Article Text
# More Bank Suspensions. PHILADELPHIA, Nov. 22. The banks of this city suspended at one o'clock to-day. Baltimore Markets
19242. banks of Philadelphia (Philadelphia, PA)
Bank Information
- Episode Type
- Suspension → Reopening
- Bank Type
- state
- Start Date
- November 22, 1860
- Location
- Philadelphia, Pennsylvania (39.952, -75.164)
Metadata
- Model
- gpt-5-mini
- Short Digest
b6785f2c
Response Measures
None
Description
Multiple newspaper dispatches (Nov 22, 1860 and Dec 30, 1861) report that the banks of Philadelphia suspended specie payments. The articles attribute the action to suspensions in New York (i.e., contagion from other banks) rather than depositor runs or bank-specific insolvency. There is no article text here indicating a run, receivership, or permanent closure; historically these Civil War–era suspensions were temporary, so I classify as suspension_reopening. I include two suspension events (1860-11-22 and 1861-12-30) reported in the supplied articles.
Events (2)
1.
November 22, 1860
Suspension
- Cause
- Local Banks
- Cause Details
- Banks of Philadelphia suspended specie payments contemporaneously with suspensions in other cities (reported as part of broader regional banking suspensions).
- Newspaper Excerpt
- PHILADELPHIA, Nov. 22. The banks of this city suspended at one o'clock to-day.
- Source
- newspapers
2.
December 30, 1861
Suspension
- Cause
- Local Banks
- Cause Details
- Explicitly stated to have suspended in consequence of the suspension in New York, indicating contagion from New York bank suspensions.
- Newspaper Excerpt
- PHILADELPHIA, Dec. 30.-The banks of this city have resolved to suspend specie payments, in consequence of the suspension in New York.
- Source
- newspapers
Newspaper Articles (10)
Click image to open full size in new tab
Click image to open full size in new tab
Article Text
The news from the South this morning is important. The banks of Philadelphia, the District of Columbia, Norfolk, Portsmouth and Wheeling, Va., and the Farmers' and Exchange Bank of Charleston. suspended specie payments yesterday. Their example will no doubt be followed by other banks at the South immediately. We publish in another column additional particulars respecting the projected abolition foray of the Kansas banditti. Montgomery avows his design to be to free every slave in Southwestern Missouri. The Missourians on the border are preparing to repel the invaders, should they escape the vigilance of General Harney. The President and Vice President elect met at Chicago yesterday, and after a quiet chat visited the republican Wigwam and other notable edifices of the city. There was a large number of politicians from the North, East and West on hand, but Mr. Lincoln declined to receive them until to day, when his public receptions will commence. Last evening the steamship Bienville, from Havana with two days later news than that brought by the Empire City, arrived at this port. At Havana there was a complete dearth of local news. Events in the United States were exciting a good deal of interest and attention. and the press had, of course, something to say. The Diario de la Marina had an editorial in its issue of the 16th in which doubts are expressed that the present agitation will end in the secession of the Southern States from the confederacy. It regards the hoisting of Palmetto flags, calling of conventions, enrolling of Minute Men, &c., as the mere letting off the superfluous steam of & warm and excitable people, just as a man in a passion swears and storms a little to relieve himself. But whatever the opinion may be worth, the Diario makes the mistake to suppose that the excitement is merely due to party feeling and politic intrigue, arguing. very justly from those premises, that no party feeling could drive the people to the extreme measure of secession, which it says would be like springing a mine beneath their feet. The article throughout sneers at the South, and betrays gross ignorance of the true aspects of the question. The writer ventures to think that if the South "had confidence in its physical resources, monetary power, industrial and other talents which distinguish the North. it would not be surprising if, in the present state of affairs, it would make good its threats." The Prensa does not know what to think. In its issue of the 10th it says, after speaking of the serious nature of the news from the United States, threats of secession, &e.:-"We gave our opinions some days ago in regard to the value we attached to those threats, trusting to the good sense of the mass of the Anglo American citizens, who well understand all the evils that must result from 80 desperate a resolution. But now the opinions of our correspondents areso decided, giving the separation of the Southern States as certain in case the President elect should belong to the republican party, that we cannot help asseating to news 80 well authenticated." The remainder of the article is as remarkable for its ignorance as that of the Diario. In its issue of the 17th it expresses a contrary opinion to that just quoted. and thinks secession unlikely, "from the magnitude