8bceae68Full suspension
Other: National panic of 1857 prompted many banks to suspend specie payments; Nashville Bank posted notice of suspension on Sept 28, 1857, provoking a crowd but confidence was later restored.
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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
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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
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Weather and River by Telegraph. PITTSBURGH, Sept. 26-M. River 8 feet 6 inches by the pier mark, and falling; weather clear; mer. 70 deg. CINCINNATI, Sept. 28-P M The Nashville Bank, of Nashville, Tenn., suspended. CINCINNATI, Sept. 25--P. M. River falling slowly.
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The bills of the Hopkinton Bank of Rhode Island are refused at the Suffolk Bank. Philadelphia, Sept. 28.-The Governor has not decided between the banks, and there is a pressure for and against calling a special session. The silk house of Messrs. Curtise & Co., on Chestaut street, has been robbed of eight thousand dollars. 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 had previously redeemed all notes, suspended specie payments, and the course will now become universal. NEW YORK, Sept. 28.-The money market is very stringent, but the banks remain firm in their position. Some very heavy failures are reported. Advices from Albany mention a run upon the Savings Department by small depositors. There is no pressure clsewhere, and the bill-holders and banks are quiet and confident. Rumored Failures.-Clarke, Dodge & Co. and Phelps, Dodge & Co., entirely untrue.Exchange on Philadelphia 10 per cent. Rates for money on street, some cases 6 per cent. per month. The Metropolitan, Republic and Merchants Bank of New York, Mechanic, American, Exchange, Union and Poenix banks have issued circulars assuring the public of their ability and determination, to maintain a specie basis for their circulation, and exp: essing the opinion that the tendency of specie and produce to this point will soon relieve the banks of the present pressure. NORFOLK, Sept. 28.-Some feeling is manifested here about the Baltimore and Philadelphia suspensions, but the banks so far have remained firm. CINCINNATE, Sept. 28.-The excitement consequent upon the continued unfavorable advices from the east paralyze business and the attention of business men is entirely turned from the ordinary routine to the all absorbing question of the latest news from the East. The paper of an iron and shoe and leather establishment went to protest, and J. H. Holmes, Manufacturer, has made an assignment. None of them, however, are insolvent. J. J. Anderson & Co., and Darby & Barksdale, Bankers of St. Louis, have suspended. The Nashville Bank, of Nashville, Tenn., has also suspended. The Bank of Washington and Patriots Bank, which paid only small sums en Saturday, have now altogether suspended. The Savings Banks pay either in City Banks or Virginia money, and demand the6 days notice from depositors. Virginia money is at a discount of 5 per cent., and the tendency is still downward.
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The bills of the Hopkinton Bank of Rhode Island are refused at the Suffolk Bank. Philadelphia, Sept. 28.-The Governor has not decided between the banks, and there is a pressure for and against calling a special session. The silk house of Messrs. Curtise & Co., on Chestmut street, has been robbed of eight thousand dollars. 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 had previously redeemed all notes, suspended specie payments, and the course will now become universal. New YORK, Sept. 28.-The money market is very stringent, but the banks remain firm in their position. Some very heavy failures are reported. Advices from Albany mention a run upon the Savings Department by small depositors. There is no pressure clsewhere, and the bill-holders and banks are quiet and confident. Rumored Fuilures.-Clarke, Dodge & Co. and Phelps, Dodge & Co., entirely untrue.— Exchange on Philadelphia 10 percent. Rates for money on street, some cases 6 per cent. per month. The Metropolitan, Republic and Merchants Bank of New York, Mechanic, American, Exchange, Union and Poenix banks have issued circulars assuring the public of their ability and determination, to maintain a specie basis for their circulation, and exp: essing the opinion that the tendency of specie and produce to this point will SOOD relieve the banks of the present pressure. NORFOLK, Sept. 28.-Some feeling is manifested here about the Baltimore and Philadelphis suspensions, but the banks so far have remained firm. CINCINNATE, Sept. 28.-The excitement consequent upon the continued unfavorable advices from the east paralyze business and the attention of business men is entirely turned from the ordinary routine to the all absorbing question of the latest news from the East. The paper of an iron and shoe and leather establishment went to protest, and J. H. Holmes, Manufacturer, has made an assignment. None of them, however, are insolvent. J. J. Anderson & Co., and Darby & Barksdale, Bankers of St. Louis, have suspended. The Nashville Bank, of Nashville, Tenn., has also suspended. The Bank of Washington and Patriots Bank, which paid only small sums en Saturday, have now altogether suspended. The Savings Banks pay either in City Banks or Virginia money, and demand the6 days notice from depositors. Virginia money is at a discount of 5 per cent., and the tendency is still downward.
