the f President on Monday next. They are looked for with / great eagerness by the citizens of Washington, who are just beginning to feel the pressure. The pet bank of this city, Bank of the Metropolis, has been recently shaken toits centre. Severaldra have been made on its specie, which have nearly exhausted that article in the vaults of this bank. A citizen of Washington held a warrant for $2000 payable at that bank, which was refused to bepaid. Heimmediately called upon the Secretary of the Treasury to communicate the fact, and was told that it could not be paid, because the fund out of which it was to be paid had not been created. This fund was to be produced by the sale of the stock held by the government in the United States bank, which had not been done. He also remarked that several pensions were also due-some to poor men of $40 per annum, who had not received their pay for 6 months. The other banks are considered as safe but the pressure here is considerable, notwithstanding the amount of public money expended in this city, and the regularity and certainty of payment. It is believed that Van Buren will not consent to revoke the Treasury order, though he may agree to call an extra meeting of Congress. Me is prepared to receive the committee, and has concocted a sort of non-committal reply to the resolution of the merchants convention. He considers himself under no obligation, it is said, to comply with the expressed wish of Congress at its last session--that having been vetoed by his predecessor. I will write to you daily till the committee has executed the object of its mission to this city. THE COAL TRADE.-An extra, dated last Saturday, 29th ult., from the Miners Journal, Pottsville, Penn. has the following,A numeroas and respectable meeting of Coal operators was held this day at the Pennsylvania Hall.The meeting was called for the purpose of taking into consideration the state of the Coal Trade. The embarrassments of the commercial community abroad, have reached our region, and produced their natural consequences A general curtailment of coal operationshas taken place-many of the largest mining establishments have discharged all their men, except a sufficient number to keep their mines in order. Others have greatly reduced the number in their employ. It is supposed that the number of miners and laborers thrown out of employment this day, independent of those employed in hauling coal, will not fall short of 500 men. The immediate cause of this suspension of operations is to be found in the fact that contractors for coal in the Atlantic cities have directed shipments to cease, inasmuch as they are unable to effect sales, and consequently unable to meet the drafts drawn on them by coal shippers, except at long dates ; and urbanks refnse to discount such paper. We hazard nothing in predicting that unless measures are taken abroad to receive the coal already mined, a total suspension of all coal operations must take place in this region. BORROWING.-The people who have the happiness of cailing this city their home, often have some ext cuse for borrowing, and even stealing the Herald, inasmuch as we find it impossible to supply the demand. Yesterday every copy was gone by 8 o'clock, and SO it is day after day. We order more printed, but it is of nouse. We would have the matter stereoe typed at once, and employ two or even three extra 2 double cylinders, were it not our policy to keep the I generous, sensible and discriminating public a little d short, just to give them a higher relish. Therefore, d when our citizen readers are disappointed in procuring e a paper at the office, it is very natural that they should ' borrow the first one they can lay their hands on. In a the country the case is different, and those people who h bore our subscriber, our only subscriber, in Middlee ville, to death, are respectfully informed that they 1. manifest more taste than liberality, and that we shall Z e not put up with it. e D Of all the miserable beings that infest society, o the croakers are the worst. If their predictions could f accomplish any thing, ruin, starvation, and utter anp nihilation would sweep ver us, and the whole world d would go to the devil. These pests are very busy at e this time, prophecying war, pestilence and famine, n when every one should be keeping up his own and d others' spirits-making every laudable exertion, and hoping for the best, instead of predicting the worst. D The alarm of fire last night, at about 11 'clock, arose from a chimney at the corner of Beekman and r, Water street. The flames were almost immediately extinguished. e S Dr The editor of the Brenclose (Miss.) Republican e is so noused to receiving subscriptione advance

