1927. Bank of the Metropolis (Washington, DC)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
September 26, 1857
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini
Short Digest
1c6e29ca

Response Measures

Accommodated withdrawals, Full suspension

Description

Contemporary dispatches report a run on Sept. 26, 1857 that was initially met by paying out specie (~$65,000). After other banks suspended, the Bank of the Metropolis suspended specie payments on Sept. 28, 1857. Trustees stated they expected to resume, but no clear reopening is reported in the provided articles, so final outcome is uncertain.

Events (2)
1. September 26, 1857 Run
Cause
Local Banks
Cause Details
Panic transmitted from suspensions of other banks (news of bank suspensions created heavy withdrawals).
Measures
Paid out specie promptly (about $65,000 paid out that Saturday) to meet demands.
Newspaper Excerpt
A run was made on the Bank of the Metropolis to-day, but it was met so cheerfully and promptly by the custodians of its well-filled vaults, that confidence was soon restored to depositors and noteholders.
Source
newspapers
2. September 28, 1857 Suspension
Cause
Local Banks
Cause Details
Following larger-than-anticipated specie demands after other banks suspended, trustees suspended specie payments while announcing intent to resume when possible.
Newspaper Excerpt
Notice ... the panic created by the suspension of other banks, having caused much larger demands than was anticipated, that institution is under the painful necessity of suspending specie payments for the present.
Source
newspapers

Newspaper Articles (18)
1. September 26, 1857 The Washington Union Washington, DC
Article from The Washington Union, September 26, 1857

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WASHINGTON CITY. SATURDAY EVENING. SEPT. 26. 1857. BANK SUSPENSIONS IN PHILADELPHIA, BALTIMORE, AND WASHINGTON. By referring to the telegraphic column it will be observed that the banks of Philadelphia have partially, and in some instances wholly, suspended specie payments. As a matter of precaution-it i is 80 alleged-the banks of Baltimore suspended specie payments to-day ; and from the same cause a similar course was adopted this morning by the Patriotic Bank and the Bank of Washington of this city. It may reasonably be expected that a large number of new and irresponsible banks in the North, East, and West, taking advantage of the general panic, will nominally refuse to part with what they really do not possess. The sooner these worthless institutions are out of the way the better it will be for all classes of the community. As a general rule, the southern banks are in a sound condition; and, with large and increasing resources at command, they will be able, with few, if any, exceptions, to weather the present storm with undiminished credit. The condition of the banks in the city of New York is such as to warrant the belief that their resources are fully equal to meet existing emergencies. Their strength will force the suspending banks into liquidation or the speedy resumption of specie payments. Looking at home, we can see nothing in the financial affairs of this city to warrant alarm or distrust. Our citizens are not suffering from the effects of overtrading or over-speculating; and the cash means of our banks are not locked up in protested paper or the depreciated bonds and stocks of "fancy" railroads. At no period in the history of our city was the condition of our merchants, hotel keepers, mechanics, traders, and real-estate owners more prosperous and promising than it is at the present time. Never before were clerks, journeymen, and laborers as liberally and promptly paid as now; and we venture to say that the balance-sheets of our banks show as large net profits for the past year as for any previous year of their existence. Compared with Baltimore, Philadelphia, New York, Boston, Cincinnati, or any other northern, eastern, or western city, the financial condition of Washington should be a source of congratulation instead of a cause for alarm. But still, with all our substantial means at command, with general freedom from debt and general well-paid employment, we are free to confess that a money panic and a money crisis can be soon got up in the federal capital, if our citizens desire such an expensive luxury. Let each distrust the other-let the usual money accommodations be withheld-and let all engage in the confidence-imparting business of withdrawing specie from the banks and the ordinary channels of trade for 'hoarding" purposes, and not many days or even hours will elapse before the business men of Washington are suffering as their brethren of New York and Philadelphia now suffer. Let the citizens of Washington have a true, realizing sense of their really prosperous condition, and the troubles which they invoke by their fears and distrust will not come near them. A "run" was made on the Bank of the Metropolis to-day, but it was met so cheerfully and promptly by the custodians of its well-filled vaults, that confidence was soon restored to depositors and noteholders.

2. September 28, 1857 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, September 28, 1857

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The Washington Banks. WASHINGTON Sept. 26.-The Bank of the Metropolis closed firm. The commercial community is generally satisfied with the course of the others, and all are confident of their stability and resumption at an early day. A considerable amount of deposits has been made in the Patriotic, and Bank of Washington, since their suspension. The Patriotic is redeeming its fives and small checks. There is an unusual crowd at the bank.

