19220. United States Bank (Philadelphia, PA)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Start Date: November 1, 1839*
Location: Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model: gpt-5-mini
Short Digest: 945c074a

Response Measures

None

Description

The articles describe the United States Bank of Philadelphia having suspended specie payments around 1839/1840 amid broad political, state-debt and currency disturbances and later efforts toward resumption. By Jan 1841 reports indicate specie on hand and hopes/attempts to resume; mid-1841 the bank is issuing certificates of deposit to noteholders/depositors. No discrete depositor run is described in these items, so classify as suspension with eventual resumption/reopening.

Events (4)

1. November 1, 1839* Suspension

Cause: Macro News
Cause Details: Wider systemic/political currency disturbances, state debt problems and national banking controversy (overtrading, state stocks and political conflict with Jackson/Biddle) leading Philadelphia banks including the United States Bank to suspend specie payments.
Newspaper Excerpt: drive our Banks to suspend specie payments. The only hope for a resumption of specie payments by the Philadelphie Banks, and particularly the United States Bank
Source: newspapers

2. October 1, 1840* Other

Newspaper Excerpt: The question of resumption on the part of the United States Bank is a matter of great speculation just now...the bank, up to the 1st of Sept, went behind hand daily, and was at that time in a much worse condition than at the period of her suspension, is incontestibly true.
Source: newspapers

3. January 21, 1841 Reopening

Newspaper Excerpt: We understand that the United States Bank has now in her vaults more than $4,000,000 in specie. All doubts as to a general resumption have disappeared, and we begin to indulge a hope that our community will glide so gradually from suspension into resumption that the affair will not create a momentary sensation.
Source: newspapers

4. June 19, 1841 Other

Newspaper Excerpt: The officers of the United States Bank are still engaged in giving certificates of deposite, bearing six per cent. interest, in exchange for its notes, as well as to such depositors as had funds in the bank at the time of its suspension. About $800,000 have been funded in this way.
Source: newspapers

Newspaper Articles (10)

1. November 16, 1839 Columbus Democrat Columbus, MS

Article from Columbus Democrat, November 16, 1839

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# "OPIUM" FOR THE GULLS. As the Gulls are bound to believe every thing asserted by Federal Whiggery, we suppose they have greedily swallowed the dose of opium ad-mtnistered by their quack financiers. The cause of the suspension, they say, is owing to a revulsion in the Opium trade of China, which amounts to about fifty millions of dollars, annually. This drug cannot be any longer employed by British merchants as an article of trade, because the Chinese government has forbidden its introduction into that empire. "The balance of trade," say the Whigs, "being against us, demands came over here from England for specie, and every packet ship went out carrying away from a half to a million of dollars." Now this might have done very well had the "Whigs" stuck to the Opium; but a number of other causes were mentioned by them, equaly absurd, which created no little confusion, and induced some of the more honest of that party, to avow the true causes of the Bank difficulties, and acknowledge that the Democratic presses had all along asserted the facts on the subject. But in view of this Opium matter, the Albany Argus says --" It is evident that opium is an important ingredient in a well regulated system; and as the whig candidate for President intends to establish a fifty million bank, one of his first acts will be to send a special minister to the Celestial Empire with instructions to get the traffic in opium restored to the old channels." We find the following amusing article on this Opium humbug in the Baltimore Republican: TO GENERAL ANDREW JACKSON. Honored Sir-I cannot deny myself the pleasure of communicating to you at the earliest moment of my knowledge of the fact, that it has been discovered, and is now admitted by all men of all parties, that the derangement of the "monetary system" was not caused by you. The author of the mischief has, at last been discovered, and all the streams of abuse which were formerly poured upon your head, are turned upon that of one Honqua, a rascally old Chinese scoundrel, who, luckily for himself, is beyond the reach of our merchants-snug and secure in China. He has refused to eat any more opium, and thus has driven our Banks to suspend specie payments. The only hope for a "resumption of specie payments" by the Philadelphie Banks, and particularly the United States Bank, is, that the Chinese will resume the chewing of opium. If old Honqua takes to chewing Tea instead of Opium, and, is able to hold on and force the rest of the Chinese to do the same, we have the authority of the financiers of the United States Bank for saying that it is all dickey with us. It is proposed to send a committee (the same that were sent to you a few years ago) to wait upon the old Despot, Honqua, to coax, and if need be, to threaten him. Strong hopes are entertained that he will be found to be more pliable than you were. If, however, he prove obstinate, one hundred thousand freemen are ready to march at a moment's warning, with arms in their hands to Canton, (in China) and cram the Opium down the old rascal's throat, and thus bring about a resumption of specie payments in Philadelphia.--New York, I am sorry to say, refuses to join in this patriotic measure, her sun-shine soldiery not having yet got over the panic into which you threw them when they made their "demonstration" on you. They say they don't know this old Hon-squa, and that they fear he may be one of the same family, who emigrated to China, instead of the United States. The Baltimore committee will meet at Scotti's this evening, for the purpose of organizing preparatory to taking up their line of march for Canton. The known energy and spirit of that committee leave no doubt that the most prompt, vigorous and efficient means will be adopted by them to enforce the early and general "resuinption" of Opium chewing throughout China. The whole will be under the command of General BAGOWINDO.

