19225. Western Bank (Philadelphia, PA)

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: March 18, 1842
Location: Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model: gpt-5-mini
Short Digest: 59a982e5

Response Measures

None

Description

Western Bank (Philadelphia) participated in the March 1842 resumption and paid specie. There is evidence of some pressure on a few banks in mid-March 1842, but Western met demands and resumed specie payments; it did not suspend or close. The run pressure appears driven by failures of other local banks (e.g., Penn Township), so cause is classified as local_banks. OCR cleaned dates to 1842-03-18 when resumption was reported.

Events (1)

1. March 18, 1842 Run

Cause: Local Banks
Cause Details: Run/pressure in mid-March 1842 arose after the failure of the Bank of Penn Township and runs on several local Philadelphia banks; Western experienced slight pressure but met demands.
Measures: Participated in city banks' resumption; paid out specie (resumed specie payments) and joined arrangements to receive/pay specie and only their own notes.
Newspaper Excerpt: the nine following named Banks resolved to resume this day...Western...Notwithstanding there was a slight run the Banks stood it without flinching
Source: newspapers

Newspaper Articles (10)

1. February 16, 1841 Richmond Enquirer Richmond, VA

Article from Richmond Enquirer, February 16, 1841

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# THE BANKS. The meeting of citizens held at the United States Hotel on Tuesday evening, was well attended by merchants and business men, as well as by a goodly sprinkling of legal gentleinen. The Hon. Geo. M. Dallus presided, and Joseph R. Chandler, Esq., acted as Secretary. The Hon. Joseph R. Ingersoll reported the Resolutions, as Chairman of a Committee appointed at a previous meeting for that purpose. When the second of these resolutions was under consideration, John Miles, Esq., moved as an amendment, to strike out the names of the several Banks therein particularized, and insert the words "the Banks of the City and County of Philadelphia," which gave rise to considerable discussion, but, though adopted as an amendment on the first vote, was eventually negatived, as it evidently included the United States and Schuylkill Banks in general terms. Mr. John M. Kennedy made another motion to amend, by offering a resolution requesting the Legislature "to legalize the present suspension and allow the Banks to issue small notes;" but this was negatived by a decided majority. Pending the discussion of these amendments, and when it seemed probable that Mr. Miles' amendment would be adopted, Mr. Dallas stated that if any action was made by the meeting in favor of the United States Bank, he should ask to be excused from a further participation in the proceedings, as he could not and would not in any way sanction or excuse the conduct of that institution. He said that he was willing to unite in an effort to relieve the business community, and such Banks as had acted in good faith to the public and the law, although he made some sacrifice of political views in doing so; but he could not so far transcend his general princi-ples as to yield or ask any indulgence to a bank which proved itself utterly unworthy of such considerations. This was highly commendable and gave Mr. Dallas great credit. Josiah Randall, Esq., addressed the meeting very eloquently in favor of the amendment, and endeavored to persuade the gentlemen that, unless they yielded their partizan objections, the effort to relieve the community would be futile, from a want of harmony of action; but he was followed in an able and irresistible address by Mr. Ingersoll, in favor of the resolution as reported by him, showing that the Bank of the U. States was lost "past redemption," and that, therefore, any attempt to seek indulgence for it, in common with the rest, could result in no good to that institution, and might prejudice the claims of the others by its connexion with them. He stated in proof of its utter inability to sustain itself, and the impossibility of reviving it, that its notes were repudiated by the Banks, as well as by the community, and that there was not the slightest possibility of re-establishing confidence in its solvency. A by-stander interrupted Mr. I. by saying he would take its notes at par; "Then, said Mr. Ingersoll, pulling out a well filled pocket wallet, "I'll trouble you to change off my U. S. bills, for the notes of any other Bank in the Commonwealth." Quite a lively sensation was produced by this appeal; but there was no exchange of paper, and Mr. Ingersoll resumed his remarks. He clearly proved, while he said he regretted, that the U. S. Bank was a total failure, and that it would therefore be impolitic, as well as useless, for the meeting to encumber their proceedings with its wreck. After several other speeches were made, the resolutions of the Committee were adopted without amendment. Thefollowing resolution s were adopted: Resolved, That this community, in its financial concerns, stands at this moment in need of legislative assistance and relief. Resolved, That the Bank of North America, the Philadelphia Bank, the Farmers' and Mechanics' Bank, the Girard Bank, the Commercial Bank, the Mechanics' Bank, the Western Bank, the Northern Liberty Bank, the Moyamensing Bank, the Manufacturers' and Mechanics' Bank, the Southwark Bank, the Kensington Bank, the Penn Township Bank, and the Germantown Bank, are believed to be in a condition which will enable them beneficially to receive and to render available to the people the contemplated relief and assistance. Resolred, That the requisition of the Act of Assembly of 3d April, 1840, and the policy of the Commonwealth, as made known by the Executive, were met and carried out on and after the 15th January, 1841; and a large amount of specie has been withdrawn in the abortive effort to give permanence to the same. Resolved, That the following measures of relief and assistance are called for by the present emergency: 1st. A suspension of the penalties, provided by any statute of this Commonwealth, for the omission of any of the above named Banks to pay their deposites and other obligations in gold or silver coin. 2d. A re-enactment of the provision of 1840 relative to dividends, &c. 3d. An arrangement by which each bank shall be required to pay out its own notes and not the notes of any other bank. 4th. Such other measures of relief and assistance as the Legislature, in its wisdom, may enact 5th. That a committee of seven persons be appointed to proceed to Harrisburg to obtain the necessary relief and assistance.

