1930. Banks of Washington (Washington, DC)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: September 13, 1857
Location: Washington, District of Columbia (38.895, -77.036)

Metadata

Model: gpt-5-mini
Short Digest: 19a5c02c

Response Measures

None

Description

Multiple contemporary dispatches (Sept 1857) report that banks in Washington suspended specie payments during the nationwide panic following the failure of Ohio Life & Trust and other eastern failures. Later coverage (Feb 1858) states the banks of Philadelphia, Baltimore and Washington have just resumed specie payments. No specific depositor run on a particular Washington bank is described in the provided articles; the action is described as a coordinated suspension in response to the broader panic, followed by resumption.

Events (2)

1. September 13, 1857 Suspension

Cause: Macro News
Cause Details: Widespread financial panic triggered by failures (e.g., Ohio Life & Trust) and contagion from suspensions in Philadelphia and Baltimore; banks in Washington suspended specie payments to protect reserves.
Newspaper Excerpt: the 12th and 13th of September Washington the banks ... suspended.
Source: newspapers

2. February 17, 1858 Reopening

Newspaper Excerpt: The banks of Philadelphia, Baltimore and Washington have just resumed specie payments.
Source: newspapers

Newspaper Articles (8)

1. September 27, 1857 The New York Herald New York, NY

Article from The New York Herald, September 27, 1857

Click image to open full size in new tab

Article Text

There were rumors aflont during the early part of the day, which we had confirmed by a bank officer at a later hour, of the suspension of Messrs. Garner & Uo., the largest domestic commission house in the city. Messrs. Garner & Co. wereso widely known asone of the wealthiest dry goods firms in the country that we haveserious apprehensions or the effect of their sudden and unexpected inability to meet their engagements. The rumor is that their liabilities, which amount to between two and three million of dol lars, are nearly all to fall due within sixty days, and find ing it impos ible in the present panic to make arrange. ments to go through, they have wisely concluded to ask for time. There are various reports afloat as to the as sets of the house, running up from five to seven million of dollars, but no one will doubt for a moment their ability to pay every dollar they owe and have an immense surplus. No man in America has understood cotton mills so thoroughly, or has turned his knowledge to such advantage in accumulating a fortune as Thomas Garner, with the exception, perhaps, of Mr. Sprague, of Providence, who died at an advanced age one months since, leaving, it issaid, six or seven milli of dollars. In England the large cotton manufacturers, or cotion lords as they are called, are the richest class of men in the land, and their destiny in this country is exempli fied in the career of Mr. Sprague and Mr. Garner. In re gard to this suspension we have no doubt from our know. leige of the position of the house that it will only be tem porary, and we earnestly hope that the thousands of poor men who are dependent upon them for their daily bread may not be thrown out of employment. At the recond board to-day there was a very small busi ness, and all the sales were for cash. Cieveland and Pittsburg declined 1 per cent; ailwaukie and Mississippi, 3½. There were no buyers in Lne street, while every one WABIed to sell. Very few have the disposition and a less number the means to purchase stocks at any price. We understand that about $250,000 in specie went on from this city last nightto Philadelphia, to fortify the banks there, but It was of no avail. The accounts from Philadelphia and Baltimore are just what we expected. A general suspension of specie paymen 8 must be the result of the present temporizing policy. Public confidence has been destroyed, and all banks not suspended will be drawn down to the last dollar. It will be seen by telegraphic despatches under the proper head, that the Baltimore banks have suspended in a body. The suspension is total. The alarm has spread, and suspensions have taken place in Washington, Pitisburg, Reading, Har. risburg and Lancaster. It must become general throughout Pennaylvania, Maryland and the entire West It may not extend any further South than Virginia and Kentucky, but the probability is that the banks of these States are within the whirlpoel of speculation. Beyond that, to the South, all is undoubtedly safe. or the failure of the Yates County Bank in this State, the Pen Yan Chronicle remarks:An event more unlooked for by the people generally could scarcely have bappened This bank and alood 80 long with an unternished credit that It was believed to be equal even to the trying e nergen Yes of the present revol S.O.D in mone-ary affaire. A reselver has be n appointed, or soon will be, and the assets of the bank will be ap lied to the redemption of the bills. Wha: per centage will be paid It is impossible for us to guess. Dorbtless the capital has been 10 a good degree im aired Of sourse there 18 nurelief for the depositors notil the bills are Hquidated. Wishout attempting to palliate anything we will simuly say that Judge William M Oliver, who has osen the chief manager of the Yates County Bank, has long been a useful and bonored citizen of Pen Yan It will be wise to induige him with all the harity and forbearance that the circumstan or will allow. This failure must 14. evilably exert a very injurious effect upon the business in terests of this community The Philadelphia Daily News says:We understand that the Reading Railroad Company last week discharged about three hundred leands from the workshops of the company at Reading and Richmond, and me are informed to-day that he Montour Iron Company, who have extensive works at Duev have deler mined to pay off their hands and closs the rolling will for the present. This will throw out of employmentsome two thousand men, and with heir is eilies at least six thousand people will thus be deprived of the means of support. These, added to the number of persons losing employ.