of the undertaking." Possibly we may find a change in the sentiment of the Havana press in the course of 8 couple of weeks. We have dates from Caracas, Venezuela, to October 22. There was little, if any, change in the state of affairs. Parts of the country were represented to be quiet, the rebels having been dispersed, but most likely to reappear on the first opportunity. The items of news are uninteresting. We have received an interesting communication from our Fort Buchanan, New Mexico, correspondent, dated the 5th inst., in which he gives a synopsis of the news at that post. Jack Powers, a notorious character, and who formerly belonged to Colonel Stevenson's New York regiment, was murdered on the night of Oct. 26, near the Calabacas ranch, about thirty miles from Fort Buchanan. The deceased was wealthy, and has relatives residing in this city. A stranger named Bailey, OR his journey to the States, stopped over at Tucson for a few days, and while there, on Nov. 1, was coolly murdered by a desperado named Miller Bartlett. Another man, named W. F. Ward, of Dardanelle, Tell county, Arkansas, was shot by a Mexican lying in ambush, near Fort Buchanan, and was mortally wounded. The ball was fired evidently from one of Colt's revolvers; it passed entirely through the chest of its victim. Ward's condition was discovered in a few moments after the occurrence, and he was taken to the first hospital at the fort, where he lived for upwards of four hours in a perfectly calm and rational state of mind, conversing on the subject, and then died. In the Circuit Court yesterday the crim. con. suit of Orville H. Brown against Charles M. Davidson was brought to a conclusion, the jury finding a verdict for plaintiff of six cents damages. At the meeting of the Board of Aldermen yester. day " resolution was adopted directing the Special on the reception of the Japanese to rein detail, bill of the expenses The reEmbassy. of les any Liguid avenue railroad
Click image to open full size in new tab
Article Text
neighborhood last Sunday, to visit theNew Yorkavenue Presbyterian Church, (Rev. Dr. Gurley's;) and though it would be presump tious after the beautiful description of that edifice given in the Star, to add more than has already been written as to the chaste architecture, yet there is one feature noticed that I think deserves commendation, and must needs make the church itself popular, so far as strangers and itinerant visitors are concerned. I mean that feature of a diagram in the vestibule where each pew is designated by a number. and although seen there by whom the same is rented, yet there is only a corresponding number on the pew, without a name; hence there appears a welcome to a stranger, and when a pew-holder invites a friend, he has only to look at the card and hecan join those he wishes. It isgenerally conceded that all the churches ke strangers welcome, and yet they are not partfal to the name system. There is a pleasant point in the simple query of the child: "Ma, cannot you find the way to the pew without seeing pa's name And vet the habit perpetuated is not intended to exhibit ostentation in a sacred place. AMERICUS. THE SECOND MEETING OF BUSINESS MEN IN ALEXANDRIA. Gazette of this morning says: The merchants and business men of this city, pursuant to adjournment, met again at the Corn Exchange yesterday morning, at nine o'clock, when Mr. A. W. Gray, chairman of the committee to prepare business for the meeting, stated that since the meeting on Thursday circumstances had 03curred which had rendered it unnecessary for the meeting to take further action. The banks of Baltimoreand Philadelphia had suspended specie payment, which would alter the aspect of financial affairs and probably have a favorable effect upon exchanges. In view of thischange the committee deemed it useless to prepare any business for the action of the meeting, and would merely submit the following report: Your committee to whom was assigned the duty of preparing business for this meeting, believe it to be inexpedient and unnecessary to take further action in reference to the financial interests of the community A motion to adopt the report was put and carried, and the meeting then adjourned sine die THE CLARENDON HOTEL-This fine new house has been reopened for the season, under the proprietorship of Mr. D. T. Norris. Ameng the alterations and improvement that have been made during the recess we notice the establishment of a first-class restaurant in and the removal of the bar to the basement, leaving the former bar-room for an elegant sitting and reading room. These improvements render the establishment a most complete and desirable hotel to stop at. Runaway AND SMASH UP.