3. September 28, 1857 The New York Herald New York, NY
Article from The New York Herald, September 28, 1857

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three of them, and even the most ignorant know them to ve M strong as the mint. The merchants seem to be graditied with the suspension. Money on the street yescreay was at 2½ per cent premium, but has failen 1 per cent to-day. A great deal of surprise is expressed in this oily that the New York banks have been able to withstand the pre sent pressure, and have not ere this suspended. The Farmers' and Mechanics' Bank of this city is cashing all its notes. It is also paying checks upon It in notes of other city barries. The money market is easter, and the excitement appears so be subsiding. The issue of shinplasters has been spoken of, and will, it is said, be resoried to. BANK SUSPENSIONS IN WASHINGTON. WASHINGTON, Sept. 26, 1857. The Bank of Washington suspends specie payments on everything but fives and small checks. The partial suspension of the Bank of Washington is only temporary. The Patriotic Bank is redeeming its fives and small checks. There is an unusual crowd ml the bank. The Bank of the Metropolis closed tirm. The commerotal community is generally satisfied with the course of the others, and all are confident of their ability to resume at an. early day. A considerable amount of deposits has not made in the Patriotic Bank and Bank of Washington since their suspension. The Bank of the Metropelis redeemnd all its notes and paid all its checks up to the closing hour, and they feel themselves abundantly able to meet all demands against them. THE BANKS OF WHEELING. HEELING, Sept. 26, 1857. At a meeting of the citizens of this city, hold this evening, it was unanimenaly resolved that the banks of the city be requested to Immediately suspend specie payment until the business Interests of the community will justify a resumption. This action was taken in consequence of the heavy run that has recently heen made upon the banks by foreign brokers and bankers. The banks are abundantly able to meet their Habilities. No loss will be sustained by note holders or depositors, in consequence of the suspension. THE EFFECT IN CINCINNATL CINCINNATI, Sept. 26, 1857. The Ohio Life and Trust Company has made an anign. ment. The rates of exchange are nominal. Sight checks cannot be bought on New York for less than five per cent promium. There have been no failures among our merchants— they stand firm. END DA WEG.

4. September 28, 1857 Evening Star Washington, DC
Article from Evening Star, September 28, 1857

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EVENING STAR. WASHINGTON CITY: September 28, 1857. MONDAY SPIRITOF THE MORNING PRESS. The Intelligencer, discussing the suspension of the banks in various quarters of the country says, with truth and justice, of the two Washington city banks that suspended on Saturday last: The panic on Saturday extended to this city, and two of our banking institutions-the Bank of Washington and the Patriotic Bank-partially suspended the redemption of their notes in specie. In these cases we are inclined to think the panic was with the banks rather than with the public, as we understand there was no serious run upon them when they stopped payment. The Bank of the Metropolis, on which a run immediately commenced in consequence of the suspension of the other banks, met every demand promptly. The holders, however, of the bills of the two banks that have suspended may rest perfectly tranquil, for the means of the two institutions are doubtless ample to meet all claims, and their notes are all available, being a legal tender in payment for debts to these banks, and will in that way be promptly absorbed and taken from the hands of the present holders. The same may be said of deposites; and erefore it will be folly for any one to sacrifice either notes or deposites. A very short time will no doubt restore tranquility and confidence, and people will then wonder how or why such an alarm and panic could have existed.' The Intelligencer also contains a letter from Gen. Scott in reply to that of Gen. Pillow, with which the country is familiar, wherein Gen. S. contents himself for the most part with a quiet denial of the truth of General P.'s statements. The only point essayed to be made by Gen. P. which he argues is that declaring that he (Gen. S.) paid to Santa Anna $10,000. Of this he remarks (in effect) that the fact that Santa Anna was then notoriously worth $3,000,000, and had, as Dictator, the irresponsible control of all the wealth in Mexico, renders it preposterous. He adds that he did pay to two or three un-named (Mexican) individuals $10,000 for secret information necessary for the success of his cam. paign. and presumes that the impression of Gen. Pillow that he had made such a payment to Santa Anna grew out of that fact. He also defends Mr. Trist warmly from Gen. P.'s animadversions. The Union, discussing the financial crisis, says of the business affairs of our own city: " Looking at home, we can see nothing in the financial affairs of this city to warrant alarm or distrust. Our citizens are not suffering from the effects of over-trading or over-speculating; and the cash means of our banks are not locked up in protested paper or the depreciated bonds and stocks of "fancy" railroads. At no period in the history of our city was the condition of our merchants, hotel keepers, mechanics, traders, and real-estate owners more prosperous and promising than it is at the present time. Never before were clerks, journeymen, and laborers as liberally and promptly paid as now; and we venture to say that the balance-sheets of our banks show as large net profits for the past year as for any previous year of their existence. Compared with Baltimore, Philadelphia, New York, Boston, Cincinnati, or any other northern, eastern. or western city, the financial condition of Washington should be a source of congratulation instead of a cause for alarm. But still, with all our substantial means at command, with general freedom from debt and general well-paid employment, we are free to confess that a money panic and a money crisis can be soon got up in the Federal capital, if our citizens desire such an expensive luxury. Let each distrust the other-let the usual money accommodations be withheld-and let all engage in the confidence-imparting business of withdrawing specie from the banks and the ordinary channels of trade for "hoarding" purposes, and not many days or even hours will elapse before the business men of Washington are suffering as their brethren of New York and Philadelphia now suffer. "Let the citizens of Washington have a true, realizing sense of their really prosperous condition, and the troubles which they invoke by their fears and distrust will not come near them.