2. May 15, 1837 The Herald New York, NY

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bank suspensions. [Correspondence of the Herald.] WASHINGTON, May 12th, 1837. The whole city is in a state of alarm and confusion. The "Experiment" is beginning to operate at home and the people here have become terrified by the appearance of things. This morning the Patriotic Bank of Washington and the Union Bank of Georgetown have suspended specie payments; the former till it learns what the banks of Baltimore intend to do, and the latter permanently. This IS the second instance of suspension of the Patriotic Bank, and its credit will of course be prostrated. A heavy run has been made on the Bank of the Metropolis today, and one on the Bank of Washington, but to no great amount. The Secretary of the Treasury, in order to sustain the former, being a depository of the Government, has given it a draft OR the Mint at Philadelphia for $200,000, and in one case has become responsible himself, to the amount of $20,000, to an individual of this eity, who made on this bank a demand for specie to that amount. The alarm is nevertheless so great, that the banking house and street in front of it, are crowded with applicants for specie. Both the Bank of the Metrop lis and the Bank of Washington think they can sustain themselves, and have issued printed notices declaring their "ability to fulfil the engagements and liabilities of the banks, having assets to nearly double the amount of their liabilities," and have therefore determined to continue specie payments. The President, Directors and Cashier of the Bank of Washington have, moreover, pledged individually and collectively "their private fortunes for all just claims against the institution." This declaration has restored confidence as to that bank, but the distrust and suspicion in regard to the other still continue, and the rush is unabated. I presume it will be able to sustain itself, aided as it is by the Government, unless a general suspension throughout the country becomes necessary. We are in an awful condition. The notes of the Virginia Banks of the best standing will scarcely be taken at all, and when they are received, even those of the Deposite Banks, they are at from 5 to 10 per cent. discount. Groups of citizens are seen at almost every shop-door, listening to accounts of failures, and awaitthe fate of our city banks.

3. May 18, 1837 The Herald New York, NY

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Important from the South. The express mail brings us letters from our various private correspondents of the highest importance. Congress is meeting-legislatures are meeting-banks breaking-every thing in confusion. Read and reflect. [Correspondence of the Herald.] WASHINGTON, May 16, 1827. A faint ray of light IS beginning to dawn on the condition of our country. President Van has issued his proclamation an of in September next, to gloomy meeting Buren congress calling adoptsach early measures as the exigencies of the nation demand. How mortifying to be thus obliged to retrace his and to acknowledge his of associates in bringing the country a steps, his publicly folly into such and state that of bankruptcy! In any other government, men lose their heads, and deserve to do so. But it late to do good, and it is part error. His predecessor dom is would never to correct too the would of never wis- if have done it, but would have persisted in wrong, the whole country had been up in arms. The bankruptcy of the pet banks in other places so enraged the government here, that they swore in their wisdom that the pet bank here should be suspended at every risk. The wiseagres have still to learn the rudiments of finance. They thought that they could keep a bank, with a capital of about $300,000, and loans to the amount of near two millions, in a condition to shell out specie, while all the other banks had been obliged to suspend payment. The absurdity of this attempt was demonstrated this morning by a suspension of specie payments by the Bank of the Metropolis, notwithstanding the bluster of the adminisand the public and solemn pledge of the predirectors and cashier of that sident, tration, institution. good to stand The Bank of Washington, finding it not alone, has followed suit, and now we are all adrift again. The corporations of the cities of this district talk of issuing their "shin plasters" of the denominations of one and two dollars, to the amount of ten or twenty thousand dollars each, to serve as change. The Secretary of the Treasury has issued a notice in relat on to the deposites, and the payment of merchants' bonds, which is to be suspended till after the meeting of congress on the first Monday in September next. A curious exhibition of trickery was made yesterday, to keep up appearances in the Metropolis Bank. The president would give his check for fifteen hundred or two thousand dollars to one of the minions of the bank, who presented the check, and the specie was very slowly counted out by the teller, consuming in the process about an hour and a half, while the legitimate note holders had to wait till the operation was performed. After he had received the money in his bag, he would secretly slip round to a private door, and redeposite the specie he had obtained. This scheme was practised the wholeday when it was concluded to suspend payment, which was announced this morning. The agony is ever for the present, but the community are greatly. alarmed at the appearance of things here. The butcher, the farmer, meal seller, &c. refuse to take any thing but specie, and the specie has almost entirely disappeared, as if by magic. Some are at a loss to know what to do for bread, meat, and other articles of sustenance; for though they have bank notes, they cannot get the An necessary articles of consumption for them. honest tar, who had just been paid off in your city with the notes of a pet bank there, had occasion to visit Washington, and yesterday presented his notes to the pay teller of the Metropolis Bank for specie. He was told that he could not get it, and that his money would not be received. He hurried off immediately to the Secretary of the Navy, who said he was Deextremely sorry, but could do nothing for him. termined not to be thrown off in that way, he hastened to his excellency the President of the United States; and the President, like the Secretary, was extremely sorry, but could do nothing for him. The honest tar became indignant, and not having the fear of Martin before his eyes, he cried out, "damn your sorrew, sir, I want my money; your sympathy is not worth a sous markee to me; it's the specie I wants, and, blast your eyes, the specie I'll have by hook or by creok. NEW ORLEANS, May 8, 1837-10, A. M. Great things are in preparation. You must know that the French Banks, viz: the State, the Improvement, the Planters, and the Citizens, are deadly opposed to the twelve American Institutions, viz : the Canal, Gas Light, Commercial, Atchapalaga, City, Mechanics, Carrolton, Orleans, Union, Bank of LouMerchants, and Exchange. Forstall, Presiisiana, dent of the Citizen, has said, that he will break the American mensters-that he dares hem 10 discount it is in contemplation among the American Institutions, to jein a rectors dollar. of Now, hand-in- the set di hand, make a common depository of their specie, tle up every day, but not to draw specie for their

