19685. Banks of Providence (Providence, RI)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
September 28, 1857
Location
Providence, Rhode Island (41.824, -71.413)

Metadata

Model
gpt-5-mini
Short Digest
cb5ff14e

Response Measures

None

Description

Multiple contemporary dispatches (dated Sept. 28-29, 1857) report that the Banks of Providence 'have resolved to suspend specie payments' as part of the wider 1857 panic. There is no specific report of a depositor run on these banks in the provided articles. Several pieces state the suspension was to be temporary and that banks expected to resume when eastern banks did, supporting classification as a suspension with an expected resumption.

Events (1)
1. September 28, 1857 Suspension
Cause
Macro News
Cause Details
Suspension taken in response to the nationwide financial crisis/panic of September 1857 (widespread bank suspensions and tightened money market).
Newspaper Excerpt
PROVIDENCE, Sept. 28.-The Banks of this city have resolved to suspend.
Source
newspapers

Newspaper Articles (9)
1. September 30, 1857 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, September 30, 1857

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BY TELEGRAPH BY THE NATIONAL LINE. [Reports Furnished by the Associated Press.] BOSTON, Sept. 28.-The Suffolk bank redeems country New England bills when coming from other banks; but it jis impossible to redeem for individuals because the clerks can't do the business. The country banks are well protected and retain public confidence. NORFOLK, Va., Sept. Apprehension is felt of a run by foreign bankers to-morrow; but the banks are prepared to meet it. BALTIMORE, Sept. 28.-There is no material change in money matters. The Banks in some instances redeemed five dollar notes in specie at a premium of 7 LO 10 per cent. Philadelphia, Sept. 28.-The Governor has called on the Assembly together on the 6th of October to take action on the suspension of the banks. RICHMOND, Va., Sept. 28 Our banks have determined not to suspend, and refuse to receive on deposit bills on suspended Virginia banks. The Monticello bank of Charlottsville has suspended. The banks west of Lynchburg are reported suspended NEW YORK, Sept. 28.-Abbott, Dodge & Co., a Southern flour house has suspended. PROVIDENCE, Sept. 28.-Tbe Banks of this city have resolved to suspend. Their liabilities are not over a quarter of their capital. TRENTON, N. J., Sept. 28-The New Jersey banks have resolved to continue specie payments. AUGUSTA, Ga., Sept. 28.-The banks of Georgia and North and South Carolina entertain no idea of suspension. Philadelphia, Sept. 28-The banks agreed to restore the Pennsylvania bank to its position and receive its notes and discount liberally for customers. LOUISVILLE, Sept. 29-A fire occurred this morning on Third street, destroying the stocks of B. Musselman & Co., H. H. Forsyth, Smith & Bro. Branders & Crawford, H. B. Clifford, and Patton & McCullom. Total loss $50,000-insured for $30,500 in foreign offices. The banks here are sound, with no intention of suspending. Money very stringent, but slightly easier to-day. ST LOUIS, Sept. 29.--Bogy, Miltenberger & Co., bankers, have closed. Their assets are ample. Cards are published, signed by a large number of the weal biest citizens, guaranteeing the solvency of Lucas & Co. and Renick & Peterson, and assuring depositors of the safety of their deposites. The money market is unsettled. There is a general run on the brokers. The banks are firm and discounting liberally. PITTSBURG, Sept. 28.-The bank panic has subsided. Philadalphia, Sept. 29.-The Presidents of the various banks have decided to suspend specie payments on all notes, but will promptly issue small notes for checks against their increase discounts to customers. Washington, Sept. 29.-The Commissioner of Patents is sen ing out circulars with the view of 88certaining the amount and cost of cotton consumed in the United States during the past fiscal year. Sr. LOUIS, S pt. 29.-The Santa Fee mail has ar rived. N WS unimportant. Col. Johnson, commander of the Utah expedition, left Leavenworth last Thursday. The Bankers have met the run to-day and confidence is restored The excitement has subsided. It is thought that Bogy, Miltenberger & Co., will re-open to-morrow. The assets of Anderson & Co., and Darby & Barksdale largely exceed their liabili ties. It 18 presumed they will resume soon. CHICAGO Sept. 29.-E. J. Tinkham & Co., bank ers, have suspended. There is no run on other banks. PHILADELPHIA, S pt. 29.-The opened to-day. The attendance is large and the exhibition attractive. In the United States District Court in the case of Major Reynolds, charged with defalcation to the amount of $130,000, the Jury returned a verdict that the Government OW the defendant four hundred and thirty dollars and eighty-five cents. President Pierce dismissed Reynolds from service. He will probably be reinstated. ALBANY, Sept. 29.-The run on the Savings banks has subsided. The gold drawn out yesterday is being returned to-day. N TRENTON, N.J., Sept. 29.-The banks of Burlington, Camden, Cumberland, and Salem, are reported failed. The Eastern New Jersey banks will hold on till the New York city banks suspend. NEW YORK, Sept. 29.-The money market is more cheerful in consequence of the banks proposing to extend loans to the amount of several millions of dollars. No large failures to-day. Exchanges unsettled. NEW YORK, Sept. 29.-Cotton sales bales. Flour declined; State 10 cents, Southern 30 cents. Wheat 1 15.1 20 for White; 1, 10 for red. Corn and Sugar heavy. Provisions dull. Lard 144. Bacon 14,144. Hams 11a111 Linseed oil 70a 75. NEW ORLEANS, Sept. 29,-Cotton-No sales, The market is at a dead stand on account of the impacticability of passing exchange. Purchases ould be made at a marked decline. Flour lower. Corn 65. Exchange nominal. Money tight; but T 10 fears are expressed concerning banks. NEW YORK, Sept. 29 -Nicholas WOD the four mile race. Time 7.45 and 7.47. Charleston did not run. WASHINGTON, Sept. 29.-Col. Emory, United States Commissioner for running the Mexican boundary, has turned over to the Interior Department naps and official papers of that work. The Mexcan Commissioner and Corps leave this week for Mexico. Appointments for receivers at Land Offices:'hos. Sargent, at Fort Dodge, and J. D. Evans, at Tinneapolis, Minnesota. NEW YORK, Sept. 29 -The Bank Presidents ecommend an extension in their discount line for he coming week, of three million dollars. Arrived, steamer Quaker City from Havana; bark intagonist from Buenos Ayres. BEIDGETON, N. J., lept. 29.-The Cumberland ank has not failed as reported. FRESH ARRIVAL