-Aboutnoon to-day, a horse attached to a light wagon started on the Avenue, near Tenth street, and ran at a fearful rate down the Avenue, causing considerable alarm to pedestrians and owners of coaches along the route. The frightened animal turned into market space, and brought the wagon to which he was attached in contact with another, by which both jured. were damaged. Fortunately no person was in" INTERIOR ADORNMENTS." See what John Markriter, 486 Seventh st., has to say under this head. His stock of upholstery goods, paper hangings, &c, are really superb, and we have never known a customer of his to complain that he was not well done by. In fact, his reputation for good work and fair dealing is the secret of his great business success. THE THEATER - To-night the Howard family make their last appearance, on which occasion will be presented the "Lamplighter, "Page of History, and "Dutch Richard The bill is an excellent one, and will no doubt draw an overflowing house. Remember that this is the last chance to see little Cordelia Howard. "SAVE THE DISCOUNT Place to Buy Boots and Shoes "See advertisement of C. F. Cummins & Co., 347 Seventh street, at the big blue sign. He has a good stock, sells cheap, and, what is a good deal to the purpose just now, accommodates his customers by taking solvent bills at par. PHOTOGRAPHS of H. R. H., Prince of Wales and suite, at Whitehurst's, 434 Pa. av. Also just received original photographs of Prince Albert, Queen Victoria, the Emperor and Empress of France, and Garibaldi. This establishment has It reduced its prices almost fifty per cent. CENTRAL GUARD-HOUSE CASES-Frank Smith, colored, selling liquor without license; fine and costs, $21 58 John Thomas John Lemon, John Ross, disorderly; $6.15 each; they were retained modated. until this morning. Three lodgers were accomTHE WASHINGTON LIGHT INFANTRY will find a military order in another column. We understand the object of the meeting ordered to be, to make arrangements for the reception of the Putnam Phalanx. WE SEE by an advertisement that Smith, No. 460 Seventh street, opposite the Post Office, offers to take Virginia money at par for clothing, furnishing goods, hats and caps Give him a call, It and he will give you a bargain. SEE NOTICE, in another column, of a large sale at auction of fancy goods, boots, shoes, embrellas, guns, &c., by Bontz & Griffith, on Wednesday morning next. SEE NOTICE of a singing school to open in the lecture room of the New- York-avenue Presbyterian church, this (Saturday) evening, for the general cultivation of sacred music. ABOUT 900 beef cattle were offered at Drovers' Rest yesterday; 400 were sold at from $2 25 to $3 25 per 100 lbs gross; 200 driven on to Baltimore; 200 to the country; and 100 lay over. OUR GEORGETOWN READERS will see by Tenney's advertisement that he wants Virginia money for groceries. WANTED. $10,000 Virginia, Corporation, or Washington money wanted, in exchange for all kinds of Dry Goods, at Matthews & Gore's, 358 if S venth street, between I and K, east side. MARRIED. On the 221 instant, at the residence of the bride, by the Rev. E. Nugent, JOHN P. PRATER, to SARAH A. BROWN, all of this city ParOn the 15th instant, at MoKendree Chapel
Click image to open full size in new tab
Article Text
FROM PHILADELPHIA. PHILADELPHIA, Dec. 30 The banks of this city have resolved to suspend specie payments in consequence of the suspension in New York.
Click image to open full size in new tab
Article Text
Suspension of Spee1e Payments. BOSTON, Dec. 30.-By instructions from Lord Lyons, the Niagara, which arrived here on Saturday, will leave to-morrow (Tuesday) for Liverpool, taking out Mason and Slidell. The Persia, now in the St. Lawrence, will come to Boston and take the place of the Niagara for Wednesday, the regular day. The Presidents and Directors of the banks of this city held a meeting this morning and resolved to suspend specie payments forthwith. PHILADELPHIA, Dec. 30.-The banks of this city have resolved to suspend specie payments, in consequence of the suspension in New York,
Click image to open full size in new tab
Article Text
THEGENERAL HANK SUSPENSION. Our dispatches announce that the banks of New York, Boston and Philadelphia Lave suspended specie payment. It will doubtless be followed by the suspension of all the banks in the loyal States.
Click image to open full size in new tab
Article Text
0708 Satest News. No War with England. Mason and Slidell Given Up. UNION VICTORY IN MO: An abstract of correspondence between Secretary Seward and Lord Lyons, resulting in the delivery or Masen and Slidell is received. See'y Seward yields to to demands of England, and announces that they would be liberated in such manner as Lord Lyons would be pleased to indicate. They will go out in the Niagara, which will call at Ft. Warren for them. Thus ends the contingency of war with England. The publication of the Norfolk Day Book is suspended for want of printing papers. Col. Rankin has tendered his resignation of the Lancer regiment, and the resignation has been accepted. On the 58th Gen. Prentiss with 430 troops encountered and dispersed 900 rebels at Mt. Zion, Boone county, Mo., killing and wounding 150, capturing 35 prisoners, 95 horses, and 105 guns. Our loss was 3 killed and 11 wounded. A fight is impending in eastern Kentucky. Col. Corcoran has not escaped; his condition however, is to be rendered more comfortable. The banks of New York and Philadelphia have suspended specie payment. Mr. Stevens has introduced 2 bill in the House repealing certain laws creating ports of entry in rebel stotes.