2. February 16, 1841 Rutland Herald Rutland, VT

Article from Rutland Herald, February 16, 1841

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A. LARDNER, Cashier. Delegate Meeting of the City and County Banks. At a meeting of the Delegates from the Banks of the City and County of Philadelphia, convened upon official notice of the suspension of specie payments by the Bank of the United States, held Feb. 4. 1841, Present, Delegates from the following Banks, viz Pennsylvania. Girard, Philadelphia, North America, Farmers and Mechanics, Commercial. Mechanics, Western, Penn Township, Southwark, Kensington. Manufacturers and Mechanics', Moyamensing, and the Bank of the Northern Liberties. John White, Esq. was called to the Chair, and F. A. Raybold appointed Secretary. The following resolution was unanimously adopted, that the Banks represented in this meeting. will continue the payment of speicie. for all of their liabiliJohn White, Chairman. ties. Signed F A. Raybold, Secretary. Philadelphia, Feb. 4, 1841.

3. February 16, 1841 Richmond Enquirer Richmond, VA

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MEETING OF CITIZENS. An adjourned meeting of citizens without distinction of party, was held last evening at the United States Hotel, to take into consideration the present embarrassed condition of monetary affairs. The Hon. G.M. Dallas presided, and Joseph R. Chandler, Esq., acted Secretary. After considerable discussion, the following resolutions were adopted: That this community, in its financial concerns, stands at this moment in need of legislative assistance and relief. That the Bank of North American, the Philadelphia Bank, the Girard Bank, the Mechanics Bank, the Bank of the Northern Liberties, the Manufacturers' and Mechanics' Bank, the Kensington Bank, the Bank of Penn Township, the Bank of Pennsylvania, the Farmers and Mechanics Bank, the Commercial Bank, the Western Bank, the Moyamensing Bank, the South. wark Bank, and the Bank of Germantown, are believed to be in a condition which will enable them beneficially to receive and render available to the people, the contemplated relief and assistance. That the requisitions of the Act of Assembly, of 3d April, 1840, and the policy of the Commonwealth, as made known by the Executive, were met and carried out on and after the 15th of January, 1841, and a large amount of specie has been withdrawn in the abortive effort to give permanence to the same. That the following measures of relief and assistance are called for by the present emergency 1. A suspension of the penalties provided by any statute of this Commonwealth for the omission of any of the above named Banks to pay their deposites and other obligations in gold or silver coin. f 2. A re-enactment of the provisions of the act of 3d April, 1840, relative to dividends, &c. 3. An arrangement by which each Bank shall be required to pay out its own notes, and not the notes of any other Banks. a 4. Such other measures of relief and assistance as if the Legislature, in its wisdom, may enact. 5. That a Committee of seven persons be appointed to proceed to Harrisburg for the purpose of obtaining the necessary relief and assistance. The following persons were appointed on the Committee. Two others were selected, who, we learn, have declined serving: Josiah Randall, Isaac Roach, T. M. Bryan, Robert Allen, John K. Kane. At a meeting of the Democratic citizens of the City county of Philadelphia, held at Holahan's Hotel, Ches. nut street, on Feb. D, 1841, at half past 7 o cleck, P. M., Henry Florn, Esq., was called to the Chair, and W. L. Hirst, and B. 11. Brewster, appointed Secretaries. The following Preamble and Resolutions were offered and unanimously adopted From the present defective and vicious Banking System, and the ignorant if not dishonest management of some of the Banks of the City and County of Philadelphia, and their suspension of specie payments, has been inflicted upon this community; and Whereas it is our duty as good citizens to guard as much as lies in our power against the many evils consequent