2. October 1, 1857 The Davenport Daily Gazette Davenport, IA
Article from The Davenport Daily Gazette, October 1, 1857

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LATEST NEWS. The Financial Crists of the East and South. NASHVILLE, TENN. Sept. 28. The Bank of Nashville suspended this morning. A meeting of the merchants recommended the Union, Planters, and State Banks to suspend, but they refused. Several free banks are thrown out to day. Confidence is felt that the Bank of Nash ville will pay and have a large surplus. PHILADELPIA, Sept. 28. Bank affairs are settling on the low specie basis. The Banks are preparing to issue small notes. The Pensylvania bank notes are to be received at the other banks tomorow. Believing that the interests of the comand the State will be subserved the agreed to restore the munity thereby, presidents bank of the of Pensylvania banks have to a position at the clearing house, and toreceive its notes and discount liberally for their customers. Had this been done BOOD er, there would have been no suspensions. Sr. Louis, Sept. 28. The Banking houses of Darby & Barks dale and J.J. Anderson & Co., suspended this morning Bogy, Miltenberger & Co., bankers, closed their doors this morning. Assets sample. Cards signed by a large number of the wealthiest citizens are published, guaranteeing the solvency of Lucas & Co., and Renick & Peterson, and assuring depositors of the safety of their deposits. mind is very and there a run on the The is public general unsettled brokers. The banks stand firm and are discounting liberally PROVIDENCE, Sept. 28. The banks of Providence have resolved to suspend specie payments. The liabilities of the banks are not over 25 per cent of their capital NEW YORK Sept. 28. "The weekly bank statement shows the following result : decrease In loans, $982, 000 decrease in specie, $229,000; decrease in deposits, $933,000; decrease in circula tion $235,000. PITTSBURG, Sept. 28. All the banks of this city with the ex ception of the Pittsburg have suspended, but will resultive when similar action is adopted by Eastern banks. TRENTON, N.J., Sept. 29. The Backagton, Cumberland and Selam banks are reported to have suspended. banks, the The East Jersey including effected. Trenton are more immediately Business complain that if none of our banks discount. it will seriouly effect them. 10 O'CLOCK P. M. REPORT. Sr. Louis, Sept. 29. in this city upon runs The bankers and whom promptwere made this morning, freely ly met all checks, confidence is restored. The excitment is almost entriely subsided. cause of suspension & Co., was the of The Miltenberger immediate non-arrival of Bagy, coin in transitu. The probabilities are that they will re-open to-morrow. of Anderson & Co., and Darby & exceeded The Barksdale, assets largely their will resume liabilities. The presumption is they in a very short time. PHILADELPHIA, Sept. 59. and Southwark Banks are payon their notes ing The specie City small of yesterday. notwithstanding their agreement are recieving the notes in excepting the of bank place They A deposit, meeting NEW Presidents After York, Pennsylvania. of other Sept. took consulta- banks 29 at 3 o'clock this P. M. a tion it was agreed to recommend all City banks to extend their discount line three per cent during the coming week. This in the aggregate will amount to over three million dollars. Forty out of the fifty-five hanks were represented at the meeting. GEORGETOWN, D.C.29. of Commerce, to redeem apeThe continued Bank its Georgetown, issue in come into an cie, which has arrangement with pay- the District banks, and suspended specie ment altogether. The Farmers' and Mechanics' Bank in Georgetown has also sua pended. NORFOLK, Vs. Sept. 29. All the banks here continue firm.