4. May 18, 1837 Western Courier Ravenna, OH

Article from Western Courier, May 18, 1837

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2d. The suspension of suits upon custom-house bonds until January next. 3d. The immediate convocation of Congress. SURPLUS, AGAIN:-The Fund commissioners of the Counties of Trumbull, Cuy. ahoga, Lorain, Medina and Stark have concluded to loan the Surplus to individviduals. The Commissioners of Portage have been in session some days endeavoring to get released from their obligation to the bank. The clamorous outbreaking of public opinion and popular feeling has convinced the wire workers and their instruments, that the people-are not yet prepared to bear the full operation of their-doctrine. The united voice of the people was raised against being sold to the Cleveland Bank. The citizens of the county with one united burst of indignation, reminded those who would sell them to a bank, that they have not yet become the passive, abject slaves they had taken them for. Although, at the last election, a majority of the voters were wheedled into voting the whig ticket, by misrepresentations and falsehoods, yet they were not SO far reduced and debased as to willingly submit to a sale and transfer of their natural and vested rights. What will be the result of this session of the Commissioners we cannot say. Down go the Barber's Shops.-A port is in circulation in Town, that the Canton bank has stopped specie payment. A passenger in the Stuge from Cleveland, last night, says that the Cleveland bank has also suspended specie payments.Wonder where Portage County's proportion of the Surplus revenue is!! THE Weather.-We see accounts of suicide in almost every paper we take up, and we do not marvel at it, if the weather is as bad every where as it is here. We have had but two or three days this spring that it was comfortable without fire to sit by-and over-coats and mittens have been in almost constant requisition.There is frost almost every night. We write.this article by a large hickory fire. SUSPENSIONS BY THE BANKS.-By papers received this morning we learn that the Banks in the city of New York have stopped payments-not because they have not specie in ther vaults, but for the purpose of distressing the Country still further, for political effect. The Bank of the United States of Pennsylvania has also stopped payment to increase the panic and subserve political ends. If the officers of the banks would follow the example of those of the bank of the Metropolis at Washington city, confidence would be restored and business ngain resume its natural course. The Bank of the Metropolis has published the following notice: Bank of the Metropolis, May 12, 1737. Notwithstanding the information which has sion of reached of specie Washington, payments by of the the Banks suspenNew York, as well as some of the Banks of Philadelphia and Baltimore, the President and Directors of the Bank of the Metropolis, confident in their ability to fulfill all engagements and liabilities of the Bank, have determined to continue specie payments. Satisfied of the strength of the Bank of the Metropolis to sustain its credit, the President, Directors, and Cashier, have determined to plege, and they will, individually and collectively, pledge, their private fortunes for all just claims against the institution. By order of the Board: JOHN P. VAN NESS, Pres't. Tosto

5. May 19, 1837 Vermont Phœnix Brattleboro, Bellows Falls, Ludlow, VT

Article from Vermont Phœnix, May 19, 1837

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Bank of the Metropolis. -Government drafts came on yesterday, we are told, for specie to be paid by the deposite Banks here, for the purpose of re inforcing the Bank of the Metropolis and the Bank of Washington. These drafts were of course not honored. A counter current started South immediately on the announcement that there were specie paying Banks at Washington, and every dollar of demands upon them which can be mustered any where, will immediately be presented for payment. It willsoon be known, therefore, whether in the midst of a general suspension, one little point can be made an exception. If it can, the effect would be only mischievous, for in order that a Bank under such circumstances should maintain specie payments, it must pay off its debts and stop business. It can have no influence on the state of the currency. It must be like the little bit of meat which they say the Irish at home suspend over their dinnera thing to be pointed at, but not to be used. N. Y. Jour. of Com. May 16.