2. February 5, 1840 Morning Herald New York, NY

Article from Morning Herald, February 5, 1840

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MONEY MARKET. TUESDAY, FEB. 4-6P. M. The rumor, that the Pennsylvania loan had been taken, and the interest due on the whole debt paid, connected with the favorable Message of Gov. Porter, seemed to create a little buoyancy in Wall street, and a slight improvement was visible in some stocks, although the sales were small. Harlem rose per cent.; N.A. Trust, 1 per cent.; Delaware and Hudson, 1 per U.S. I per cent.; Stonington, 1 per cent. Am. t per cent., and Dry per in this last mentioned a The Ex. cent.; Bank decline declined Bank, mentioned stock Dock is owing Bank few to 3) days want since, cent. of confidence in the directory. We a that there was some excitement on the subject, and strong endeavors were made to effect a change, which was unsuccessful. Mr. Stebbens, who has been almost sole manager, was continued in, with others. It appears that the Philadelphia loan has been taken at par. Mr. Dunlap made arrangements yesterday for an advance to the State of $870,000 on behalf of the U.S. Bank and such of the other Banks as might unite in it, the Girard and Pennsylvania Banks agreed to participate to extent and the interest will be paid. immediately each, amongst which, the of It the however of $100,000 avails Nine have nothing. Let us look at the facts case. of the Philadelphia banks have never acknowledged the necessity of suspension. The United States, and Gi rard banks failed, because the state stocks they held were inconvertible. Governor Porter, in his annual message, stated that the state must fail, unless the money was raised by taxation or new loans-the recommended the latter; the same time acknowledged that the banks were insolIn accordance with his a was created, and could not be was clearly for resumption: the people $870,000 vent. but at recommendation, and sold, the because banks, lend. the On if loan obliged will Tues. for of o pay their n debts, would have nothing to day last the insolvent banksant a committee to Harrisburgh. On Thursday the resumption bill passed the House,by a large majority;on Saturday the state failed, and on the same day the Governor to the Legislature, containing the following pasrigorous a system measures the payment of the sent eage. ed to a coerce "Ibelieve iftoo message liabilities and of will of the be banks seriously be imme- adopt- and diately, the credit of the state must affected." Or in other will lend their irredeemable paper as a means state debt, if they can have own say disastrously ing the they their words. the State the time bank must to committee take resume- of pay- care but if you oblige them to resume, of itself. On Monday the committee returned to Philadelphia, and on Tuesday it is announced that the insolvent banks have taken the loan. It is now perfectly well under if the bill passes, the Governor of remark, also, that the United in Europe $1,500,000 of state pledged stood worthy that stocks, all will issued States that veto the in Bank state it. August It has has is last, for money to pay its own debts. And received is a credit on the books of the bank for $1,000,000 which figures in the Treasurers report as money oa hand." A large proportion of the $600,000 due on Saturday is payable in,Europe, and must be remitted specie, a feat which neither the state nor the U. S. Bank can well accomplish at this moment. STATEMENT OF THE LEADING FEATURES OF THE BANK OF PENNSYLVANIA, ON THE 3RD INST., AS COMPARED WITH THE RETURN OF JAN. 1839. Feb. 1840. Increase Decrease. Jan. 1839. 3,630,205 390,607 4,020,913 Loans, 518 497 21,674 498,823 Specify 595,827 296,410 Circulation, 882,237 374,220 1,420,048 1,045,828 Deposits, We have frequently had occasion to mention the fraudulent issue of post notes by some of the new banks, particularly the "City Trust Banking Company." We will mention an operation, that concera. Persons whose names we have, were cance Fined in the operation of a machine in Clearfield county, ) l' c a carry on the business, they got their notes at the City Trust for post of $900. These they of about $400, when they disposed to discounted the amount remitted lost notes character. at to twelve the agent, in months, conse- who quence of the reports in the Herald. As the agent then came on and discovered that the remittances of the money had failed: he then applied to the City Trust for some security that would enable him to use the notes, which was refused. He was finally enabled to realise about 10 per cent, or $50. which is all he has been able to get. There are many small associations, among which is the Hudaon River Bank, that are preparing a large amount of these bills, for the purpose of inundating Ohio, Indiana, Illinois, and other states with them, for the purchase of produce. Letour western friends be cantious not to touch one of them. They are utterly worthless and fraudulent. RETURNS OF THE *BANKS IN MAINT, FIRST MONDAY OF JANUARY. 1840, AS COMPARED WITH JAN. 1939. Banks, Bills in circui's Deposites. Specie. Loans 5079 58,757 2,003 23,679 Androscoggin, 149,539 Augusta, 4,254 19,142 36,103 Agricultural,