3. October 1, 1857 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, October 1, 1857

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Telegraphic News. PITTSBURGH, Sept. 29.-All the Banks of this city, with the exception of the Pittsburgh Bank have suspended, but will resume when similar action is adopted by the Eastern Banks. BALTIMORE, Sept. 29.-We have no material change in money matters to-day. The Banks in some instances redeemed 5's as a matter of accommodation. Specie demands a premium of 7 to 10 per cent. in exchange for Baltimore funds. PROVIDENCE, Sept. 29.-The Banks of Providence have resolved to suspend specie payment. The liabilities of the Banks are not over 25 per cent. of their capital. Philadelphia, Sept. 29.-The proclamstion of government to convene an extra session of the Legislature will be published tomorrow a. m. The Board of trade has determined to call a meeting of public expression on various business interests of the city, with reference to the proposed legislation on the suspensions, believing that the business and the interests of the community'and state will be subserved thereby. The Presidents of the Banks have agreed to restore the Bank of Pennsylvania to a position at the clearing house, and to receive its notes and discount liberally for their customers. Had this been done sooner there would have been no suspensions. The city and Southwark Banks are paying specie on their small rates. Notwithstanding their agreement of yesterday they are receiving the notes of other Banks on deposit, excepting the Pennsylvania Bank. In the U. S. District Court, in the case of Quarter-Master Reynolds, charged with defaulting to the government in the sum of $130,000, the Jury returned a verdict to-day that the government was indebted to the defendant in over $400, and judgment was aecordingly entered in his favor. New YORK, Sept. 29.-The weekly Bank statements show the following result Decrease in loans, $982,000. Decreasein specie, $229,000. Decrease in deposits, $933,000. Decrease in circulation, $235,000. The express train on the Erie Railroad, from New York at 6 p. m. Monday, ran into an engine on the Blossburg and Corning road, standing on the main track at Corning. The train was badly wrecked but no lives lost. The main track will be cleared to-night. In the meantime the "Tioga" is used. A meeting of Bank Presidents took place at 3 o'clock this p. m. After consultation, it was agreed to recommend all the city banks to extend their discount line three per cent. during the coming week. This, in the aggregate, will amount to over three million dollars. Forty out of the fifty-five banks were represented at the meeting. Sr. LOUIS, Sept. 29.-Bogy, Miltenberger & Co., Bankers, closed doors this morningassets ample. Cards signed by alargenumber of the wealthiest citizens published guaranteeing the solvency of Lucas & Co., and Renick & Peterson and assuring depositors. The public mind is very unsettled and there is a general run on the Brokers. Banks stand firm and are discounting liberally. The Santa Fe mail has arrived-news entirely unimportant. Col. Johnson, Commander of the Utah expedition, left Leavenworth on Thursday last. The Bankers in this city, upon whom runs were made this morning, freely and promptly met all checks and confidence is restored. Excitement has almost entirely subsided.The immediate cause of the suspension of Bogy, Miltenberger & Co., the non-arrival of coin in transit. The probabilities are they will re-open to-morrow. The assets of Anderson & Co., and Darby & Barksdale, largely exceed their liabilities. Presumption is they will resume in a very short time. NASHVILLE, Sept. 29.-The Bank of Nashville suspended this morning. A meeting of the merchants recommended the Union, Planters and State Banks to suspend, but they refused. Several free banks are thrown out to-day. Confidence is felt that that the Bank of Nashville will pay and have a fair surplus. NORFOLK, Sept. 29.-All the banks here continue firm. ELIZABETH CITY, N. C., Sept. 29.-The Farmers' Bank of this city has suspended. Brokers are taking the notes at 5 per cent. discount. GEORGETOWN, D. C., Sept. 29.-The Bank of Commerce, Georgetown, which continued to redeem its issues in specie, has come into an arrangement with the district banks and suspended specie payment altogether. The Farmers' and Mechanics' Bank in Georgetown has also suspended. TRENTON, Sept. 29.-H. H. Botton & Co., paper dealers, and Botton, Tiffany & Co., machinists, suspended to-day on account of protest of New York paper. The Burlington, Cumberland and Salem f Banks are reported to have suspended. The East Jersey banks, including the Trenton, are more immediately affected.New York will hold business. Men complain that if none of our banks discount, it will seriously affect them. ALBANY, Sept. 29.-7 he run on Savings banks subsided this morning as suddenly as it commenced yesterday. The gold drawn out of the Savings bank yesterday is being returned this a. m. The Central American to be Haised. NEW YORK, Sept. 25. It is reported that negotiations are going on between the Boston Sub-Marine Armor Company and the Underwriters of the Central America, to raise her hull, which is supposed to be in twenty-eight fathoms of water.