2. September 28, 1857 Daily Iowa State Democrat Davenport, IA

Article from Daily Iowa State Democrat, September 28, 1857

Click image to open full size in new tab

Article Text

BANK PANIC.-From a telegraphic dispatch received on Saturday evening we learn that the bank panic is raging in Boston, Philadelphia, Baltimore and Washington. We also learn that the banks of the above places have suspended specie payments. This, however, will not effect bill holders, nor hinder the currency issued by those banks from being received by our banks on deposit. The banks of Hopkinton, Rhode Island, and Monson Bank, Maine, thrown out. Don't take eastern exchange.

3. September 29, 1857 Evening Star Washington, DC

Article from Evening Star, September 29, 1857

Click image to open full size in new tab

Article Text

WASHINGTON NEWS AND GOSSIP. President BUCHANAN duly returned to Washington by the noon train to-day in excellent health. W ASHINGTON BANK NOTES. The merchants of the District are of course receiving our Distriet currency as usual. We are also glad to be able to state that the recent suspension of our city note-issuing banks will in no way injuriously affect those in trade here. On the contrary, the result must be an immediate relief to the money market of the District of Columbia, and a consequent rise in the value of city property. Our firm belief is-and no other person has had a better opportunity of knowing the condition of the banks of this locality,-that with the exception of the house of Pairo & Nourse, which still refrains from so arranging its affairs (after having voluntarily gone into liquidation) as to satisfy the minds of its creditors, that every other District banking institution is perfectly solvent-as much SO as any bank in New York. Those of them suspending were driven to that step for the security of our business men. Had they continued to pay out specie in the present state of the monetary affairs around us, and with their depositors nearly all affected by the current panic, the en would have soon been a draft on them for the total amount of their liabilities, which would have them with simply their accruing assets. Or, in other words, without the means of accommodating a single business customer. In the meanwhile, those whom it is their duty to accommodate-those in trade here-would have found collections impossible; because, in such times, too many debtors will not pay, if they can postpone 80 doing. We know from conversation with some of the heaviest men in trade in Washington, of the existence of this difficulty. The suspension of our banks, however, is the remedy for this evil, because it enables them to accemmodate their regular customers, as we explain above. THE PROPOSED NEW FILIBUSTERING EXPEDITION-The following brief extract from the Washington correspondence of the Richmond Enquirer (dated the 23d instant) explains the measures taken here by the representatives of the Governments most immediately interested in the preservation of the integrity of the neutrality law of the United States The new movement of the Central America " States, through their representatives near this Government, on the subject of filibustering, is attracting attention, and is the theme of general conversation among all classes of politicians here. It appears that these Southern Republics have their spies through our country, to watch Gen. Walker and his associates, and they have reported that an armed expedition is nearly ready to make a descent on Nicaragua. On this information these States have instructed their Minister here to make the demand for protection which they did several days ago This document was drawn up by Senor Don Antonio Jose de risarri, Minister Plenipotentiary from Guatemala, and presented at the State Department by Don Luis Molina, the Charge di Affaires from Costa Rica We may add that it is generally understood that every necessary and proper assurance of the determination of the Administration to preventa recurrence of the filibustering acts which disgraced the United States a year or two ago, was given. And. further, that it is also believed in well informed quarters that, taking warning by the failure of proclamations and criminal prosecutions to accomplish the end designed, the Navy of the United States will be premptly used in this connection whenever that step may be necessary. THE ALEXANDRIA BANKS yesterday paid out specie, for change only. We hear that they do not call the refusal to pay the drafts of their depositors, and the holders of considerablesums in their notes, in specie, a suspension. The business community, however, comprehend well that their explanation amounts to but a distinction without a difference." The Alexandria Gazette of this morning says of that city's monetary affairs yesterday, and kindred matters: "At 8 o'clock, a meeting of the directors of the Farmers' Exchange, and Old Dominion banks was held, but definite ae tion was taken, and at o'clock the doors of the banks were opened, and business went on as usual It was, however, determined, thatshould there bea run' upon the banks, they would at once suspend specie payment, the directors deeming it more advisable to suspend than have their vaults drained of all the specie, (which must have been the case, this being the most accessible point on which brokers could make immediate demands,) and thereby make resumption more difficult There was, however, no run' made on any of the banks. and five's and ten's were cashed at the counters, and there was more quiet in the afternoon. In Philadelphia, Baltimore, and Washington, there was a general suspension among the banks. [See telegraphic despatches for particulars The Farmers' and Exchange banks at lichmond and Norfolk continued to pay out specie. but it was thought that they could not sustain the run that will inevitably be made upon them, and their suspension is looked for. Exchange on New) ork and gold are very scarce, and the rates are exceedingly high "P S. Since the above was in type, a despatch from Winehester has been received, which states that the Bank of Winchester, Bank of the Valley, and the Branch of the Farmers' Bank at that place, have all suspended. In another article it also says: The banks (of Alexandria) have not suspended though they determined not to allow any run to be made on them, which, however, was not attempted The community have full confidence in the banks, and there was desire on the part of the business men yesterday that they should suspend, thereby protecting themselves, benefiting community, and rendering resumption easier. P. S. Since the above, we have seen a petition, numerously signed by the business men of the city, and which will be presented to the Directors this morning, asking the Banks to suspend specie payment for the present." Our friend of the Gazette has queer notions of what a bank suspension is, evidently. However, we must attribute them to an honest pride of locality. Nothing more. SHARPER THAN THESHARP PRACTICE.-Four or five citizens of Washington, depositors with the House of Pairo & Nourse, getting wind of their assignment earliest, instantly caused the proper papers to be made out, and one of them traveled day and night to St. Paul, Minnesota, arriving there a few hoursinadvance of the person traveling a little more leisurely, who was intrusted with the deed of trust for record in