3. March 23, 1840 Morning Herald New York, NY

Article from Morning Herald, March 23, 1840

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Bank has become so barefaced in its operations, that it is no more to be trusted, than one of the "free booting," banks of this State. We will state a case. R- & Co. one of the first firms in this cityshad recently, obligations falling due in Philadelphia, to the amount of $10,000. They remitted the money in due season to a house there for its payment. The money was then deposited in the U. S. Bank, and when the notes fell due at the Mechanics Bank, a check was drawn on the U. S. Bank for the amount. This was refused payment, and marked "good." The check was offered at the Mechanics Bank, and refused, as they will no longer trust the U. S. Bank. The conseqence was, that the notes of R- & Co. came back protested, and their money is in the hands of the United States Bank. How long do the Philadelphians imagine that New York and the East will subinit to transactions like this? We have no doubt, that by mercantile rule, the firm in Philadelphia, having with a full knowledge of the state of things, having, without the exercise of cominon prudence, trusted the United States Bank for the money, are responsible for the damages their principal has sustained. Hitherto, during the suspension of the banks, the merchants of Philadelphia have reaped the benefit of the state of things growing out of it; but time has now wrought a chauge, and they are beginning to experience the disadvantages. Last year at this time, rates of exchange between Philadelphiphia and the east were nearly par, and in making purchases in that city, the New York and eastern merchants made their notes payable at home, because the risk and trouble of transmitting the money was more than the exchange. These notes generally fell due after the suspension and exchange rose to 14 per cent. The New Yorkers submitted to this without grumbling; but in making fresh contracts they took care to make their notes payable in Philadelphia currency, but in trans-mitting the money to pay them there, they are subjected to the vexations described in the case above mentioned. It is not possible for upright merchants to continue business where such transactions are tolerated. The Philadelphians will find that in departing from the old land marks of mercantile integrity, and in following the crooked ways of the irredeemable banks they are lost in a labrynth from which they cannot escape with safety. We made some mention on Saturday of the attempts making in the American Exchange Bank, to remove Mr. Leavitt, the President. This gentleman was formerly President of the Fulton Bank, and it was owing to his business habits and strict principles that the mismanagement in that Bank, in 1825, was discovered, and its affairs placed in a good condition. He is now a stockholder in the American Exchange Bank, of which he is President, to the amount of $80,000. The direction of the Bank is formed of that class of borrowers who, failing to get accommodation paper discounted at the chartered Banks last fall, got up the suspension meetings without success, and then started the American Exchange Bank; but Mr. Leavitt, having invested his money looks after the true interests of the Bank, and will not suffer any of the directors to borrow money from the Bank. It is for this, that efforts are making by them for his removal, in order that one may be appointed, who will be subservient to their views. Mr. Leavitt is there, however, in right of his actual investments, and conducts the business of the Bank with, a view to its permanent good, and will not lend his money to extricate speculaters from the results of their own mismanagement. We have received the half yearly reports of the new banks from the Comptroller. It is a most bungling and badly got up document. As far as regards any insight into the Banks, "it is as clear as mud." The form in which the new Bank returns are given, seems calculated to conceal the true position of affairs. The following is a table of the leading items, which we have compiled from the document:

4. October 8, 1840 Morning Herald New York, NY

Article from Morning Herald, October 8, 1840

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# MONEY MARKET. Wednesday, Oct. 7-6 P. M. We have seen letters which state, that in the case of the State of Illinois against Delafield, that has been so long pending, the Chancellor has at length given an elaborate opinion in favor of the complainants. The case will be carried before the Court of Errors. We have not received the opinion of the Chancellor, but, from facts that have transpired within a week or two, we are aware that it is strongly tinged with political views and doctrines, and which will prove as injurious to the credit of this couhtry, as did the conduct of Pennsylvania last winter. We are opposed to too great an extension of the borrowing system. The policy, however, which would seek to prevent future loans, by destroying the credit of those which exist, cannot be too highly condemned. The present case appears to be a repudiation of debt in an underhand way. The contracts of Messrs. Rawlings & Oakley last year, with Wright & Co. and Thompson & Co. in England, and John Delafield of this city, to the amount of near $3,000,000, were bona fide bargains made by the agents of the State, at a time when the market was oppressed. These contracts were made the subject of contention among political parties, and the State passed resolutions repudiating them. This conduct was too outrageous, however, even with political partisans, and the resolutions were rescinded. A new Fund Commissioner, however, comes forward, and proposes new terms to the contracting parties, other than those by which the State is bound. These terms are, of course, refused, and suits are then instituted to compell the parties to consert. In the meantime, the securities have passed into the hands of innocent third persons, who bought with full confidence in the integrity of the State. The acts of the State depr ciate their marketable value 40 per cent. What possible security for property is there in such a state of things? When the U. S. Bank failed last year, she owed a large amount of debts, and offered payment in her own bills at 10 per cent discount. The State of Pennsylvania, instead of affording a remedy to the defrauded creditor, justified the Bank in its wrong, and legalized suspension. Those who protested against this proceeding, were denounced by the bank organs in all quarters, as unprincipled destructives." This was the conduct of the bank party. The II. linois proceedings are those of a strong anti-bank party -showing incontestibly that whatever may be the professior, wherever individual rights are disregarded by State or Corporation, the result is an irretrievable loss of credit. The Stock market was heavy this morning: United States Bank declined per cent; Canton Company 1 per cent; Stoniagton 2 per cent; Delaware and Hudson per cent. Sales of Indiana & per cents were made at 76 a 77, an improvement of 2 per cent. The question of resumption on the part of the United States Bank is a matter of great speculation just now. The Philadelphia papers are making a parade of the number of banks which have not paid their own debts for a year, which are willing to lend the United States Bank enough to resume. That the bank, up to the Ist of Sept, went behind hand daily, and was at that time in a much worse condition than at the period of her suspension, is incontestibly true. Since that period, elements have come irto play that have materially bettered the condition of the bank, and increased the chances of a resumption. These have been the natural operation of business throughout the country, the crops coming forward in liquidation of debts, economy in purchases, and the contraction of the southern banks, by which they have ceased to prey upon the public, and allowed commerce to equalise the exchanges. This has produced an increased trade at the north, which has encouraged regular dealers. The progress of political events has revived the hopes of the bank party and speculators, while returning confidence and a small demand for money for business purposes, have caused capitalists to turn their attention to the most available securities, with a view to rising markets. The result has been a general rise in the prices of sonthern and western state stooks and securities generally. In this improved value of securities is the strength of the United States Bank. In the continuance and increase of the present feeling, consists her ability to resume in January next. There is, however, but little doubt, should circumstances conspire to prevent resumption, but that a law extending the suspension would easily be obtained. The banks, it is evident, have a complete control, and the present requisition of the governor for a loan, will form a plea for extending the law