4. October 1, 1857 Kenosha Tribune & Telegraph Kenosha, WI
Article from Kenosha Tribune & Telegraph, October 1, 1857

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The great cry just now, from Maine to Georgia "and from the Atlantic to the Rocky Mountains, is "hard times." Failures, suspensions and assignments have been the order of the day, and they follow each other in rapid succession. Banks and Bankers, manufacturers and dealers, go down so fast that it is impossible to keep a record of them. During the past week, a general panic seems to have reigned among the Banks. In Philadelphia, Pittsburgh and Washington, D. C. many of the most reliable banks have yielded to the pressure and closed. On Tuesday, the Bank of E. I. Tinkham & Co., Chicago, closed its doors. This was entirely unexpected, and added to the panic in that city. Yesterday came the news of the failure of R. K. Swift & Co., Chi. cago, Bankers. In Wisconsin the effects of the eastern failures has been less on the banks. They are so well secured that though they suspend their bills are worth their face. On Monday last, the banks of milwaukee decided to receive and pay out the bills of the suspended banks the same as before their suspension, As something of a guide, we publish the following list of Broken and Discredited Banks. Bank of Commerce, D. C. Bank of Georgetown, D. C. Bank of Nashville, Tennesee. E. J. Tinkham & Co's Bank, Chicago, III. Exchange Bank, Omaha, Nebraska. The Banks of Providence R. Island, and of Pittsburgh, Pa.have suspended specie payments. BROKEN OR DISCREDITED BANKS. Bank of Norwalk, Ohio. Bank of Orleans N. Y. Bank of Tecumsch, Mich. Cecil Bank, Md. Hagerstown Bank, Md. Danby Bank. Conn. Niagara River Bank. NY: Bank of Hallowell, Me. Bergen County Bank, Warwick Bank. R.I. Sacket's Harbor Bank NY. Honesdale Bank, Penn. Bank of West Tenn. Wooster Bank, Conn. Outario County Bank, Y. Shelbyville Bank. Tenn. Ti to n Bank, RI. Warren Co. Bank Penn. Bank of Middletown, Penn. Ningara Co. Bank Hugenot Bk. New Palz. Bank of Kanawha, Va. Sandford Bank Maine. Bank of Eigin, 111, Hancock Bank Maine. Medina Bank, NY. Farmer's Bank, Rhode Island. Farmers and Drovers Bank. Waynesburg, Penn. Oilver Lee a Co's Bank. Buffalo, NY. Reciprecity Bank, Buffalo, NY. Bank of North America, Seymour, Conn. Hollister Bank Buffalo, NY. Mechanics Banking Association, N. Y. Bank of Kanawha, Virginia. Cumberland Saving Bank, Md. Bank of South County, R I Bank of New Jersey New Brunswick. Bank of Lima, New York, Bank of the Capitol, Indianapolis. Monsum River Bank, Maine. Ft. Plain Bank, New York. Farmers' Bank, Saratoga Co. NY. Fontenelle Bank, Nebraska. Rock River Bank, Wisconsin. Farmers Bank, Hudson, Wisconsin. Colechester bank, N Y. Miami Valley Bank, Ohio, Western Bank, Lockport NY. Yates County Bank, N Y. Bank of Hartford County, Conn. Bank of Canandaigua, N Y. Fox River Bank, Wisconsin. Gerard Bank, Philadelphia. Bank of Pennsylvania, Philadelphia. Badger State Bank, Wis, Peoples' Bank, Milwaukee, Wis. DISCREDITED BANKS.-The Chicago Press of yesterday, on the strength of private dispatches, adds the following to the list of suspended banks: Union bank Frenchtown, N. J. Hopkinton Bank, Conn. Chemung County Bank, New York. BANKS SUSPENDED.-The Buffalo Commercial, of Saturday, mentions the suspension of the Yates County Bank, N. Y., and a rumor that the bills of the Bank of Geneva are thrown out. S The Sixpenny Savings' Bank of Rocheste has suspended

5. 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-

6. 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.