5. September 28, 1857 Wheeling Daily Intelligencer Wheeling, WV
Article from Wheeling Daily Intelligencer, September 28, 1857

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escaped, but subsequently drowned gether with his family. BANK EX ITEMENT. PITTSBURGH, Sept. 28. -The excitement relative to the Banks is subsiding. This morning the Mechanics Bank suspended specie payment on all notes. [SECOND DISPATCE] Although the Pittsburgh Banks have suspended, at a meeting of the Executive offivers of the Banks, to day, they addopted resolutions that temporary suspension of payment of specie was necessary to protect business men, enabling the Banks to discount local paper and exchange. That the Cashiers of the respective Banks, are pre-emptorily instructed by the Board, to re sume when a similar action is adopted by the Eastern Banks. Excitement nearly subsided. PHILADELPHIA, Sept. 28.-It is understood that the Governor will issue a proclamation tomorrow, calling the legislature together on the first Tuesday in October, to take action on the Bank suspensions. [SECOND DISPATCH] There is no concert of action among the Banks. They commenced paying five dollar bills, but 11 o'clock the bank of North America, which previously redeemed all notes, suspended specie payment. The same course will now become universal. The Philadelphia Bank suspended specie payment, but redeemed checks with notes. PHILADELPHIA Sept. 28-The Governor has not decided about the proclamation. Much ill-feeling between the banks. ALEXANDRIA, VA., Sept. 28.-The Banks are paying out small sums of specie only. WASHINGTON, Sept. 28.-A notice posted on the bank of the Metropolis, says that the panic created by the suspension of other banks, hav. ing caused much larger demand for specie than was anticipated, that institution is under the painful necessity of suspending specie payments for the present. The trustees remarked that they will make every exertion to resume, and that the bank paid out $65,000 on Saturday.The Bank of Washington and Patriotic Bank. which paid only small sums on Saturday, have not altogether suspended. The Savings Banks pay either in City Bank or Virginia money, and demand the six days notice from depositors.Virginia money is at a discount of 0 per cent, and the tendency is still downward. Business nearly paralized. Money unsaleable, BOSTON, Sept. 28,-Jewett & Co., publishers of this city, have suspended. Their liabilities are $100,000. BOSTON, Sept. 28.-The Suffolk Bank refuses to redeem the bills of the New England county Banks. NEW YORK, Sept. rumored failures of Clark, Dodge & Co. and Phelps, Dodge & Co., is entirely false. Exchange on Philadelphia ten per cent per month. The assignment of the Ohio Trust Co. is expected. President Stetson returns to Cincinnati to-morrow to procure a stay of proceedings. The Metropolitan, Republic and Merchants Bank of New York, Mechanics American, Exchange, Union and Phoenix Banks have issued circulars assuring the public of their ability and determination to sustain a specie basis for their circulation, and expressing an opinion that the tendency of specie and produce to this point will soon relieve the Banks of the present pressure. NORFOLK, Va., Sept. 28.-Some feeling is manifested here about the Baltimore and Philadelphiá suspensions, but the Banks, so far, have remained firm. CINCINNATI, Sept. 28.-The excitement consequent upon the continued vorable advices from the east, paralized business, and the atten* tion of business men is entirely turned from the ordinary rotine, to the absorbing question of the Intest news from the east. The banking houses continue to quote New York exchange at par, but only small amounts can be purchased at this rate, sums of 5,000 and upwards cannot be bought at less than five per cent premium. No paper can be negotiated, so that it is useless to give quotations. The paper of an Iron House and a Shoe & Leather house, went to protest, and J. B. Holmes manufacture, has made an assignment. None of them are insolvent however. J. J. Anderson & Co., and Danby & Barksdale, Bankers of St. Louis, have suspended. The Nashville Bank of Nashvill, Tenn., has suspended. NEW YORK, Sept. 28.-The money market is very stringent, but banks remain firm in their position. Some very heavy failures are reported here. Advices from Albany mention a run on the Savings department. RICHMOND, Sept. 28-The banks are paying specie, and it is generally believed that they have determined to go on. There is no run as yet. Both of the Staunton banks, the Central Bank, and the Bank of the Valley have all suspended BALTIMORE 11 P. M.-No material change has occurred in money matter to-day. The banks in some instances redeemed their 5's as a matter of accommodation. Specie commands a premium of seven to ten per cent on exchange for Balt funds. AGUSTA, GA.-The Banks of North and South Carolina and Georgia are all right. The question of suspension is not entertained. YELLOW FEVER. WASHINGTON, Sept. 28.-Several cases of yellow fever at Key West and one death. The origin of the decease is from admitting seamen