4. September 30, 1857 Staunton Spectator Staunton, VA

Article from Staunton Spectator, September 30, 1857

Click image to open full size in new tab

Article Text

Suspension of Specie Payment. The money crisis which has been so long anticipated, has come at last. On Saturday the newspapers brought the news that all the Banks in Philadelphia had suspended specie payment; a telegraph dispatch was recived the same night, stating that the Baltimore Banks had followed suit and on Monday we learned that the Banks in Washington, Richmond, Winchester, Alexandria, Charlottesville, Staunton and in Virginia generally had adopted the same course. This intelligence has created a good deal of consternation; but we are persuaded that, so far as the Virginia Banks are concerned, there is not the slightest ground for uneasiness. They never were in a better or sounder condition than at present. And backed as they are by abundant crops already going forward to market or in progress of preparations for market, they will be ready to resume at any moment when the panic shall have subsided. The necessity for a suspension by the Virginia Banks has grown, not out of any embarrassment in their affairs, but from the fact that they are large creditors of the Northern Banks which have suspended. At this season of the year the Virginia Banks are always careful to fortify themselves by obtaining produce and cattle drafts on the Northern cities, to be used in redeeming their notes, which, in the regular course of trade, are carried to the North by our merchants to pay for their fall supplies of goods.At this time they are particularly well fortified. But what under ordinary circumstances would be a source of strength, is now a cause of weakness. Having large balances in their favor in the Northern Banks, they find themselves, in consequence of the suspension, unable to use a dollar of those balances in the redemption of their own notes. The result would naturally be, that all their notes would fall into the hands of brokers who would present them at their counters for payment in gold and silver. The law requires the Banks to keep one-fifth of the amount of their capital in specie. They could therefore pay out one-fifth, and then they would be exhausted, because the sources from which they ordinarily derive their supplies have been closed by the suspension in the North. The question presented to the Virginia Banks was merely a question as to the time of suspension. The condition of things in the North and East rendered a suspension inevitable, and the only enquiry was whether it was better to suspend at once and full-handed, so as to be able to resume readily, or to continue to pay until they were exhausted, and then to suspend with empty coffers, and without the capacity to resume readily when the condition of the monetary affairs of the State will justify it. We think the Banks acted wisely to suspend at once. Our counsel to our friends is to give themselves no uneasiness, but to await patiently the better day which is coming. P. S. After the above was put in type on Monday, we learned by the mail of that evering that the Richmond Banks had not suspendtherefore. nositively All at this present writing, is, that the Banks of Philadelphia, Baltimore, Washington and Pittsburg, with one or two exceptions in each place, and the Bank of the Valley at Winchester and others in Virginia have suspended The citizens of Wheeling held a meeting on Saturday and requested the Banks there to suspend. The Govnor of Pennsylvania has determined tocall a special session of the Legislature, to assemble on next Tuesday. According to telegraph reports, the Banks in New York and New England show no signs of suspension.