thereon, by suggesting remedies for the present, and preventives against all further calamities of a similar nature hereafter-therefore, Resolred, That as a general suspension of specie payments by our Banks has taken place, the Governor be earnestly requested to issue his proclamation calling upon the prosecuting officers through this Commonwealth rigidly to enforce the laws against the issue d notes of less denomination than $5, and to refuse his 11 sanction to any bill legalizing their issues, or to any s bill suspending the penalties now existing against the Banks for a refusal to pay their liabilities. Resolred, That the Governor be requested to recommend to the Legislature the immediate passage of a law f inflicting a heavy penalty for the circulation, or offering for circulation, notes of a less denomination than $5, issued by Banks out fithis State. Resolved, That these resolutions be published in the Democratic papers, and that a copy of the resolutions t be addressed to the Governor of the Commonwealth. e HENRY HORN, Chin. W. L. HIRST and B. H. BREWSTER, Secretaries. NEW YORK BASKS.-"This city is perfectly easy in money matters.-Our Banks, by the official report, d show a strength which is unusual, and greater, indeed, than is required. The offerings are small, and the Banks really want good paper under 90 days. [.N" Y. Express. "The banks here and at the East stand perfectly firm and at ease. They have long since cut adrift from In the fictitious movements of the South, centering in the United States Bank, and are and have been steadily curtailing their movements, and Bringing them into a d smaller compass. in accordance with the spirit of the o times."- Y. Herald. y THE McLEOP AFFAIR.-The New York Commercialstates, that the Lockport Courier extra of Saturday is furnishes an official statement of the recent proceedings touching the bailment of McLeod, by which it appears of " excitement.

4. February 5, 1842 The Cecil Whig Elkton, MD

Article from The Cecil Whig, February 5, 1842

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PHILADELPHIA BANKS. The Banks of the City and County of Philadelphia assembled by delegates on Saturday evening, organized by appointing J. READ, Esq. President. JOSH. JONES, SecretaryThere were in attendance, delegates from the following Institutions. The Philadelphia Bank, the Mechanics' Bank, Farmers' and Mechanics', North America, Commercial, Western, Penn Township, Manufacturers' and Mechan ics', Southwark. The following Banks were not represented, in consequence of not having received timely notice: The Bank of the Northern Liberties, the Moyamensing Bank, the Kensington Bank. On motion of Mr. Dundas, of the Com mercial Bank, an arrangement to the following effect was agreed upon, subject to the decision of the respective Boards, at special meetings, to be held this morning: 1. The Banks to issue their own notes exclusively, of the denomination of $20 and upwards. 2. The Banks to make daily exchanges with each other. 3. Balances to be settled weekly, or oftener, at the option of the creditor bank; to be paid in specie, or up to the 1st of March, in commercial bills not having more than 15 days to run;-after the 1st of March, not exceeding 30 days to run; to be approved by the creditor bank and guaranteed by the debtor bank. 4. A safety fund is also to be created, are to a deposit thus:--the $100,000 banks of each, largest and capital those of smaller capital, $50,000 each, in the hands of Trustees, each bank to choose one trustee, and the whole to a form a board. The above sums to be in specie, Treasary notes, or equally satisfactory security. On the default of any bank, the Trustees to have power to convert the security to such an extent as to pay the defalcation; and the defaulting bank to be thereafter excluded from the arrangement. 5. To resnme special payments on the 1st of August. After the adoption of a few further resolutions not of general interest, the delegates adjourned. We may add, that the Bank of Pennsylvania was not represented.-Pennsylvania Inquirer.