6. September 29, 1857 The New York Herald New York, NY
Article from The New York Herald, September 29, 1857

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THE WASHINGTON BANKS. W ASHINGTON, Sout 28, 1857. The trustees of the Bank of the Metropolts say that the panic created by the suspension of other bank. baring created much larger demands than were anticipated, ibal that institution is under the painful necessity of suspend ing specte payments for the present The trustees remark that they will make every exertion to resume as speedity as possible, and that the bank paid out about $66,000 in specie on Saturday. The Bank of Washington and the Patriotte Bank, both of which paid small sums on Saturday, have now altogether suspended specie pay ments. The savings banks pay either in the bills of the banine of the city or Virginia money, and demand the six days no tice from:-depositors Virginia money is selling here at a discount of five per cent, and the tendency is still downwart Business is nearly paralysed, and uncurrent money is altogether unsaleable

7. September 29, 1857 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, September 29, 1857

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The Bank Troubles. NEW YORK, Sept. 28, 2 P. M.-Money srringent, and banks are firm. Very heavy failures are reported. Advices from Albany mention a run upon the Savings Department by small depositors. There is no pressvre elsewhere, and bill-holders and banks there are quiet and confident. ALEXANDRIA. D. C., Sept. 28.-There is a run upon our banks this morning. They are paying out small sums only. PHILADELPHIA, Sept. 28 -The Bank of Commerce is repeating the course it pursued on Saturday. The Girard is cashing its fives. The Mechanics' and the Southwark are paying all their notes. The North American suspended at about 11 o'clock today, and the suspension will now become general. 12 o'clock.-The Mechanics' now redeems its fives only, as also the Pennsylvania, Girard, Farmers' and Mechanics', Penn Township, Consolidation, Northern Liberties, Mechanics' and Manufacturers', Commercial and Western, and City. The Philadelphia has no specie, but redeems checks with its own notes. 1 o'elock.-All the banks are changing their course since this morning ; some refuse to certify their checks, but give due bills to deposit in other banks. Business is paralyzed, but there is little excitement. It is impossible to make collections. ASHINGTON, Sept. 28.-The Bank of the Metropolis suspended this morning. It paid out $65,000 on Saturday last. The Bank of Washington, and the Patriotic, which paid small sums on Saturday, now altogether suspend specie payments. The Savings Banks pays either in City Bank or Virginia money, and demonds six days' notice from depositors. Virginia money is at a discount of 5 per cent., and is tending still further downward. Business is nearly paralyzed.

8. September 29, 1857 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, September 29, 1857

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THE WASHINGTON CITY BANKS. WASHINGTON Sept 28.-The Bank of the Metropolis paid about $65,000 dollars on Saturday, hut was obliged to suspend totally to-day. The Bank of Washington and the Patriotic Bank followed the example. A heavy run was made on all the banks.Virginia notes are five per cent discount, with 8 further tendency downward. Uncurrent money is unsaleable. Business is paralized.

9. September 29, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, September 29, 1857

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TOTAL SUSPENSION IN WASHINGTON. WASHINGTON, Sept. 28.-The Bank of the Metropolis, after paying out $65,000 in specie Saturday, has been obliged to suspend totally to-day. The Bank of Washington and the Patriotic Bank have followed the example. There is a heavy run on all the banks. The Virginia notes are at 5 per cent discount, with a further tendency downward. Uncurrent money is unsaleable. Business is paralyzed. [SECOND DISPATCH.] WASHINGTON, Sept. 28-8 P. M-The merchants here take the notes of Washington banks at par.There is no fixed rate of exchange for Virginia notes.

10. September 29, 1857 The Washington Union Washington, DC
Article from The Washington Union, September 29, 1857

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Bank of the Metropolis, Washington, September 28, 1857. IN the confident expectation that the means on hand and those expected from other places would be ample to enable the bank to meet all demands which might reasonably be expected to be presented, the payment of specie was continued throughout the whole of Saturday, the 26th inst. ; but the panic created by the suspension of other banks having caused much larger demands than was anticipated, the boa. : and trustees are under the painful necessity of suspending specie payments for the present. They have a confident expectation of being able to resume in a very short time, and, in the mean time, they assure the community that the resources of the bank are ample to meet all claims against the institution; and that every exertion shall be made to afford the best accommodations under the circumstances. By order of the board THOS. CARBERY, President. Attest RD. SMITH, Cashier. Sept 29-It

11. October 2, 1857 Wilmington Journal Wilmington, NC
Article from Wilmington Journal, October 2, 1857

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Washington City Banks. W ASHINGTON, Sept. 26.-The Bank of Washington is paying specie only for $5 notes and small checks. The others continue as usual. SECOND DESPATCH. WASHINGTON, Sept. 26.-The suspension by the Bank of Washington is only partial. The Bank of the Metropolis has resolved to continue full specie payments, feeling confident of its ability to meet all demands. The Patriotic Bank is redeeming its fives and small checks. The Banks are all crowded with bill holders and others. W ASHINTON, Sept. 26.-The Bank of the Metropolis closed firm, and every confidence exists in the Patriotic Bank and the Bank of Washington. The merchants express satisfaction, and considerable amounts were deposited in the suspended banks after the suspensions was announced.