5. October 8, 1857 Holmes County Republican Millersburg, OH

Article from Holmes County Republican, October 8, 1857

Click image to open full size in new tab

Article Text

Monetary Affairs. We had 1 oped that money matters had ceased to be the leading feature of daily news, and that financial affairs had settled down into their usual quiet spot under "monetary" head. But the unexpected suspension in Philadelphia, Baltimore, Washington and Pittsburg have again thrown this subject to the surface of daily talk. We believe that the storm which has burst upon the cities named above, is the same storm that passed over New England and the West immediately after the failure of the Ohio Life and Trust Company. If that be so, we see no reason why its disastrous effects should re-visit the North, East and West. The determination in New York is to pay out specie let come what may. Such was a private dispatch of Saturday. The last month has enabled the New York Banks, and the Western Banks, to fortify themselves against any contingency, and we believe they will go through. The great feature of New York and Ohio Banks, distinguishing them from Pennsylvania, District of CoJumbia and Maryland money, is the immcdiate security to the bill holder, and this feature has kept down excitement, and kept up confidence, and we predict will continue to do so, and finally, carry us through the storm. So far as many of the Pennsylvania Banks are concerned they have been improperly extended, but on the contrary Ohio Banks have been, for months, curtaiiing. The New York Times says: The laws of Pennsylvania forbid the circulation of the bank bills of other States, and all denominations below five dollars of their own. She has, therefore, no claim on foreign banks to press to liquidation, and so far she may be considered as somewhat isolated from the general banking system of the country. The Pittsburgh Gazette of Saturday says: One word with regard to the Banks of Pennsylvania generally. Those of them that are organised under the law of 1850 are so hedged about with restrictions and securities that note holders are safe in almost any contingency. Whatever temporary inconvenience may result from the suspension of any one or more of them, the interests of note-holders are so amply cared for that the ultimate loss cannot fall upon them. It is worthy of notice, that the pressure in New York first reached the Banks; they fortified themselves, and the business men, to some degree, were compelled to suffer. In Philadelphia the reverse was the case. There the business men first felt the pressure and yielded to it. Then the blow fell on the Banks, but the business back bone being gone, the Banks could not gather up. Any one can see the distinction, and hence there is no valid reason why a suspension in Philadelphia should be followed by one in New York. If New Youk goes through, Ohio and the West can. The latest dispatches show that Boston, too, stands firm, and we hope and expect to be able, in a few days, to chronicle the gratifying fact that New England, New York, Ohio and the West have braved the storm, and with the reappearance of a blue sky will be prepared to continue a voyage of prosperity which these financial gales may, for a time, retard, but in no event can entirely check. Cleveland Herald. Whatare You going to do about It? Last fall the Democratic presses of the Country teemed with articles endeavoring to prove that; John C. Freemont, (because he planted a cross on the summit of the Rocky Mountains, and was guilty of other acts equally conclusive of hisreligious faith) was a Catholic. They circulated this species of trash against him, for and wide, and endeavored to make political capital of it in every section where it was suppos-