7. October 3, 1857 The Ottawa Free Trader Ottawa, IL
Article from The Ottawa Free Trader, October 3, 1857

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The Financial Storm. The financial troubles, which broke out a few weeks ago in Wall street, New York, are spreading like the cholera. Men in a city go to bed imagining everything sound and healthy, and wake up in the morning to find the whole populace in terror with the pestilence at their doors. After carefully looking over the newspaper reports and telegraph despatches for the last week, we present the following general view of the progress of the epidemic. New York and New England.--The fever which broke out in Wall street having spent its rage, and nearly all the New York City Bankshaving survived the assault, confidence was rapidly gaining ground, and a meeting of the Bank Presidents on the 29th determined to extend their line of discounts to the amount of three millions during the week, which would greatly relieve the business community. The new outbreak in Philadelphia and in the South may neutralize all the good anticipated from this step. In Boston a resolution adopted to extend discounts to a like extent. The Banks of Providence, R. I., have suspended, but the Hartford and New England Banks generally, (such as have not gone under,) continue to pay specie. Comparatively few of the New York country Banks have yet gone under, and in general the New York and New England banks expect to weather the storm. Philadelphia, Pennsylvania, and South.While confidence in New York and New England was thus returning, however, the epidemic broke out with renewed violence in Philadelphia and all over Pennsylvania, creating a new consternation and alarm. The trouble in Philadelphia commenced with the Bank of Pennsylvania which suspended about the 25th. Other Banks soon followed in the same direction, until all had either entirely suspended or redeemed only tives. Since Tuesday the despatches run in this wise: PHILADELPHIA, Sept. 28.-There is still no concert of action among the banks. They commenced paying five dollar bills, but at 11 o'clock the North American Bank, which previously redeemed all notes, suspended specie payments, and the same course will now become universal. The Philadelphia Bank suspended specie payments, but redeemed checks with notes of other banks following this course. PHILADELPHIA, Sept. Bank affairs are now settling on the low specie basis, and the banks are preparing to issue small notes. The Pennsylvania Bank notes are to be re ceived at the other banks to-morrow. and PHILADELPHIA, Sept. 29.-The City Southward banks are paying specie their small notes notwithstanding their agreement of yesterday. They are receiving the notes of other banks on deposit excepting the Pennsylvania. PHILADELPHIA, Sept. 30.-The Banks are still pursuing an unharmonizing course, causing trouble and vexation to the business men. The Pennsylvania Bank refuses, for the present, to come into arrangement with the banks, fearing that her largest depositors will remove their balances to other banks, creating a large indebtedness to them, which could not at once be settled without diffi culty. Arrangements are making to place her on a firm basis. The other banks are at variance, refusing to receive the certified checks of each other. There is confusion in all the arrangements of parties having notes due while the banks are locked up. The people feel outraged at the want of a system and the necessity for a clearing house is be coming daily more imperative. From Philadelphia the pestilence has spread over Pennsy Ivania, and half the coun try banks probably have by this time suspended, and in Pittsburg all the banks ex cept