12. October 3, 1857 Republican Vindicator Staunton, VA
Article from Republican Vindicator, October 3, 1857

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Partial Suspension. ALEXANDRIA. Sept. 28.-The Banks of this city are determined not to allow a great run upon their vaults. While they have not announced a suspension, they are still only paying small sums. The Feeling in Norfolk. NORFOLK, Sept. 28 -Some feeling is manifested here in regard to the suspension of the Baltimore Banks. So far our Banks are all rectus in curia. Total Suspension of the Washington Banks. WASHINGTON, Sept. 28.-The Bank of the Metropolis paid out about $65,000 in specie on Saturday, but were obliged to suspend totally to-day. The Bank of Washington and the Patriotic Bank have followed the example of the Bank of the Metropolis. A heavy run is being made on all the Bankers; Virginia notes are at a discount of five per cent uncurrent money is wholdy unsalable; and business is paralyzed. Money Matters in Philadelphia. PHILADELPHIA, Sept. 28.-The Banks of this city commenced to-day by a repetition of the course pursued Saturday. The Girard is paying Fives only. The Mechanics and Southwark all. The Bank of North America suspended about 11 o'clock, and the suspension will probably become general. Money Matters 0. K. in Norfolk. NORFOLK, Sept. 28, 4 P. M.-There have been no suspensions here and all is quiet. No apprehensions of a run from abroad are entertained by the Banks of this city, and they feel secure. Finances in New York, Albany, Etc. NEW YORK, Sept. 28.-Money stringent. Banks firm Very beavy failures reported. Advices from Albany mention a run on the Savings Department of that city by depositors. No pressure elsewhere, and bill holders there are quite confident. LATER. The Metropolitan, Republic, Merchants Bank of New York, Mechanics, American, Exchange, Union and Phoenix Banks, have issued Circulars, assuring the public of their ability and determination to maintain a specie basis. Also expressing the opinion, that the tendency of specie and produce to that point will soon enable the Banks to relieve the pressure now prevailing. Later from New York. NEW YORK, Sept. 28.--Exchange on Philadelphia is selling at 10 per cent. discount. The usual weekly Bank Statement of this city shows a reduction of loans and a strong specie column. Rates on the streets for money, in some cases, reach six per cent per month. All Confusion-Importent Rumor. Philadelphia, Sept. 28, 5 P. M.-All is confusion, but there is little excitement. It rumored on the streets that the Governor refuses to issue his proclamation for a special session of the legislature, unless the Bank of Pennsylvania is put upon the same footing with others, and her notes received on deposit. She now pays out her own notes for checks. Banking Matters at Wilmington. WILMINGTON, N. C., Sept, 28.-No excitement here. The Banks are perfectly sound, and will continue as heretofore for the present, but their future action will be governed by the course of neighbors. Financial Matters in Massachusetts. BOSTON, Sept. 28.-The Suffolk Bank refuses to redeem the notes of the New England county Banks. The Baltimore Banks BALTIMORE, Sept. 28.-There is no material change to note in monetary affairs.The Banks in some instances are redeeming fives as an accommodation Specie commands from seven to ten per cent. premium when given for Baltimore funds. Washington Banks. WASHINGTON, Sept. 28.-The Washington Merchants take the notes of the city at par. There is no fixed charge for Virginia notes. More Suspensions. PROVIDENCE, R. I., Sept. 28.-The banks here have resolved to suspend Their liabilities to the public is not more than one-quarter of their capital. The Reason of Their Refusal. BOSTON, Sept. 28.-The reason the Suffolk Bank did not honor the notes of country Banks, was the want of a sufficient force of clerks to make change. The country Banks are well protected, and retain the public confidence. Heavy Failure in New York. NEW YORK, Sept. 28.-Messrs. Abbott, Dodge & Co., a large Southern Flour House, has suspended. There is no truth in private despatches affecting Messrs. Clark, Dodge & Co., and Messrs. Phelps, Dodge & Co., bankers. The Bank of Middlletown, Pa. PHILADELPHIA, Sept. 29.-The Directors of the Bank of Middletown. Pa individu-