6. May 25, 1837 Virginia Free Press Charles Town, WV

Article from Virginia Free Press, May 25, 1837

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Failure of another Experiment!-The ridiculous attempt- made by the Goverament to sustain the Pet Bank, in Washington, the Bank of the Metropolis has, as was generally anticipated, entirely failed, and that institution, backed by the Mint itself, has suspended Special Payments. The country was put under requisition to supply this Bank with gold and silver-the Mint was drawn upon for its treasures-the private fortunes of the directors of. the Bank were promised to be pledged to sustain-its credit -puffs were daily issued in the Administration papers and the public funds lavished upon it, without authority or security-and yet after all this aid and assistance-all this pyffing and swaggering-the Bank had to succumb and declare. itself no better than the other institutions of the country of a like kind. And thus ends another Experiment -just as all the experiments of the Cuneacy Pinkers who have been and are at work, always will end. [Alex. Gaz.

7. May 25, 1837 Litchfield Enquirer Litchfield, CT

Article from Litchfield Enquirer, May 25, 1837

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THE ENQUIRER. LITCHFIELD, MAY 25, 1837. The Legislature.-From this body we learn very little of importance. Week before last on Friday morning the adjourned over to Tuesday afternoon.On then assembling, it was found there was no quorum present and on Wednesday the House was thinly attended. Thus was nearly a week lost, and we suppose the members getting their pay from the Treasury for the whole period. No business of consequence has yet been accomplished. But few committees have reported and no appointments made.We learn that the Litchfie!d county members have had one or two county meetings, but recommended no appointments of consequence. His honor Judge H. P. Welch, we understand, hangs by the gills" in county meeting it is not probable he will be recommended for the office of Judge again, but whether the House will take the responsibility of putting him in remains to be seen. In county meeting he had but 14 votes out of the 33 members. This looks rather squally for His Honor when all his own troops cannot be brought up to the scratch. We learn further, that the small bill petitions-that is, for allowing the Banks to issue bills of $1 and $2-are not likely to be granted. If they should not, the state will probably soon be flooded with either small bills from Massachusetts and Rhode Island, or shinplasters will have to come into use. There is no other alternative. From the little experience we already have had, we imagine the community are satisfied that we cannot get along for change with our present means. KT Since the preceding page, and the above notice were in type, we have received a slip from the Hartford Courier, containing an account of the proceedings of Saturday and Monday, but for which we have not room. Nothing of much consequence was transacted on either day On Saturday, the appointments of County Court and Probate Judges for Middlesex County, and of County Court Judges and Sheriff for Windham were made-Hezekiah Lyon is the Sheriff T'appointed-theothers webelieve same as last vear. Bills repealing the charters of the Stamford, N. Haven City, and Quinebaug Banks, had two readings and referred to committee on Banks. An abstract showing the actual condition of the several Banks in this State, laid on the table, and 2000 copies ordered be to printed. On Monday, the bill relating to settlement of inhabitants in towns, prohibiting their admission by vote of civil authority and selectmen, or by being appointed to civil offices, was read second time, and postponed for a third reading. The answer of the Directors of the City Bank at New-Haven to the Report of the Committee appointed to examine that institution, was presented-and on the motion to print 1000 copies, gave rise to considerab deba