the Pittsburg and Allegheny Bank have suspended. In view of this condition of af fairs, the Governor has issued a proclamation, convening an extra session of the Pennsylvania legislature. From Pennsylvania, the epidemic natural ly extended to New Jersey, and the suspen sion (failure) of the Burlington, Cumberland and Salem (N. J.) Banks is announced. Southward next the fever spread. The Baltimore and Washington City banks have suspended. At Richmond and Norfolk the banks continued firm, but some of the N C. country banks have succumbed. A hea vy run on the Wheeling banks has also probably forced them to suspend. No new suspensionsare announced by Cincinnati banks, or any Ohio country banks. The Nashville Tenn., Bank has suspended, but other Nash ville Banks refused to follow. In St. Louis Bogy, Mellenberger & Co. Aderson & Co., and Darby & Barksdale, sus pended, but the rest of the St. Louis banks and bankers stand firm. The Republican says: The Banks, whether public or private, are as a general thing in a situation, which ena bles them to meet promptly every reasona ble demand which can be made upon them this is not a vain boast, as every intelligent well-informed man well knows, and ought t make his more ignorant and less informe neighbor clearly to understand. All the Nebraska banks, except the Bank of Florence, are announced as having failed While the East and South were thus in trouble, we in the Northwest, however, ha continued to felicitate ourselves on the sound ness of our banks and a maintenance of per fect confidence. It is true, a Bank in Gale na and the Elgin Bank had suspended, but their bills were SO well secured that nobody refused to take them. Rumors were also afloat of the suspension of the Aurora Bank whichare contradicted. The People's Bank Milwaukee, the Badger State Bank, Janes ville, and one or two other one horse Wis consin banks had suspended. But nobody had dreamed of serious trouble in the West until the startling announcement a day 0 two ago from Chicago of the suspension o E.I. Tinkham & Co., and of R. K. Swift Brother & Johnson. These suspensions, al though smoothed over and much explaine away by the Chicago papers, have spread general distrust if not dismay, and the com munity hereabouts is full of the gloomies forebodings. It is needless to give the

8. October 7, 1857 Weekly Council Bluffs Bugle Council Bluffs, IA
Article from Weekly Council Bluffs Bugle, October 7, 1857

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Telegraphic News. PITTSBURG, Sept. 29th All banks except one have suspended, but will resume when eastern banks do BALTIMORE, Sept. 29.-No change in money matters-5s only redeemed. PROVIDENCE, Sept. 29.-The Banks have resolved to suspend specie payment, yet their liabilities are only 25 per cent. of their capital. PHILADELPHIA, Sept. 29.+The Governor has issued a proclamation for an extra session of the Legislature to subserve the financial and commercial interests of the State. Pennsylvania bank has resumed. NEW YORK, Sept. 29.-Owing to a decrease in loans, specie, deposits and eirculation & meeting* of bank Presidents took place and resolutions passed to extend discounts 3 per cent. the coming week, which will make in the aggregate over $3,000,000. St.Lóuis, Sept. 29.-Bogy, Miltenberger & Ga, bankers, closed doors this a. m., assets ample. Banks in general discounting liberally. Anderson & Co., and Darby & Barksdale will soon resame. Bank of Nashville, Tenn. (will resume) Farmers' Bank, Elisabeth City, N. C., (will resume.) Bank of Commerce, Greytown, D. C., (will resume.) Farmers' & Mechanics' Bank, Greytown, D. C., (will resume.) (The Burlington, Cumberland & Salem banks have all syspended specie payment.