13. October 3, 1857 Sunbury American Sunbury, PA
Article from Sunbury American, October 3, 1857

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resumption at an early day. There has been a considerable amount of deposits in. the Patriotic and Washington Banks since their suspension. SUBPENSION OF THE PITTSBURG BANKS. PITTSBURG, Sept: 26.-There is no concert of action am Sigst the banks of this city in regard to their future policy. All continue to pay coin on small demands. The Merchants' and Manufacturer's Exchange, and Citizens' Banks are paying small demands made by laborers, operators, and others, but refusing the demands of banks and brokers. The Bank of Pittsburg has resolved to pay in full. FURTHER SUSPENSION OF COUNTRY BANKS. HARRISBURG, Sept. 26.-The banks of this place, Lancaster, York end Reading have all suspended specie payments. THE TRENTON BANKS. TRENLON, Sept. 26.-There has been a steady. moderate run upon all our banks, each having paid out about $8000 in specie. They are in good condition, and will probably weather the storm. THE VIRGINIA BANKS. RICHMOND, Va., Sept. 26.-No bank suspensions have occurred here yet. There has been much excitement occasioned by the news of the bank crises at the North. AFFAIRS AT CINCINNATI. CIRCINNATI, Sept. 26.-The Ohio Life and Trust Co. has made an assignment. Rates of exchange are nominal. Sight drafts on New York cannot be bought for less than 5 per cent. premium. No failures-have occurred, and our-merchants stand firm. PITTSBURGH, Sept. 28.-The Bank excitement in this city is subsiding. The Mechanics' Bank suspended payment this morning. Business was completely paralyzed during the day. PITTSBURGH, Sept. 28.-Evening.-All the Banks of this city, excepting the Pittsburgh Bank have suspended. At a meeting of the executive officers of the Banks to-day. resolutions were adopted, expressing the opinion that the suspension of the payment of coin, is necessary to protect the business men, in enabling the Banks to continue to discount local paper and exchange and peremptorily instructing the Cashiers of the respective Banks, to resume payment of specie, when similar action has been adopted by the Eastern Banks. The excitement produced by the panic, has nearly subsided. WASHINGTON. Sept. 28-A notice posted on the Bank of the Metropolis says that the panic created by the suspension of other banks having caused a much Targer demand for specie than was anticipated. that institution is under the painful necessity of suspending specie payments for the present. The trustees remark that they will make every exertion to resume. The bank paid out $65,000 on Saturday. The Bank of Washington and the Patriotic Bank which paid out small sums on Saturday, have now altogether suspended. The Savings Banks pay either in city banks or Virginia money, and demand the six days' notice from depositors. Virginia money is h at's discount of 5 per cent., and the tendency is, still downward. Business is nearly paralysed and uncurrent money is upsálable. BOSTON, Sept. 28.-The Suffolk Bank refused to redeem the bills of the country New England Banks for individuals, for the alleged reason that the amount presented was greater than the clerks could attend to. The deposn its of country money sent from other Banks are promptly redeemed. The country Banks generally are well protected, and will retain the public confidence. CINCINNATI, Sept. 28.-The excitement in consequence of the unfavorable advices (rom the East has paralyzed business in this city. New York exchange is quoted at par, but only small smounts will be purchased at this b rate. The paper of an iron house and a shoe and g leather house has been protested. J. B. Holmes, manufacturer, has assigned. al n NASHVILLE, Sept, 18.-The Bank of Nushville suspended this morning. At a meeting of merchants which was held to-day, it: was recommended to the Directors of the Union. Planters', and State Banks to suspend also, d but they refused. Several "free" Banks were thrown out today. Confidence is felt that the Bank of Nashville will pay, and have a large surplus. PROVIDENCE, R. I., Sept. 28.-The banks of this city have resolved to suspend specie payments. Their liabilities to the public are not over one-quarter of their capital. PROVIDENCE, Sept. 28.-An injunction on the Hopkinton Bank has been obtained.

14. October 3, 1857 The Weekly Minnesotian Saint Paul, MN
Article from The Weekly Minnesotian, October 3, 1857

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More Failures in Washington. WASHINGTON, Sept. 28. A notice posted on Bank of the Metropolis, says that the panic created by suspension of other banks, having caused a much larger demand for specie than was anticipated, that institution is under the painful necessity of suspending specie payment for the present.The trustees announce that they will make every exertion to resume. and that the Bank paid out $65,000 on Saturday. The Banks of Washington and Patriotic, which had only small sums on Saturday, have now altogether suspended. The Savings Banks pay either in City Banks or in Virginia money, and demand the six days notice from depositors. Virginia money is at a discount of 5 per cent. and the tendency is still downwards.Business is nearly paralyzed, and uncurrent money unsaleable.