5. October 15, 1840 Richmond Enquirer Richmond, VA

Article from Richmond Enquirer, October 15, 1840

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No. 46. VOLUME XXXVI. y have been realized in this immediate neighborhood for a the last ten days, have had no parallel in the history of g the Republic. Men of reputed capital who have with- stood the shock of former changes and times; men who for the last forty years have stood firm, erect, and undis- mayed before the tempest of the times that has assailed them, are now tottering on the verge of bankruptcy and ruin. Their fall bears excessively heavy upon the poor and laboring classes, who, by the way, are really the principal sufferers. Deprived of employment, destitute and friendless, they are thrown upon the world and know not how to obtain a livelihood." In April, 1820, Mr. Biddle published in the National Gazette an essay to explain the causes of the embarrassment and distress under which the country was then laboring, in which he says: "The question is, what is the cause and the nature of the present scarcity of money? "The answer is easy. "The currency of the United States consists of coin and of bank notes promising to pay coin. As long as the banks can always pay the coin they promise, they are useful, because in a country where the moneyed capital is disproportioned to the means of employing capital, the substitution of credit for coins enables the nation to make its exchanges with less coin: and, of course saves the expense of that coin. But this advan- tage has, by its side, a great danger. Banks are often directed by needy persons, who borrow too much, or by sanguine persons, anxious only to increase the pro- fits, without much pecuniary interest or personal re- sponsibility in the administration. THE CONSTANT TEN- DENCY OF BANKS, therefore, is to LEND TOO MUCH and to PUT TOO MANY NOTES IN CIRCULATION. Now, the addi- tion of many notes, even while they are as good as coin by being always exchangeable for coin, may be injurious, because the increase of the mixed mass of money generally occasions a rise in the price of all commodities. The consequence is that the high price of foreign productions tempts foreigners to send a large amount of their commodities, while the high price of domestic productions prevents these foreigners from taking in exchange a large amount of our commodities. When, therefore, you buy from foreigners more than than they buy from you, as they cannot take the paper part of your currency, they must take the coin part. If this is done to a considerable extent, the danger is, that the Banks will be obliged to pay so much for their coin as not to leave them a sufficient quantity to an- swer the demand for it, in which case the banks fail, and the community is defrauded." In conclusion, Mr. Biddle adds: "These simple ele- ments explain the present situation of the country. Its disorders is OVERTRADING, brought on by OVER- BANKING. The remedy is to trade less and to Bank less." There was truth in this. The United States Bank and its branches had literally flooded the country with their paper-had stimulated the undue credit system- and forced as many of their own notes into market as possible. They had caused the overtrading-they had produced the distress. With Biddle at its head the Bank now became the leader of the great Anti-Jackson party of the country. The confession of Biddle that the distress in the coun- try for the last ten or fifteen years had been produced by OVERTRADING brought on by OVERBANKING, was for- gotten; and a simultaneous charge was made upon Gen. Jackson and his administration by all the bank presses as having produced the distress for ten years before Gen. Jackson's election. For the first time the Government was now charged by the bank emissaries with the offences known to have been committed by the bank itself. So absurd was the idea, that no one had ventured to entertain it before. Its object was panic as a hobby upon which to ride into political power. This criminal concern now sunk the banker in the politician. It had applied for a renewal of its charter.