9. October 8, 1857 Kenosha Tribune & Telegraph Kenosha, WI
Article from Kenosha Tribune & Telegraph, October 8, 1857

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Financial and Commercial. Since our last issue there has been but little if any improvement in the money market, either here at the west or at the east. In all the eastern cities, failures, suspensions and assignments continue to occur, in commercial and manufaeturing circles. The N. Y. Tribune of Monday speaks of a slight improvement in money matters in that city, but it has hardly been felt out this way yet. Grain continues to come forward very sparingly, and it is now almost certain that farmers in this section will hold their great bulk of the crop until next spring, either in store or in their granaries; probably mostly the latter. There has been no improvement in prices during the week, and we have seen but few loads in the streets. That our readers may be posted in reference to currency matters, we publish our list of doubtful and broken banks of last week. with the addition of those which have since failed. Waupun Bank, Wisconsin. Bridgeport City Bank, Conn. Pawcatuck Bank, R. I. Hamilton, Exchange Bank, N. H. Bank of Old Saratoga, N. Y. Bank of Belville, III. Peninsular Bank, Detroit, Mich. Charter Oak Bank, Hartford, Conn. " Mercantile Bank, " Exchange Bank, Lee Bank, Mass. Bank of Watertown, N. Y. Western Bank, Springfield Mass. Farmer's & Mechanics,' Bank Detroit Mich. Ware Bank, Mass: Broken and Discredited Banks Bank of Commerce, D. C. Bank of Georgetown, D. C. Bank of Nashville, Tennesee. E. J. Tinkham & Co's Bank, Chicago, III. Exchange Bank, Omaha, Nebraska. 8 The Banks of Providence R. Island, and of Pittsburgh, have suspended specie payments. BROKEN OR DISCREDITED BANKS. Bank of Norwalk, Ohio. Bank of Orleans N. Y. Bank of Tecumseh, Mich. Cecil Bank, Md. Danby Bank, Conn. Hagerstown Bank, Md. Niagara River Bank. NY. Bank of Hallowell, Me. Bergen County Bank, J. Warwick Bank, R. I. Sacket's Harbor Bank,1 Y. Honesdale Bank, Penn. Bank of West Tenn. Wooster Bank, Conn. Ontario County Bank, NY. Shelbyville Bank, Tenn. Warren Co. Bank, Penn. Tiverto n Bank, RI. Bank of Middletown, Penn. Niagara Co. Bank NY. Bank ofKanawha, Va. Hugenot Bk, New Palz. Bank of Elgin, III. Sandford Bank Maine. Hancock Bank. Maine. Medina Bank, N Y. Farmer's Bank, Rhode Island. Farmers and Drovers Bank, Waynesburg, Penn. Oilver Lee a Co's Bank, Buffalo, N Y. Reciprocity Bank, Buffalo, NY. Bank of North America, Seymour, Conn. Hollister Bank Buffalo, NY. Mechanics' Banking Association, N.Y. Bank of Kanawha, Virginia. Cumberland Saving Bank, Md. Bank of South County, RI. Bank of New Jersey, New Brunswick. Bank of Lima, New York. Bank of the Capitol, Indianapolis. Monsum River Bank, Maine. Ft. Plain Bank, New York. Farmers' Bank, Saratoga Co. NY. Fontenelle Bank, Nebraska. Rock River Bank, Wisconsin. Farmers Bank, Hudson, Wisconsin. Colechester bank, NY. Miami Valley Bank, Ohio, Western Bank, Lockport NY. Yates County Bank, NY. Bank of Hartford County, Conn. Bank of Canandaigua, NY. Fox River Bank, Wisconsin. Gerard Bank, Philadelphia. Bank of Pennsylvania, Philadelphia. Badger State Bank, Wis, Peoples' Bank, Milwaukee, Wis. Union bank Frenchtown, N. J. Hopkinton Bank, Conn. Chemung County Bank, New York.