Messrs. Raymond, Phelps of Woodbury, Willey, Curtis of Watertown, Carrington and Donaghe in favor and Messrs. Woodruff and Curtis of Monroe prevailed. ficated as We have so crowded our coluought to be to from other papers respecting up of children at failures," legislative record, &c.e country. In a room left for editorial speculationently chargeable, bes in breakings of as CONGRESS is to be er brittle materials Monday of September to meet ad unfortunate heas least weighty considerations" are the which, at is rathPresident deigns to offer in his incerned, jild and equable this step. port Uncommon Occurrence.-A gentleman who started for the West' last week, called and paid up his printer's bill before leaving! So says a western New-York paper. We can tell a little better story than this. A friend and townsman of ours started for Ohio a few days ago; but before going he called upon us, and not only paid up arrearages, but paid for the Enquirer two years and a half in advance ! May health, happiness, and abundance follow in his train. Hear what the government pet-Mr. Van Buren's par excellence organ-the Albany Argus says of the Postmaster General's order to pay for postage in specie. Not one of the lesser lights in the region hereabout dare utter such censure : We understand that an order was received yesterday by the Postmaster of this city, from the department at Washington, directing that all payments for postage should be paid in specie, and that it should be retained in the office, subject to the draft of the general office, or to the payment of contractors, expenses, &c. We regret the supposed necessity for such order ut this moment as it can scarcely fail to lead to much public inconvenience, and to serious loss of revenue to the department.-Albany Argus. The Government Pets.-The Bank of the Metropolis and the Bank of Washington undertook to continue to pay specie after the other Banks had stopped, backed by the influence of the government but after two or three days experiment," such was the constant run upon them for specie that they also yielded. or As the news of the suspension of epecie payments by the New York Banks travels South and West, all the banks follow suit. Proceeding southwardly, the news is met that in Mississippi and Alabama and Louisiana the banks have there anticipated the movement, and also suspended. In New York, they stopped on the 10th, in Natchez on the 8th, and in New Orleans, six of the banks stopped on the 12th, and it was believed the whole would follow in a day or two after. East, West, North and South, we do not hear of a single bank (except the New Haven City Bank) which has not yielded to the force of circumstances, and suspended specie payment. Sogoes Mr. Van Buren's specie humbug! or The report in our last paper, from New Haven, about the breaking of the Bridgeport Bank, turns out to be untrue. The Cashier says no process has been served upon it, and that no bank in the state is in more sound or solvent state. MR. ADAMS-Please inform your readers why it is that the convenience and interests of community should be made tributary to either the EASE or INDOLENCE of Post Masters or their Clerks ? Had not the office better be open bef fore o' clock at this season of the year, and thereby add to the eliances of replying to letters from the south by first return mail Furthermore, is a Clerk in Post Office absolved from or disgraced by an attentive and civil demeanor to the cusACCOMMODATION. tomers of the office? MARRIED. In Torringford, Mr. Eber N. Gibbs, of Farmington, to Miss Abigail W Hudson. In Warren, Mr. Daniel E. Brinsmade, of Washington, to Miss Orphey Sackett, daughter of Benj. Sackett, Esq. In Hartford, Frederick Ellsworth Mather, Esq. of New to Miss Ellen Pomeroy Goodrich, adopted to to Miss Jane daughter Haven, Miss Sarah In Wilton, York, of Elizur Mr. Ann Goodrich, James Lewis, Middlebrook. H. both Esq. Smith, of East Mr. printer, Hartford. Henry of Wright NewIn Mr. Nathan Burwell. of Southbury,