5. February 9, 1842 The New York Herald New York, NY

Article from The New York Herald, February 9, 1842

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Philadelphia. [Correspondence of the Herald.] PHILADELPHIA, Feb. 3,1842. Excitement in the Currency Circles-Banks refuse Deposites-Tricks of the Banks and Brokers-Mechanics and Penn Township Banks-Another Crash Coming-The Ball, &.c. This is a most delightful day, but has brought with it increased excitement on the subject of the currency. The news from Harrisburg is still strongly in favor of the passage of the immediate Resumption Bill. The Banks and Brokers by their actions show that they greatly fear it. The Commercial Bank has refused all deposites of every character, and under all circumstances. With every desire to accommodate, they say they are compelled to do it in self-preservation. They are able to stand a resumption, if they do not encumberthemselves with an immense load of deposites in the shape of depreciated paper, or what soon will be depreciated, and meanto do it. I am greatly gratified to see this, and to find that we have one Bank disposed to play honest. Some of the mercantile depositors became greatly enraged at the Bank's refusal of their deposites, and in a pet withdrew their accounts-the very thing that the Bank desired. lt thereby got rid of paper, that if it had held, would have depreciaied fifty per cent or more, and cancelled de bts that they would have been liable for in specie. I am informed that the Directors of the Western Bank yesterday refused deposites of an amount exceeding $500 from any one house. They are now in session to determine whether they shall not follow the course of the commercial and refuse all deposites. The brokess are at their old tricks, doing all that they can to render the proposed jlaw at Harrisburg odious, and thereby perpetuate suspension, by depreciating as much as possible the Relief Issues. This trash is valueles enough, and I have no doubt will SOON be more so, but the brokers are desirous in advance to make the people feel the loss of depreciation, in the hope that they will pray the the legislature to stay their hand, and not order immediate resumption. These adjuncts of the banks have shown their hands too soon, and se far from the people being induced to cry pecavi, they are more anxious than ever for resumption, and are rapidly preparing themselves to meet it by stand. ing aloof from these issues. When the resumption does come, all the efforts of banks and brokers to the contrary, I am of the opinion that most of these bills will be found in their own hands. Let your readers remember 1 say don't touch these Relief issues-let the loss on them fall where it properly belongs, and where there profit, if any, would have fallen-to wit, on the banks. To-day, almost the entire circulation of the city is composed of Mechanics and Penn Township Bank notes, just as it was of Girard and Pennsylvania Bank notes, a few days before these banks broke. Look out-stand from under, a crash coming. Mind, I say it. The business in stocks has been to a fair amount, at prices much the same as yesterday. State Fives declined selling for $50 in currency. Currency is 7 to 3 per cent below specie, and the Relief Issues, except those of the City Banks, are at a dis. count of 10 to 20 per cent below currency. Otner depreciated paper is of the same discount as heretolore. The ball of the State Fencibles last night at the Musical Fund Hall, was one of the richest and most pleasant entertainments of its character that has come off here this season. Youth, beauty, and fashion abounded, and all the joyousness that attach to them. Thornton, the pipe-layer, who was discharged by the sheriff for disturbing the late Tyler meeting, has been restored to place again. Vive la Humbug.