15. October 3, 1857 The Weekly Minnesotian Saint Paul, MN
Article from The Weekly Minnesotian, October 3, 1857

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weeks notice. The Banks were besieged before 10 and is transacting business, but paying no specie. The Mechani's Bank is paying specie for tens. The Girard Bank refuses to do any business and renders no satisfaction to depositors and bill holders. The Girard Bank has now come to terms, partially redeeming fives with specie, but refusing to honor checks of dep sitors. Most of the other banks were making checks good. There is no concert of action among the banks ; each is apparently taking a different course. The Bank of North America is paying specie for tens, but issuing no note or check. The Bank of Commerce is refusing specie, but is paying notes for checks. ASHINGTON, Sept. 26. The Bank of Washington suspended specie payments on everything but fives and small checks. The Board of Directors of the Metropolis and Patriotic Bank are now in conference and it is not yet known what action will be taken thereon. THIRD DISPATCH. The Bank of the Metropolis has concluded to continue full payment and are feeling themselves secure against all demands. The Patriotic Bank is redeeming its fives and small checks. There is a continual crowd at Banks. NEW YORK, Sept. 26. Banks are all strong, and the utmost confidence is exhibited in them. The Banks have issued a circular on account of the suspension of the Philadelphia Bank, notifying their customers that all collections maturing out of the city of New York, will, at the option of the dealer, be either recalled or paid.

16. October 17, 1857 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, October 17, 1857

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Financial. NORFOLK, Va., Oct 16-M. The banks here have suspe ided specie payments. WASHINGTON. Oct 16-p M The Bank of the Met opolis has declined to h ve anything further to do with the other banks of the District. Therefore the establishment of a Clearing House is abandoned. The other banks will act independently of the Bank of the Metropolis, and will agree upon a plan to regulate exchanges. All the business favors in their power will be granted to the citizens. The amount of U.S. Stocks redeemed at the Treasury to-day was $26,555. This probably closes all transactions in hat line for the present. AUGUSTA, Ga, Oct 16-p M All the banks at Savannah suspended this morning.

17. October 17, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 17, 1857

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THE LATEST NEWS. RECEIVED BY MAGNETIC TELEGRAPH. FROM WASHINGTON. Special Dispatch to The N. Y. Tribune. WASHINGTON, Friday, Oct. 16, 1857. The Executive authorities threaten to wind up the Banks of the District of Columbia unless they forthwith resume specie payments. They are at loggerheads among themselves as to the proper course to pursue. The Bank of the Metropolis counsels resumption: the others resist. The pressure upon cotton, tobacco and "niggers" is fearful. The prices of the latter in Virginia have fallen thirty-three per cent, and ng ale at that. There has been another run on Chief-Engineer Martin of the Navy. Mr. Archibald of Baltimore is spoken of as his successor. The Secretary of the Navy has rejected the application to build another war steamer by contract. To the Associated Press. WASHINGTON, Friday, Oct. 16, 1857. The reasons that Mr. Forsyth, our Minister to Mexico, assigns for opposing the arrangement of Messrs. Berjamin and Le Sere with Comonfort relative to the Tehuantepec route, place his conduct in & favorable light. The Secretary of the Treasury has decided that towels composed of linen and cotton and linen tapes are dutiable at the rate of nineteen, and cotton tape and spool cotton, bleached or dyed, at twenty-four per centum. The treaty recently concluded by Commissioner Denver with the Pawnee Indians secures to the United States ten or twelve million acres of land. These Indians not only pledge themselves to remain at peace with the United States. but will use their influence with neighboring tribes to the same end. The following are the remaining officers whose cases are to be investigated before the Naval Courts of Inquiry, exclusive of those pending: Commodore Jones. Captains-Levy and Ramsay. Commandere-Lecompte, Armstrong, Chauncey, Gedney, Glynn, Ritchie, Johnston, and Ringgold. Lieutenante-Boyle, Hunt, Porter, Noland, Maury, Steele, Flagg, Lynch, Brownell and Barney. Masters -Stevens and Jones. Passed Midahipmen-Pearce and Byrens. Commodore Stewart prefers to submit his case to Congress.