6. November 7, 1857 The Placer Herald Rocklin, Auburn, CA

Article from The Placer Herald, November 7, 1857

Click image to open full size in new tab

Article Text

Arrival of the John L. Stephens. COMMERCIAL PANIC IN THE EAST HEAVY FAILURES, &c. &c. steamer John L. Stephens arrived been at The Francisco on Monday night, having of the San at Panama by the non-arrival leave delayed of the West, which vessel did not The Star York until the 7th of October. Stephens New brought a large number brought, of pasand from Manzanillo she the sengers; other passengers, Charles Evans, unfortuonly beside surviving member of Crabb's nate party. The Financial Panic. Eastern papers teem with accounts bank of The failures of mercantile houses and suspensions. most terrible financial panic which The occurred was raging in the Atlantic If not has ever to the latest accounts. States up it was fully as bad as the anticipated panic of 1836-'7. worse, Although it has been that time, yet it was not believed for would some be as serious as it has really proved. Trust it the failure of the Ohio Life and others Insurance But Company was the signal for to follow. There have been many large failures and in the largest houses in New York, Boston Philadelphia. New York banks contracted to an The never before known, and the couseextent was the failure of some of quence the heavi- upon houses. Then came the pressure resulted in est banks of other States, which most the the suspension of specie payment by banks of Philadelphia, Washington, of and other places; and feared that the banks Tennesmuch Maryland, the of it Virginia, was very North and South Carolina, Georgia, to and Kentucky would feel compelled above see themselves upon a level with the place banks. A few had done so.embarrassment Commercial mentioned consequently growing out the of pressure was general, suffering the from the revulsion must necessarily prevail Numbers while of it continues. failures have occurred, have and more must follow them. Stocks in depreciated many to a ruinous point, in many under the influence of the panic, their legitimate stances far below value. reckless speculathe feverish spirit of immense proportion of New York were impelled to tion By an of the they business embark were men largely in stock speculations, and suffering to a greater or less extent. This panic is mainly attributable mania to an spirit of extravagance-a stock uncurbed land speculations out West, and given for in New York and the facility on gambling for the importation of foreign goods credit. In Philadelphia, the Governor of Pennsyl yielded, and issued a proclamation, vania an extra session of the Legislature of calling the purpose of legalizing the course for the banks in that State in suspending specie payment. The banks of the city of New York and are beyond almost any sort of contingency, in the will stand. if all the other banks country the suspend. evening of the 29th September, On was a meeting of bank officers-Presi there and Cashiers to take into considera- of dents tion the propriety of extending the time it was discount of the city banks, when to increase the loans to the merean which decided classes 3 per cent within the week, threw tile embraced the discount days. This and about three millions into the market, afforded some relief to the merchants. The Drafts of Sather & Church. the 5th October the drafts of Sather Cn of San Francisco, on the Ameri- were Bank, in New can by them and & Church, Exchange payment York, were, however, of Sather & 7th October, at 11, A. M, the Arrangements refused by the friends Church, speedily payment hour protested. and of made was the on and up to the of the steamer drafts to far as sailing resumed again, the amount of $120,000 had been paid, and, as before possible, all those protested the day were The called in to and meet paid. these drafts, it will be recollected, money was lost on the Central America. Miscellaneous. GEORGIA ELECTION.-The recent choice State election in Georgia has resulted in the candiof JosephiE. Brown, the Democratic ten date for Governor, by from eight to Demthousand majority, and certainly seven to Congress. The first Congressional remains to be heard is delegate to the last district L. ocrats Seward, from. Congress, Barton, James the Democratic nominee, against Mr. Seward American. The opponents of Mr. the made considerable capital out of circumstances have connected with the purchase which of Blythe Island for a naval depot, in If Mr. was somehow mixed up. is it is a gain of two nistration members of Seward Mr. S. elected, Congress. admi- the Mo., paper announces from of a gentleman at that Lake City, who states arrival Great A Lexington Salt place that with the Mormons were fortifying Fort Bridger of intention of contesting the progress the the United States troops now on the way to Utah. Despatches have been received by the Department from Captain Hudson, the of Navy the steam frigate Niagara, which lead to India belief that beyond all doubt the East Company have made arrangements for using the submarine cable. Mrs. Cunningham has appealed from estate the Surogate's decision in the Burdell ber case. letter from Fort Kearney, dated SeptemA 5th states that two companies of troops