Click image to open full size in new tab
Article Text
pelled to work twice as much for the same money. We had the love and respect of all people, who sought our shores as an asylumnow strangers fear us, our citizens are unlawfully imprisoned for opinions, and many seek their safety by refuge to foreign lands. Our country is now no longer "the land of the free and the home of the brave." How sad is this thought; and how sorrow will weigh down the soul, when the people awake to the reality 'that the Government has employed forty thousand eager hands to pick their pockets, to pay the interest on, a national debt that no man can count-the cost of a Union lost, the price of our shame in the eyes of the world.How great is the crime for which abolition must answer? How fearful will be the retribution when it comes?-and it will come. The telegraph states that the banks of New York, Boston and Philadelphia suspended specie payments last Monday. Next the Administration may suspend specie payments, if it can't help it. Would that prove that we have a Government ? A year of trouble has closed.We fear the worst has not come yet. The wisdom at Washington does not excite much admiration The future is covered with clouds.
Click image to open full size in new tab
Article Text
NIGHT DISPA I CHES. From " whington. WASHINGTON, Jan. 11. Secretary Chase expects "⑆meet on Monday delagetion Ful resenting the banks of Boston, New York and Philadeipsis, for conference in financial matters. Since the suspensions, this eity has been flooded with small notes, many of them wortbless. Nest week the H use Committee on Wars and Means will offur, and hope 10 carry their bills imposing toxision, and revival of the tariff by an increase of duries. There are numerous applications for he mission Rome, which the North-western members claim is belonging to some one from their section. The Commissioner of Paten's is to be cal ed on by Congress to state whether Mr. Brown, formerly Agricultural Chief Cleak, is now employed by nim in Europe to purchase seeds. The.e was much fruit found with Brown's official conduct while are, and it he has been sent abroad is wil make 1 divirbance. The King Philip came up from the Lower Potonac this Lorning, and repor's meeting the Penes. cois between Mt. Vernon and Washington, bound "www The for was so thick lost night that the Stepping Stone was ob! ged 10 lay off Alexandria till his worning. At GOOD, she again started to run the rebel
Click image to open full size in new tab
Article Text
SUSPENSION OF THE BANKS OF THE EAST. ERN CITIES. From the Louisville Journal of the 31st ult, we learn that a general SUIR of payments was the banke of pension upon by specie 1) eastern resolved cities, on the 30th ult. The movement was simultations, 80 far as the banks of N. York, Beston, and Philadelphia, are concerns which shows a concert of action The determination in New York was, it 18 apologetically stated, unani nously r solved upon, in consequence of the heavy draft upon the banks for coin, caused by their large advances to the government." Their financial condition, rendered the step coin to twenty-two cordary-their from it was thirty-nine considered, having been millions reduced ne. in two weeks The telegraph says the banks of Philadelphia resolved to BUS pend in consequence of the suspension in New York," while it is simply ancounced that the banks of Boston held a meeting and resolved to suspend forth with." The Journal states that all the talk in the business circles of Louisville, was concerning the suspension of the easternbanks, an announcement of which was made by telegraph at noon on the 30th. It was previously known that the movement was advised by the Treasury Department at Washington, and generally thought " to be a wholemovement." also that the suspension can some expressed The opinion is "have and no serious effect upon the trade of the Western States; on measure commerce the contrary, the favor." In is connection generally regarded with with this subject the financial article of the same paper says: "Our local banks which have withsfood the financial revolotions of the past, will con inue to redeem the issues of the branches local ted in loyal districts, and we are advis. ed that the Ohio and Indiana banks will likewise continue to pay specie, at least for some time to come." The movement of the New York banks was forced upon them. During the week ending the 28th ult., their balance sheets exhibted the following resuits : Decrease in loans. $1.017,912 decrease in circulation, $119.898 de crease in deposits, $845.560. These figures were favorable to the banks to the extent of $55,454 and had there been no other transactions would have created no alarm. But the loss of specie, on government and foreign account, was $7,955,932. which exhibited a difference against the coin balance of $7,900,479 The neceasity of an inflated circulatin the may ing medium Ohio and West, Indiana enable keep the banks of to their notes afloat in their own localities for a while, but they cannot maintain the position long. The suspension must become a general one, and financially our will 8 on ocempy the same as position enemy commercially the South.Memphis Appeal.