- President Jackson was known to be hostile to its con- tinuance, and after putting all its energies in requisi- tion to force the people to sustain it "by suffering" from its contractions and expansions, it loaned NEARLY THREE MILLIONS OF MONEY to members of Congress, whence the charter's renewal was to be obtained. The basest bribery and foulest corruption ever practised by man or public institution, became an every day act of the Bank-when the people were groaning under the distress which its conduct produced from one end of the country to the other. President Jackson had seen the ruinous effects of that Bank upon the industry of the country and with as much sagacity as any man living he foresaw the despo- tic end for which it struggled. He saw that it had pro- duced all the distress anually complained of for nearly twenty years--that it was beyond the control alike of the people and their representatives--that it defied in- vestigation--closed its doors against the Committees of Congress and publicly avowed as a motive of action its wish to show its contempt for the government and that it had brought up the question of its re-charter before the period of his own re-election with a view to intimi- date him into an approval of a bill. The celebrated veto Message did the business and crushed the most fearful monster that ever threatened the liberties of our united people. Exasperated by defeat, not only by the re-election of Gen. Jackson, but by the election of Mr. Van Buren, the Bank exerted all its powers to produce a general suspension of specie payments throughout the country, so that the specie funds of the Government, removed from its custody, would be locked up in the vaults of the State Banks, and the Treasury be compelled to is- sue notes of its own to keep the wheels of Government in motion. This revengeful step was effected; but its effect was temporary. The deceptive scheme of indirection by which it ob- tained a new charter from the State of Pennsylvania; its free re-issue of the notes of the former bank, which it held as trustee, under circumstances subsequently declared by the Government of the U. S. to constitute a criminal offence punishable by fine and imprisonment in the Penitentiary; are without an example in history, and are in good keeping with its conduct ever since that period. Knowing its real condition, Biddle sloped out of its Presidential chair more than a year ago, see- ing that it was compelled to take the lead in another suspension. Its tale is now told, in a few words, by the New York Journal of Commerce (a Harrison Whig paper) as fol- lows: ### THE STOCKS. For some time past the stock mar- ket has been laboring under a very unusual load of de- pression. Immense sums are in a position which ex- cites great uneasiness. The capital of the United States Bank, the Morris Canal Company, 25 the North American Trust and Banking Company, constitute an aggregate of forty-four millions, and the debts of the Morris Canal are said to make up its fearful amount to over fifty milions of dollars. Eighteen months ago the stock of the United States Bank was a hun- dred and twenty-three in the market, and last year at this time it was a hundred and twelve and a half. We have no doubt the stock is worth quite as much now as it was at either of those periods. The manage- ment of the Bank ever since Mr. Biddle's resig- nation there is no reason to doubt has been judi- cions, and that the officers have made the best of their position. But what the real condition of the Bank was, nobody knew then and nobody knows now. It is probably quite as well that the truth should be deve- loped gradually, for as to the truth in the case of pub- lic sentiment has not yet reached the point which seem- ed to us perfectly apparent twelve months ago. The fact is the Bank received its mortal wounds in its po- litical controversy with Gen. Jackson. From its enor- mous expansions and sudden contractions for political effect, it has never recovered. Now that the mischief is done, however, there is little use in mourning over it, and certainly none is saying or doing any thing to em- barrass the gentlemen at present in its management. Should it attempt to resume its rank as an accredited Bank, the movement should be resisted, for it would be certain to result in new disasters to the currency of the country. But no such movement, we take it, is now expected. The resumption of the sound Phila. delphia Banks will put an end to the struggle, and put this grand institution upon the simple business of