6. March 12, 1842 The New York Herald New York, NY

Article from The New York Herald, March 12, 1842

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Philadelphia. [Correspondence of the Herald.] PHILADELPHIA, March 11, 1842. The Rumor of Gov, Porter's Visit untrue-Banks that will Resume-Stocks-Dr. Lardner's Quarrel with Manager Pratt. The rumor that Governor Porter is in town, for the purpose of consulting Horace Binney, Esq., as to the constitutionality of the resumption law, is without foundation. If the Governor wants advice, he can obtain it from his Secretary, Mr. Parsons, good and as sound as from any other source-not that Horace Binney is not also very able to give an opinion. It is understood that the Commercial Bank and the Philadelphia Bank have, through their boards of directors, resolved to resume on the resumption bill becoming a law. The North America, the Western, the Kensington, the Southwark, and the Moyamensing, it is understood, will also follow in the same course. The last named is the only "accepting" bank, as it is termed-the only one of the banks that issued relief notes, that has yet given indication that it will resume. The opinion prevails to some extent to day, that the banks of this class will generally contest the constitutionality of the law. Weshallsee. Business in stocks was very light today, at prices the same as yesterday. U. S. Bank notes 51 per cent discount; country relief notes have improved 4or 5 per cent; specie 4 per cent premium. Dr. Lardner continues to draw splendid audiences at the Chesnut street theatre-Jarge, fashionable and intellectual. Notwithstanding these large houses, and consequently large profits, because of the small expense, a difficulty, I regret to learn, has occurred between the lecturer and the management of the theatre, relative to the division of the receipts. The Doctor complains that the portion paid him is of a more depreciated character than that which is retained-hence the wide and apparently irreconcilable difference that has sprung up. PHILADELPHIA, March 10, 1842. Rumours from Washington-Complaints against the Girard Bank-Bank Resumption-Rumors-Stocks -Jefferson College-Movement against the United States Bank Assignees-Theatres, &c. It is said here that James Gordon Bennett has been treated at Washington by the President, to ublic dinner. This is asserted as truth, to which there is added a rumor that some change is about to take place in the Cabinet, and that the head of the Treasury Department will in all probability be assigned to this same James Gordon Bennett. From the uneasiness evinced in the elite and financial ci:cles, 1 am deeply concerned for the fate of his particular friend James Watson Webb. You will break the news to him as gently as possible. The Girard Bank is the subject of some considerable conversation among her creditors and stockbolders. It is said that a committee of the direc. torsarein sessionat the bank, engaged in reducing e her assets to availability as fast as possible, and t that the lerks daily amuse themselves by bandying jests across her counters, and over her empty k vaults. There is, however, too dead a silence pert vading these movements, and those most interested are uneasy. Rumor says that though the If cashier has not been dismissed, his salary d has been stopped. This of coure he will not care about if the assertion be true that his laay has lately fell heir to a fortune of $200,000 by the death of an uncle. There is a great diversity of opinion here to-day, respecting the resumption of specie payments by O our banks. Nothing has been heard from the banks themselves, as to whether they mean to ree spect the law or not. I am still of the opinion that kthey all, or near all, will A rumor is in circulation i. prejudicial to the solvency of one of our banks; bnt am unable to trace it to any authentic source. It e probably originated from the low price at which its e, stock is selling. y The business in stocks to-day was very light, at 1prices the same as yesterday, except in States Fives, which fell off another dollar on a share. Exchange d on New York, and specie, have both advanced h. little. The rate day is from to 5 premium. e At the commencement of Jeffersen Medical Cel lege to day, at the Musical Fund Hall, the ceremonies were of the most imposing character. The e valedictory was pronounced by Professor Houston he The degree of Doctor of Medicine was conferred upon sixty young gentlemen, from almost every on State in the Union, except New York. er Citations were sued out of the Court of Com er mon Pleas to-day, at the suit of Mr. Schwal of 's your city, against all of the several setts of the assignees of the United States Bank The object a to require these assignees to give security in doust ble the amount of the trust confided to them. ch This is more than any set of men will attempt, and if the motion can be sustained. the object sought at the late meeting of the stockholders may be rreached, to wit, a new and general assignment 0. for the equal benefit of all creditors at Mrs. Shaw made her appearance last night, the Chesnut street theatre, as Juliet" to a very ngood house--and which, but for the weather, y, haver doubt would have been much better.