7. February 17, 1858 Edgefield Advertiser Edgefield, SC

Article from Edgefield Advertiser, February 17, 1858

Click image to open full size in new tab

Article Text

"THE REACTION." The reader's attention is pointed to the following very cheering paragraph from the Charleston Ecening News, of the 8th instant: "The times are improving. The prices of American produce are advancing. Cotton has again reached a paying point, and assumed steadiness at all points. It has also commenced to come forward freely, and planters, with a certainty of remunerating rates, can now powerfully aid in effecting and sustaining a monetary reaction. The banks of Philadelphia, Baltimore and Washington have just resumed specie payments, following the previous action of those of New York, whose money plethora begins to find relief in even low rates of interest-less than G per cent. on first class paper. A similar condition and process exhibit themselves in England. France still earlier recovered her equilibrium, and the return of confidence throughout Europe is marked in its progress. Consols have gone up to over 95, showing that capitalists, where they can have confidence, are assenting to the most moderate rates of interest. The advices from Manchester are favorable, and trade indicates revived activity and steadiness. The receipts of gold from California and Australia continue full, and the flow of a re-swelling credit is everywhere felt. Our cotemporary has watched the moneyed crisis with constant concern, and from his position, is enabled to estimate shrewdly its probable duration and results. That he has reckoned aright in his present observations, is most earnestly to be hoped. With him, we think the indications decidedly good for a happy clearing-up of the financial 'spell,' which has hung so gloomily over the people for the last six months. In the country, as in the cities, matters are becoming easier every day. The rise in the cotton market will at once throw a large amount of bank bills into circulation. The crop will be no longer held back. Every planter will sell, and ought to sell. If he has no debts to pay on his own account, he probably has friends who have. To these he might lend his funds on good security, at 10 per cent if he will not do so for less. The moneyed troubles of '57 and '58 may end in a happy jubilee, if every one will thus act. Such in point of fact is the course now being adopted by the planters. On our side of the State there has not been, after all the threats to creditors, anything like the sueing that was anticipated. Return-day, for Edgefield at loast, is passed, and no great harm done. almost hundreds of thousands,-of indebtedness, will be liquidated amongst us by the proceeds of the large remaining portion of our cotton crop. At 121 cents per pound, there is enough of the staple yet unsold to make money abundant. The cotton-buyers in Hamburg are up to the mark, as usual the Hamburg Bank too is liberal in furnishing them the ineans of paying full prices. And Hamburg money, suspension or no suspension, is as good as Mr. Dorn's gold in these parts. Treasury Notes could be no better. Only let there be enough of it, and all will be well. We warmly congratulate our readers upon the promising appearances of the hour, and wish them a happy issue out of their monetary afflictions.

8. November 25, 1875 The Superior Times Superior, WI

Article from The Superior Times, November 25, 1875

Click image to open full size in new tab

Article Text

From the Toledo Blade. The panic of 1819, caused by the inflation of the currency during and the war succeeding the of 1st 1812, of began, properly. about April, 1819, when the Bank of the States set about putting its in and affairs United order, uncovered the rottenness of the New York, Philadelphia, W and Boston banks. By of that year the of was the August country prostrated. business In the small city of Philadelphia 20, 000 persons thronged the streets employment. trades in that 9. 672 persons, their to about seeking employed force city, which 2,000. reduced usually Thirty The same ratio prevailed in New York, and Boston. lasted 1819 sion Baltimore, through The and depres- 1820. In June, 1821, a revival of business seemed evident. By October there unmistakable movement that which was an direction, continued in to develop until December, 1822, when a reaction took place in manwhich reduced in cotton sharply--amounting ufactures, prices goods to as much as 50 per recovered from Business cent. this and went on was very prosperity improving marked rapidly. in 1824 The and the year opened very auspiEngland, which had also been from had recovered, and ions, ciously. suffering trade everything depresswas going swimmingly. In 1825, a reaction took with July, STUDENT is 'till's 'ubumury, firms obver went down like card houses. The panic culminated in December and the depression lasted through the 1826. In year 1827 the revival came, and and the was again prosperous, with but country business increased rapidly, until temporary stringencies, has few the greatest crisis this country it known was precipited upon 1837. ever the beginning of the year in in brunt of the crash occurred The York in March, and in April whole country was New succombed. throughthe The depression continued opened 1837, but the next year out travel revived rapidly, the banks generally The and favorably, August. resumed in payments in crash specie 1839 brought about a which year defective banking system of 350 our out of existence 343 This cripwiped then in existence. of the banks the industrial interests the next pled country somewhat, were comparetively bnt place pros two years A revolution took whole perous. which lasted the the recovery was and 1845 was still better, in year. complete In 1843 1844 apparently nearly went on, each year so it prosperous than the preceding was a more until 1851, when there however one cheeffects of which, year, panie, disappeared by the following and 1855 and 1856 were very prosperous The bad seasons. outlook for crops, in and 1857, a decline in stocks and early apprensieas caused uneasiness finally came on of trouble which August, when the Ohio Lite the 24th and of Trust company, millions of Cincin- of nati, tailed, The with seven infection spread liabilities. 12th and 13th of September Washon the banks of Philadelphia, other the Baltimore and many 13th of ington, suspended. On the with cities the New York banks, a few October exception, suspended, and did the one days later the Boston banks same. marked the elimax of New the This December 12, the after trouble. banks followed one business York The revival of spring another. wonderfully raoid. By and conit was was well established,