6. November 21, 1840 Morning Herald New York, NY

Article from Morning Herald, November 21, 1840

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CURRENT RATES OF BANK NOTES AND DOMESTIC BILLS, Bank Notes. Exchange. 1840. 1840. Safety Fund par a " a Security Banks la i Boston, New England t 2 a 3 Pennsylvania Philadelphia, 2'a 24 a 5 New Jersey, 3 a 3 Baltimore Maryland lja 1 Richmond 21a 3 Virginia, 2ja 3 North Carolina 3 a 34 3ja 4 North Carolina, Savannah, 3ja 5 7 Georgia, Augusta, a e Charleston, 1ja 2 1+a 1 South Carolina, 30a 25 a30 Florida, Apalachicola Mobile, Alabama. 4jas 3)a 4t Louisiana 1ja 1 New Orleans, Louisville, 5 a 5 5ja 5 Kentucky, Nashville Tennessee, 8ja 5a5 20a Natchez, 50 a54 Mississippi Union, St. Louis, Missouri. 5 a 5 5 Ohio Cincinnati star Indiana, 5 5 Illinois 5 26 6a7 Detroit 10 a Michigan One of the worst features developed by the news from England, is the desperate attempts making by the U. Bank so to represent its affairs as to induce the London capitalists to make new loans to it. The means taken to do this, are of such a nature as to induce the belief that the bank is even in a worse condition than has been sup posed. The London Morning Chronicle has made several publications of a most absurd nature, but evidently ema nating from this side, A letter writer from Philadelphia states that a loan of $2,600,000 state stock had been prof ferred to the bank and declined. This is used as an evidence of the high credit of the bank here. In another column will be found an article from the same paper, which state that the Boston and other banks had exchanged $5,000,000 of the U.S. Bank circulating notes for her post notes a twelve months. The absurdity of these statements is ap parent, and the stock fell 10s. on the £ on the strength o it. While these statements are making in London, th bank's organs here are busy endeavoring to convey th idea that she wants no assistance. The Express of thi morning has a long absurd statement in contradiction 0 its own article of Monday last, in which it is stated that, Propositions have been made, by banks in this city, t loan them very largely, but these offers have been de clined, with the assurance that the Philadelphia bank had ample funds, were perfectly easy, and neither require nor wished to avail themselves of the offers made. Thi is the plain state of the whole affair, which has been mag nified and distorted into a variety of shapes. The result pretty apparent that the banks in that city will resume of the 15th January. This impudent statement is made in the face of th bank's own circular to the other banks, stating, that with out the assistance asked she could not resume. The Ex press then goes on with the old arguments of the speciala tors, that the New York banks ruined the merchants b being honest, and that the Philadelphia banks saved the merchants by being dishonest. The article is not worth of notice, only as it bears evidence of being particularly ordered. The movements of the United States Bank indicate th it will be able to resume at the appointed time, and is en deavoring by all means in its power to remove the impre sion that it actually required any assistance. The ev dent scheme of the concern is to bring about a genera resumption, with a view to regain its power, and exert to compel a restoration of its functions, 28 a national bank by causing another suspension. Under these circun stances, we hold it prejudicial to the commercial interest that the institution is able to resume. That event multi compel our banks to remain on the defensive, and in so d ing they will be unable to grant facilities to the me chants. If OR the occasion of the first resumption the banks had departed from their cautious policy, they cou not have avoided suspension last fall. It only by the strictest system of curtailment that they withdrew the selves from the charmed circle of Philadelphia bankrup ey. The experience of the past will ensure caution 1 thefuture. If the United States Bank resumes on borrey ed money, who will eusure the payment of her bon when they fall due. She has dishonored them at pleasu twice before, and may do so again. The institution undoubtedly insolvent, whether she resumes or not, at the sound banks will be unable to extend themselves so to be useful to the community. A mighty struggle seemingly about to commence, not only for a nation bank, but a reinstalment of the broken United Stat Bank in that position. The remaining strength and end gies of that institution will be directed solely to the tainment of that object. The commercial community CEN not look forward to any steadiness in the currency un that question is decided. - - the Stack PW