18. January 31, 1858 The Washington Union Washington, DC
Article from The Washington Union, January 31, 1858

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ASSETS $111,899 58 13,649 80 Bills and notes discounted. Stock account estate. 13,314 36 29,698 06 protest, Real other banks costs of suits, suspense expense, Sundry Due from accounts, profit viz and loss, and 4,619.01 5,523 counts. of other banks 386 09 Checks Notes on other banks Specie 28,288 35 207,378 25 C. E. RITTENHOUSE, President BANK OF Georgetown, COMMERCE, D. C., January 2, 1858. 1858. OF THE METROPOLIS 5, to a you the BANK Washington, statement Jan. of the condetailing SIR I herewith Bank of the institution, as requested will be in dition of the of the I trust, do not sets and liabilities 23d ultimo, enclose which, Metropolis, Senate. We debtors, satis. your feel the we letter of to the the committee you with of the a By list such of our an exposure might be factory authorized to furnish each, & &c. our tomers, and am, by to lose all suits for damages. cashier, accountable to the that not one of amount made should however, be authorized likely them by the committee in mittee president, I know the to be and true.o them and any selowes the They trustee have the are bank all occasion to gentlemen assure a dollar, to not borrow in and beyond easy this money, circumstances, their from ability this to pay or on bank expired on charter, July The charter of the expiration of effects of the bank the dom other demand. bank bank-certainly Before this and elected the the by 4th of stock- July, were legal 3, 1844, 1844. the transferred whole property to trustees, conveyance, executed in instiholders. By this of the Metropolis carried on ever bound the Bank it has been stockholder is with sold form, and and as such and every became can a say private since, truth with and the for tution, the full liabilities knowledge of the had that bank. as much think of it the I ever confidence had before, all of rethat the the bank has charter expired the as community, bank in is safepublic it has been as was useful before that time. accommodati dation No is spects, as justly conducted, with purchases or sales that ly and since it ever the public consistent and to every No prudence. The Nothing but wild af- or of a has bank speculations forded stocks, to lands, the are or here property system carried of of on. any banking kind. is operations. carried in on, this The wide to be so permitted fair and legitimate a to high enter and into honorable spread our business standing, throughout the not the only country, as to usefulness. and community, I trust its that character but it will for continue punctuality specie payments banks and on east the of 28th us had be- of maintain This bank suspended after many of we the paid out, the day in to pay coin. near seventy of specie on but fore the we had still a and healthy portion ceased September silver, suspension, last, sound Although large amount thousand business condition dollars hand, gold that the of and and interest were of in a the very merchants a suspension. and other opinion. We concluded Many of for our the District to public as it was best, advised and urged Our notes and bank depositors the for required and the yielded community our gold it upon us and silver Since in best circulation the other sus- deand only $49,500, whilst to $370,078 gold 65. and silver to newere specie funds amounted have freely paid all out market and other whilst pension, and we note-h holders, amount for of $164,266 and silver cessary purposes, to into the bank, Since this has been paid $223,612 05. I have not heard there positors period, the in gold unavoid- holders cause sin- duable ring calamity the same fell upon among the bank, the depositors has been or no the just gle complaint, and either I am sure there overtake banks, of for our complaint notes, misfortunes will sometimes and no human foreThese and even The governments, present crisis, and like prostrating the sight can prevent travelling it. all over men the and the most stable merchants, be world, remarkable cholera, and the in seems course to the most wealthy The city of with Hamburg, specie, was richest in its popular for its wealth, institutions. and trading tornado, alone and and many ruined of her by it. was range of this financial been stricken bank down in the United every States ten or merchants do not doubt have that similar if every crisis would of this occur country cash are too for discontinued, a but the people down to paying want. the In truth, twenty years to be tied or everything world they to carry on the enterprising everything there is not they specie buy, country. enough If in our the bank be made is not so, safe for skill and business of this community, none can to the best of serving our the useful to watched, the and much protected with the view the of stockholders. and guarded, judgment, and as the interest private of institution, we carrying on our law or rule of carry on the as not violated had as much in public have In as of promoting any bank, merchant right as a to propriety. Washington We con- bank, and to sidered we conduct that we business it, as any Those who in make it. deposites The only insystematic carry on us his find their own is interest the regular and and the facilities in which we carrying on their me for afford them in will excuse bank has rendered ducement deal manner we with we the offer committee to them conduct our this bank, business funds. mention- In to ing I some beg that of the services when which the Secretary treasury of War, had was no sent a to loan the the 1814 government Col. Monroe, Metropolis then by dollars, Mr Madison to be forwarded to procure to of Gen- supof two then at New not do to the Bank Jackson, of hundred the thousand could Orleans, who without was it. Gen- The eral loan plies was for made his army, times and since immediately and that period transmit of Congress, the bank furnished mail of con- any Several the members compensation specie funds without interest could not was for when the the demand. moneys, and to eral. kind, tractors, &c. to meet to government c pay public or This bank otherwise funds afforded different procure some For it in time depository of the transmission nsmission of and risk. parts we paid many of the country the pensioners time the facilities in the at our own expense at this place, without some years whatever. in reinformation any If compensation the committee we desire shall any be further pleased to furnish everything lation that to the the can bank, be honor useful to be, very respectfully, President. sir, your most I have obedient servant, THOS. CARBERY, &c. Hon. JOHN SLIDELL, Chairman, the of State Bank 1857, inclusive. of the Metropolis on the 31st of December LIABILITIES. $355,300 Capital paid in 124,414 76 Notes in circulation 38,658 3 to other banks 21,986 Due and loss account $14,869 Profit Unclaimed dividends 316,573 Depositors 331,443 53 871,803 64 ASSETS. viz Bills and notes security discounted, $393,761 85 64,488 27 On On domestic personal bills 59,315 00 stocks on On stocks call 54,918 49 572 183 61