7. March 19, 1842 The New York Herald New York, NY

Article from The New York Herald, March 19, 1842

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Philadelphia. Corresponsence of the Herald.] PHILADELPHIA, March 1842 A full Resumption of Specie Payments-All non-specie paying Banks discredited and closed-Habeus Corpus es-Suicide All our banks to day entered upon a full and unconditional resumption of specie payments. Every demand of every character is met in coin-even the relief notes, of such of them as issued these bills, are redeemed in specie, the same as the banks' own promises to pay. We have now but nine banks, to wit :-Philadelphia, Commercial, North America, Farmers' and Mechanics', Southwark, Northern Liberties, Western, Kensington, and Germantown. All the others are in course of liqui. dation. The Moyamensing and the Manufacturers' and Me chanics' did not open this morning-making eight broken banks in our city out of seventeen, with an aggregate capital of $46,250,000 ! So we go. The resumption was agreed upon last night, and has been well sustained. Oa three or four of them there was something of a run. but they all met it without finching, and so confident are the people that they can stand it, or NO tired are they of suspension, that hundreds of thousands of dollars have already been carried in and deposited with them. It is well ascertained that in the aggregate more specie has been deposited with the banks than has been drawn from them. There has been great commotion throughout our city all day, and little or no business of any sort transacted. The people were so rejoiced got the sight of gold and silver, that they could think nor talk of nothing else. By to-morrow evening, the vacuum created by the withdrawal or dis. crediting of small irredeemable paper will be filled with specie, and on Monday, the banks will be found puisuing their avocations as of old. Success to every honest move they make. To-day the decision of the Judges of the Court of General Sessions was given in the case of the write of habeas corpus taken out by Nicholas Biddle, Joseph Cowperth aite, and John Andrews, which were originally heard by the Court of Common Sessions, Pleas, and sustaining remanded from the motion that Court of to the the Attorney General General to dismiss the write and bind the relators to answer at the present term of the General Sessions. The Court then ordered the parties to give bail each in the sum of$10,000 for their appearance from day o day. By the advice of their respective counsel, the defendants were committed into the custody of the Sheriff, when write of habeas corpus were sued out before the judges of the court with the view of having them discharged, and Monday, the 28th instant, fixed for hearing them. several coun in reference to the An sel argument and the Attorney took place General between the hearing of the cases separately or together, the Attorney General being anxious to have them heard jointly, and the counsel for the relators urging that they may be heard singly. The matter was left undetermined, the Court suggesting that the question might he left open until the time of hearing. Last evening, Sydney Freeman. blind manufacturer, in Second Street, below Dock, committed suicide by hanging himself. He was about 35 year of age, with a wife and two children, and appeared to be doing a good business. During the day he appeared to be much indisposed, and was left in room in the where his 8 about five o'clock afternoon, about o'clock he was discovered hanging by the bed post. The Coroner held an inquest up. n the body at 10 o'clock. Verdict accordingly. The family of the deceased is from East Jersey, or from New York. At the stock board there was but one sale to-day -10 sbares of Farmers' and Mechanics' Bank at 20, an advance of $1 on last sale. Exchange on New York prem. The paper of the banks which have slopped within the last two or three days is at a discount of about 25 per cent. The following is a statement of the condition of the Moyamensing Bank, March 2, 1842:STATEMENT OF MOYAMENBING Bank, MARCH 2, 1842.

8. March 24, 1842 Lynchburg Virginian Lynchburg, VA

Article from Lynchburg Virginian, March 24, 1842

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RESUMPTION. An adjourned meeting of delegates from the banks of the city and county of Philadelphia, was held at the Philadelphia Bank on Thursday evening, the 17th inst. Mr. Dundas in the chair. The following banks were represented, viz:-Philadelphia, Commercial, North America Farmers and Mechanics, Southwark, Moyamensing. Northern Liberties, Western, Manufacturers and Mechanics, Kensington, Germantown. The following resolution was offered, viz: Resolved, That on and after to-morrow, the 18th inst., the banks of the city and county of Philadelphia, assenting to this resolution, will receive on deposit an. in payment of debts, specie, or the notes of specie paying banks; and that they will pay out at their counters, specie or their own notes, exclusively, to all persons entitled to demand the same. The resolution was adopted by the following banks: Philadelphia, Commercial, North America, Farmers and Mechanics', Southwark, Northern Liberties, Western, Kensington, and Germantown. The other banks present, having accepted the Relief law, declined voting, stating that they are making arrangements for a speedy resumption. JAS. DUNDAS, Chairman. ALEXANDER CUMMINGS, Secretary. at Some of the Banks commenced paying specie yesterday, both on checks and notes, among them, Philadelphia, Commercial, Farmers' and Mechanics', and Western. It is gratifying to learn that the Philadelphia Bank received on deposit yesterday a larger amount of specie than it paid out. The "Relief" notes of the specie paying banks will be received on the same terms as other notes. [Phil. U.S. Guzette of Friday. 00 ANOTHER BANK STOPPED. -Thursday morning after a severe run upon it, the Mechantes' Bank of Philadelphia closed its doors. and is therefore in the same condition as the Pennsylvania, Girard, and Penn Township Banks. Runs were made upon two or three other Banks.The Manufacturers' and Mechanics', and the Moyamensing Banks, sustained runs and kept open until Thursday evening. when the demands were exhausted The U. S. Gazette says. that resumption has really commenced, and that gold and silver may be had for Bank notes in Philadelphia.