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scarcely an exception, have ceased operations. The number of workmen thrown out by all these suspensions is very large. In Troy, N. Y., the Rensselaer iron works, a establishment. have been compelled to give notice that they will pay their workmen quarterly hereafter. The notice from the proprietors say "It is proper to state that the plan of payment adopted. mainly grows out of the very mispractice of demanding of the banks specie the bills paid out by us. The banks. in view this constant annoyance, very naturally prefer retain their bills in theirown vaults, to issuing for payment to our workmen." During the past eight or ten days there has been announced the stoppage of three factories in Georwhich prefer to close rather than run at heavy The mills at Columbia. S. C., have advanced price of osnaburgs to 13½ cents. The pressure. it is stated. has no paralizing effect the building operations of Boston. Great granite, freestone and iron blocks are rising daily. and the mason's trowel rings out its sharp, clear click as usual. At St. Louis, on Saturday evening last, about one hundred mechanics were discharged from the different iron manufacturing and iron working establishments, and other mechanics in the same establishments had their wages reduced_to $1 a day for the best. Cause-no money on hand, except what was absolutely necessary to carry on business.The establishments have been manufacturing machinery, &c., on speculation, but find themselves compelled to stop that branch of work and depend ready orders and ash-paying customers. The following telegraphic dispatches give a condensed history of affairs in the cities named: PHILADELPHIA, Oct. 1.-Messrs. White, Stevens & and Messrs. Laurence, Stone & Co., branch of Boston house, have suspended. The Reading Railroad paid its coupons that were due to-day. BOSTON, Oct. 1, Evening.-The Banks discounted to day, but not enough to ease the market. and we have some failures to announce. John A. Sewell, Benj. Howard, Richardson, Kendall & Co., Peter C. Jones. have failed. Messrs. Laurence, Stone & Co., dealers in domestic good, have suspended. ST. LOUIS, Oct. 1.-The Bank of Belleville. Illihas failed. The banking house of Messrs. Mosse, Hollenbush & Co., at Quincy, also suspendon Monday. AUGUSTA, Oct. 1.-The banks here are discountfreely to enable our merchants to make their purchases of cotton. LOUISVILLE, October 1.-Hutchings & Co., bankers, failed to-day, and made an assignment. It is inderstood that their assets exceed theirliabilities one hundred and fifty thousand dollars. The banking house of John Smidt & Co. also closed to-day. There is a heavy run on the banking of A. D. Hunt & Co., but it is believed they will certainly hold out, as the firm is a strong one. CHICAGO, Sept.30.-Swift Brothers' and Johnston's temporarily suspended this morning. There but little excitement here. NASHVILLE, Oct. 1-The Bank of Tennessee, PlantUnion, Merchants', City and Bank of the Union resolved unanimously to maintain specie baThey are amply able to pay the last dollar. Washington City Corporation stock is selling at The Augusta, Ga., Chronicle, speaking of the asof affairs at the North and the condition of South, says: At the South, however, the skies are much righter, and in the cotton growing States we apno such result, except, perhaps, in Tenwhere their banking system has always conducted on erroneous principles. In South arolina, we are rejoiced to think and believe, the roposition will not be entertained, nor indeed in eorgia among those institutions which are proorganized, and have transacted a legitimate usiness. The Wild Cats will probably yield. and should not regret such a result, as it will effectrid the country of the nuisance. We trust, owever, that the people will compel every bank suspends specie payments to forfeit its charThat is the only true course to secure sound anking, and safe and secure institutions. THE SUSPENSION IN NASHVILLE, TENN. On the morning of the 28th ult., a notice posted the door of the Nashville Bank, announced the aspension of specie payment, creating intense exitement. The Union says: During the forenoon College street, in front of bank, and Union street, near its intersection College, were filled with an anxious crowd of ersons, attracted by motives of interest or curiand considerable excitement prevailed. The of other free banks in the vicinity, as well of the State and Union Banks.were watched with nxiety, and various conjectures indulged in as to hether they would at the usual hour. When o'clock came, and they all opened their doors, public anxiety was considerably lessened, and disposition manifested to withdraw deposits do anything calculated to produce & panic. The began gradually to disperse, and although places of those who went were filled to some xtent by new comers, yet at the hour of this writwo P. M., the streets are nearly clear, and confidence in the entire solvency of the city restored. A meeting of merchants and business men was yesterday, we understand, to take the state affairs into consideration, and devisesome means ballay the panic and relax the money market, at a resolution was adopted requesting the Union, and Planters' Bank to suspend specie ayment for the present. This, we are very much ratified to learn, these banks promptly and unannously. declined to do. This determination has additional confidence to the public in the good titutions. and reliability of these old and long tried InThe following is a list of the banks whose bills thrown out at the counter of the State Bank esterday. The ground upon which their notes refused, was that they had no agencies here take them up. Some of them are believed to be solvent. Here is the list: Exchange Bank. lurfreesboro': Bank of Claiborne, Tazewell; Bank Lawrenceburg, Lawrenceburg; Bank of Jeffer. Dandridge; Bank of Memphis, Memphis; orthern Bank of Tennessee, Clarksville; River Memphis. The Union in apostscript, adds: b < The State Bank yesterday afternoon refused the of the Bank of America at Clarksville, the of Claiborne at Tazewell, and the Bank of 5 azewell. The Bank of Jefferson has been refused