8. May 30, 1837 Vermont Watchman and State Journal Montpelier, VT

Article from Vermont Watchman and State Journal, May 30, 1837

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MONTFELIER: TUESDAY, MAY 30, 1837. The Government. About the first of this present month, it will be remembered, a committee of the merchants of New York waited upon the President and requested 1st, a repeal of the Treasury order; 2d, a special session of Congress; and 3d, indulgence to the merchants in the payment of the custom-house bonde. To the two first decided negatives were given on the 4th of May, by the President, and to the last a negative was also given by the Secretary of the Treasury, a few days thereafter. From that time to the present 'the government' has been liserally panic-struck, and things have gone on somewhat after the very ludicrous tune of "wheel about, tun about, and jump Jim Crow." While justice demands of us to say that stern necessity has forced the Executive to cut the ridiculous figure it does, it also demands of us to remind the reader that misgovernment has created this necessity. To exhibit minutely the different steps in the process of wheeling about, is hardly necessary: suffice it to say, as to the three important measures above named, that the Treasury order is de facto repealed, rescinded, annulled and "expunged;" and a special session of Congress is called, the refusal of the President on the 4th of May to the contrary notwithstanding; and on the 15th inst, notice was given that the collection of the custom house bonds might be delayed till the first of October, although the Secretary of the Treasury had but a few days bei re said that indulgence could not be given. There are other orders from the Departments, and other occurrences, perhaps equally curions. On the 12th of May the Secretary of the Treasury issued an order instructing the collectors of customs to becoras the keepers of the public revenue collected, where the deposite banks had suspended specie payments-an acknowledgment that the "experiment" of Jackson & Co. in substituting state banks for the old U. S. and branches as places of deposite, has utterly failed. The same order required revenues to be paid in specie or its equivalent. At the very time this order was in force, on paper, the government paid out paper of non-specie-paying banks to claimants, but would not receive the same money back for customs!! Of course such a state of things would not be tolerated by the people; the merchants refused to pay their bonds, except in such money as they received from the Government; and on the 15th of May a new order was promulgated, giving notice that the Department would issue treasury warvints and drafts or checks on banks where it had funds, and iz specie paper money would be tached fer landed ditios does this accord with the promise that soon the gold was to flood the country? The Post Office Department has been about as unfortunate as the Treasury: Mr. Kendall having ordered the payment of postages in specie or its equivalent, and the postinasters (some of them) has-ing taken the responsibility of doing as they pleased, the probability is that this 'experiment' will also fail. This Department also promised to pay in specie, and an effort was made to keep up a little bank at Washington which would redeem its bills with specie. But it was a failure, notwithstanding the Government used every means to sustain the bank, by supplying specie from the mint, and from every other available source: even the bank of the Metropolis stopped payment, and that 'bow in the heavens,' as the Globe called it, was dissipated by the storm which has overwhelmed all. We note these things as the most conclusive proof that the government is the true responsible source for the present state of affairs. If the former policy of the government is not the true source of the evil, why is that policy changed? If the government is not responsible, why is Congress called together? The simple truth is, and it is practically acknowledged by the course of the Executive, however strongly its prosses may deny it, that the nation is reaping the fruits of misgovernment, and nothing but an immediate and complete change can stop the march of ruin. This change the people are witnessing; but no thanks to Mr Van Buren: on the 4th of May he expressly declared his adherence to his views expresse before his election. His change of conduct i the result of that necessity which regards neither the consistency nor the pledges of the powers that be. The causes--A little light in aldark place. any apology is necessary for the space we occupy in discussing the causes of the presen troubles, it is to be found in the fact that incessant efforts are made to mislead the people. The Patriot has performed its full part in the labor, and we have felt bound to meet it with line upon line. The editor of that paper has at last letout a good deal of truth, by design or mis

9. June 2, 1837 The Charlotte Journal Charlotte, NC

Article from The Charlotte Journal, June 2, 1837

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Friday, June 2, 1837. # The Bank of the State suspended specie payment! By the following notice of the Cashier, it will be perceived that the Bank of the State of North Carolina has, by circumstances, been compelled to fall into the current and suspend specie payment, not from inability to meet the demands against it, as will appear from the Expose of the President, which we also publish, but in self defence. The simple fact, (says the Raleigh Register,) that the Bank of the Metropolis, the Pet Institution at Washington, was unable to sustain itself, backed by all the resources of the Government, is justification enough for every other Institution which has suspended. It is an argument which can neither be got round or overturned, and the force of which, we presume, no one will be disposed to underrate. The reason the Bank refuses to take Cape Fear Notes is accounted for by the Fayetteville Observer of the 24th instant, in the following extract: "When the Bank of the State suspended payment, on Thursday last, there was some reason to believe that the Bank of Cape Fear would decide on a different course. If she continued to pay specie, she could not of course take the notes of the Bank of the State, a non-specie-paying institution. Should the latter, therefore, receive Cape Fear notes, she would be obliged to call for their redemption, either in specie or its equivalent. It was to avoid that appearance of unfriendliness towards the Cape Fear Ba, and to throw no obstacle in the way of the effort to pay specie, that the resolution was adopted." We were led to believe, from information we had received, that the refusal to take Cape Fear notes by the Bank of the State was owing to another cause than the one assigned above, and which we intended to notice; but inasmuch as the cause assigned by the Observer may be the real one, we shall wave any further notice of the subject.