9. March 25, 1842 Burlington Free Press Burlington, VT

Article from Burlington Free Press, March 25, 1842

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PHILADELPHIA, March 18, 1842. - A Full Resumption.--All our Banks Pay Specie.-Last night all the Banks of the City and County, that had not then broke, met at the Philadelphia Bank, when the nine following named Banks resolved to resume this day, in full, 1) wt :-Philadelphia, Commercial, North America, Farmer's and Mechanics', Southwark, Northern Liberties, Western, Ken ington, and Germantown. The only two banks that did not enter into this resolve were the Moyamensing and the Manufacturers' and Mechanics'. The e were both run pretty hard yesterday, and this morning both failed to open their doors. All he other nine have paid specie all day to all who demanded it, and there were not a few though the demands were generally light. for the purposes of change to fill the vacuum created by the withdrawal of the small "Relief" notes. The resumption is a fill one-every demand of every character was paid in specie or in the ban 's own notes. at the opt on of the presenter. The on y Banks that issued relief notes that have joined in the resumption, redeem these relief bills in coin the same as their own promises to pay, and the other Banks receive them. Notwithstanding here was a slight run the Banks stood it without flinching, and the community, as if determined to sustain them in resumption, carried in their specie on deposite by thousands. In the aggregate, the Banks have recei ed more specie in deposite than they have paid out and will open stronger tomorrow than they were today. The Farmers' and Mechanics' ank receive 870, 000 from one source, and the Philadelphia Ban $50,000. On the Commercial, Western, and Southwark. there was comparatively no run. All was quiet -110 more people about them than on ordinary bueiners tays,

10. March 29, 1842 Democratic Standard Georgetown, OH

Article from Democratic Standard, March 29, 1842

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# MONEY AFFAIRS IN PHILADELPHIA.- More bank failures.-Resumbtion.-Re- sumbtion has fairly commeced in Philadelphia. At a meeting of the Officers of the different Binks on Thursday evening a resolution was paased to commence in full yesterday some of them paid out specie on Thursday. The failure of the Bank of Penn Township caused a run on Thursday on several others, which ended in the stoppage of the Mechanics Bank, the Manufactures and Mechanics' Bank, and a considerable pressure on the Moyamensing Bouk. We copy the following account of the state of affairs from the money article of the Ledger: Yesterday was a day of great bustie and excitement with the people and two or three of our banks. The run on Wednesday against the Penn Township Bank, though it closed at the usual hour that day, with the ssurence of its officers that it would open and meet ail its demands the follo ving moroins trenched so deeply on its means that it filed to fulfil this promise, and, instead of meeting its demands, it remained closed. The announcement of the failure of the above Bank soon spread throughout the city, and the consequence was a general distrust of the Mechanics Bank, the Manufacturers and Mechanics Bank and Moyamensing. A run commenced on all these soon aftor opening, by their note holders and deposi ors. The Mechanic's yielded to this run a few minutes before one o'clock, and clossed its doors. Though two or three hundred persons were present at the time of this occurrence, those who were inside as well as those who were in front of the builaing. quietly dispersed. The run here was so short that unless the demands were for deposits, the iustitution must have stopped full handed or else was very poorly supplied with means. At the Manufactures and Mechanics' Bink the demand was almost entirely from note holders, and it was kepet up unceasing pressure at all sides of the counter, from the opening of the bank until some time after usual hour of closing. In the evening the D rectors met and come to the conclusion not to open the bank, for "the present." At the Moyamensing Bank the run was later commencing, it creaditors being tolerably quiet uutud about the time of the stoppage of the Mechanics. From that time until about 1 o'clock there wisa heavy press about its doors, and though the demands were numerous, the amounts appeared to be generally light, and almost entirely from note holders. Scarefly a depositor drew out any money - Here, at the manufactures and Mechanic's Book payments were made in funds that the brokers have been dealing in for some weeks, at a discount of from 10 to twenty per cent. This kind of currency tended considerably to check the demand as a numner refused it altogether. It wis a profitable operation for the bank, and its officers seemed disposed to make the m stof i instead of discouraging the run, they rather courted it, and closed the doors only when there was no further demand. Although there were collections around all these institutions, and many held notes on which they expected to be losers, there was no where visible ill feeling or noisy dissatisfaction. All seemed to look up you these failures as in some measure necessary to reach a purer and more wholesome state of things. Around the brokers offices there were clusters of people, but these gentlemen pretty generaliy refused to do much basiness. They, too, evine red much distrust and several of them having been losers recently to considerable amounts, chose to forego seeming profis to incurring the risk of further loss. The resuming banks are the Philadelphia, Commercial, North America, Farmers and Mechanics, Southwark, Northern liberties, Western, Kensington, German-town.