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

Article from The Charlotte Journal, January 21, 1841

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

8. June 19, 1841 Richmond Palladium Richmond, IN

Article from Richmond Palladium, June 19, 1841

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# THE UNITED STATES BANK. The officers of the United States Bank are still engaged in giving certificates of deposite, bearing six per cent. interest, in exchange for its notes, as well as to such depositors as had funds in the bank at the time of its suspension. About $800,000 have been funded in this way. The effect will be salutary, inasmuch as creditors of the Bank, either as note holders or depositors, will now draw interest. It is to be hoped that payment in full will be made to both as speedily as possible Some arrangement of the kind should have been made long since. - Only those who had unbounded confidence in the Bank, continued to receive its notes, and to confide their money to its keeping to the last. Surely therefore, such persons should be guarded against all further loss with the least possible delay. [Philadelphia Inq.

9. August 7, 1841 Daily Richmond Whig Richmond, VA

Article from Daily Richmond Whig, August 7, 1841

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PHILADELPHIA, August 6th. # MONEY AND BUSINESS MATTERS. United States Bank Stock was offered yesterday as low as 15¾. The notes of the institution sold at a depreciation of 22 per cent. This we believe to be a worse condition than has heretofore existed since the suspension of the Bank. The truth is, the Bank is considered by many in almost a hopeless condition; and those who have so long anticipated some improvement, begin to despair. No change in the Money Market. Good paper can be readily negotiated at from 7 to 9 per cent. per annum.

10. January 17, 1842 The New York Herald New York, NY

Article from The New York Herald, January 17, 1842

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Philadelphia, [Correspondence of the Herald.] PHILADELPHIA, Jan. 16, 1842, P.M. I have learned from Harrisburg, that the Democratic Caucus have made choice of John Sydney Jones and Alex. Cummings, as candidates to be voted for as State Directors in the Pniladelphia Bank; James McCormick and H. R. Brodhead, as Directors in the Pennsylvania Bank. The caucus had also agreed upon William S. Anderson, of Perry Co., for State Treasurer. These nominations by the caucus is considered equivalent to an election. I am also informed that Col. M'Cahen of the County of Philadelphia, has introduced into the Assembly, a proposition to relieve bank debtors from judgments and executions in favor of the banks, while these institutions remain in a state of Suspension and dishonor. This movement has a seeming show of justice about it, but a little reflection will satisfy any thinking man, that it is a retrograde step, and so far from curing present evils, will tend to perpetuate them. It is establishing two wrongs where but one before existed. The nearer and easier mode of reaching equal and exact justice is to make the banks come at once up to their work. There are many here however, whose hopes already begin to waver, as to much being effected in this State on the subject. Bu nousverrons. Our Theatres last night, were tolerably filled. At the National there was another fire company's benefit, and of course a good house. The play was the "Stranger," the same as at the Walnut. The part of Mrs. Haller done at the latter by Mrs. Flynn, and at the former by Mrs. Ann Sefton. Conaer did the stranger at the Walnut, and Wal-leck dun at the National. Public notice is given for the meeting to be held at the United States Bank on the 21st proximo, to pess upon the late action at the annual meeting, relative to the two first assignments. The weather is at present quite lowering.