10. June 3, 1837 Maumee Express Maumee City, Maumee, OH

Article from Maumee Express, June 3, 1837

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banks has so operated on that financial action, as to leave the Government no alternative but to assemble Congress. Let none of the followers of Van Buren raise the cry that the President has been induced to take this step by sympathy with a suffering and impoverished people. No such thing. He did look on—and he would have continued to look on the people's distress without ever extending a hand for relief or protection. It was not till the embarrassment reached himself and his admirers, that he consented to call together the nation's representatives—because he could not do without them. It will become very early the duty of the citizens of those states whose representatives are not chosen to take steps for an election in time for this extraordinary session. Every good and active citizen ought immediately to buckle on his armor, and prepare for the coming contest. We are on the eve of a great battle, which will be fought in the halls of the capitol, as well as before the people themselves, and in which the WHIGS will contend manfully for the ascendancy of those principles on which depend the preservation of our free form of Government, and the restoration of peace and prosperity to an agitated and afflicted country. The subjects which will be brought before Congress are of the most momentous importance. A principal aim of the constitutional party will be to take the PUBLIC PURSE out of the hands of the knaves and charlatans, and put it under the control of Congress, as the constitution did—and where it remained safe and unharmed until seized upon by Andrew Jackson. The Government has been forced to abandon the ground it assumed in regard to the three requests of the New York Deputation, and done exactly what it declined to do! The President refused to call Congress together—and yet he has called them together. He refused to repeal or modify the Treasury Circular—but the Secretary has just issued an order which does in effect repeal it; and finally, he has granted an extension of the the time for the payment of custom-house bonds. The whole Cabinet are in a peck of trouble—they know not what to do. In their dismay and confusion they made a desperate effort to bolster up the bank of the Metropolis—the pet at Washington. They proclaimed everywhere, through the columns of the Globe, that the institution would continue to meet its liabilities by the payment of coin. They put several of the banks under requisition for a supply of specie nay, even the Mint of the United States was drawn upon to sustain this papered "Pet." But in the midst of all these boasts, a single instance of their emptiness occurred at New York, to which place a Treasury draft on the bank of the Metropolis was sent, accompanied with an earnest request that payment should not be demanded at present. The end of all their vaunted stability is now come. Yesterday the bank was obliged to suspend specie payment. The miserable expedient resorted to by the Government financiers to deceive the people into the belief that they could meet their liabilities in specie, has turned out to be utterly ineffective and impracticable. They cannot even maintain a show of credit. The members of the Government were now bent on another expedient. They mean to convert the Treasury into a sort of bank for the issuance of Treasury warrants from five and ten dollars to the largest sum. They flatter themselves this will yet save them from the consequences of the experiment. It will not do. Congress will take the matter into their own hands. The people will no longer submit to be oppressed and impoverished by such a crew of ignoramuses and swindlers as had Jackson under control, and as Mr. Van Buren yet seems disposed to keep around him. These events have given quite a stir to Washington, generally so quiet during the recess. Brokers and speculators poured into the city instantly as they heard specie-paying banks were there. The scenes presented at the banks of the Metropolis of Washington were amusing. Crowds all day long pressing for the glittering treasure. I will keep you advised of all that happens. Y. L. OPERATION OF THE EXPERIMENT IN OHIO. We meet with the following in

11. July 12, 1837 Martinsburg Gazette Martinsburg, WV

Article from Martinsburg Gazette, July 12, 1837

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THE CAT LET OUT.-1 / It has con light that the great head of the Deposite Banks, the Bank of the Metropolis, in the District of Columbia, of which that flaming Jackson Van Buren man, General John P. Van Ness, is President, did not suspend specie payments until the step was recommended by the Executive of the United States-by the President and his Cabinet, Levi Woodbury, Amos Kendall and all ! And these are the men who enjoin it upon their subordinates to obey the law to its letter, whether it exacts, as the times are, impossibilities or net, so that it screws the specie out of the clutches of the people !These are the men, forsooth, who advised the head of the Pet Banks to break the law by suspending specie payments ! General Van Ness has come out with a letter upon the subject of his Bank's suspension. The following is the closing paragraph of his expose : It is but justice to ourselves to add, that whilst the Executive of the United States approved our earnest determined efforts to carry through our specie pay ments-80 hopeless did they at length con.

12. July 13, 1837 Herald of the Times Newport, RI

Article from Herald of the Times, July 13, 1837

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Stick a pin there. It is ascertained by a letter from the President, that the Bank of the Metropolis suspended specie payments on the recommendation of Messrs. VAN BUREN, Woodbury, Kendall, &c.

13. July 17, 1837 Vermont Watchman and State Journal Montpelier, VT

Article from Vermont Watchman and State Journal, July 17, 1837

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Mark this! The V. B. presses are full mouthed in crying out against the suspension of the banks, charging it as a trick to supply England with specie. Now, be it remembered, that Martin Van Buren approved the suspension of the Bank of the Metropolis! and that several Van Buren legislatures, New York at the head, have authorized the suepension of their banks and removed their liabilities!! Not a single Whig state has yet authorized the bank suspensions.

14. May 12, 1838 The Madisonian Washington, DC

Article from The Madisonian, May 12, 1838

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dice." We are requested to pubiish the following copy of a Memorial presented to the Senate of the United States by the President and Directors of the Bank of the Metropolis: To the honorable the Senate and House of Representatives of the United States, in Congress assembled : The Memorial of the undersigned, President and Directors of the Bank of the Metropolis, respectfully sheweth: That your memorialists apply, on behalf of the stockholders of that institution, for the renewal or extension of its charter beyond July next; to which it is at present limited. In doing so, your memorialists briefly state, That the institution was first established and organized as an unincorporated association in the year 1813. That afterwards, on the 3d of March, 1817, it was incorporated, by act of Congress, until the 1st of January, 1822, with a capital of five hundred thousand dollars. That, on the 2d March. 1821, its charter was extended to the 3d March, 1836, and afterwards to July next. That its affairs have always been conducted with acknowledged prudence, and, at the same time, in a spirit of liberal and extensive accommodation towards the business of the community. That time, during the embarrassing vicisitudes which all banks had to contend with-many. them sinking under the pressure-has thisinstitution failed or hesitated to pay specie, when required, for all its engagements, until May last. That, at that period of general suspension of specie payments, it made the most honorable effort-an effort protracted, approved, and eulogized by all-to resist the torrent that swept, for a time, almost every o her institution in the country; but, finally, almost left alone, it was compelled to yield to the general necessity. That it has afterwards, however, to facilitate both the public and private business of the place, paid out large amount of specie; and is prepared, whenever there shall be a simultaneous resumption, (which it has exerted itself to hasten;) to resume every branch of its specie business, embracing both deposites and notes. That, among other acts connected with the character of the institution and its operations, it is recollected with pride that, at the most gloomy and desponding period in the history of our country since the Revolutionary war, when the Government, (the Executive only being at this place) was without means, and almost without credit, it furnished at leinterest, a principal part of the funds for fitting out and sustaining the New Orleans expedition, promptly loaning the money for that purpose upon the sole, personal, legal responsibility of one of the public functionaries, known at the time to be much embarrassed in his private pecuniary circumstances. That it has, for several years, been an important fiscal agent of the Government, and faithfully, as such, discharged its duties and finally promptly paid, long since, the balance due from it to the Treasurv. That during the progress of the heavy curtailments of the late Bank of the United States in closing its business in this Dristrict, this institution gave, and still gives, important aid to relieve the severity of that curtailment. That its business has long been, and still is, very extensive, amounting nearly to that of the aggregate of all the other banks of the District; has always, bésides being publicly beneficial and satisfactory, been prosperously and satisfactorily conducted, as relates to the stockholders, who, at a general meeting, after a critical and minute examination, upanimously approved the administration of its affairs; and, moreover, such has been the care with which it has been managed, combined with its regard for the interests and convenience of the public, that it is rarely compelled to resort to proceedings at law. That the attention of your honorable bodies is invited to the statement of its present as well as its past condition for many years. That it has for some time past been, and still is, preparing, by largely contracting its discount line, as well as other means, to co-operate fully and vigorously in the return to that wholesome system of business so important to the country, at the earliest practicable moinent. Your memorialists, therefore, pray that the Bank of the Metropolis may be reincorporated for a further term from July next, with the privilege of increasing its present capital ($500,000) at any time, to any amount that Congress may now limit, not exceeding two millions of dollars. Subsequent to the general suspension of specie payments, the institution has, nevertheless, paid out not less than sixty thousand dollars in specie, towards the accommodation of the business of the community. APPOINTMENTS BY THE PRESIDENT, By and with the advice and consent of the Senale COLLECTORS OF THE CUSTOMS. Archibald Clark, St. Marys, Georgia from 6th May, 1836. John P. Osborne, Sag Harbor, New York, from 10th May, 1838.