2150. Second National Bank (Washington, DC)

View Charter #2038 on SPMC

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 2038
Charter Number: 2038
Start Date: March 11, 1873
Location: Washington, District of Columbia (38.895, -77.036)

Metadata

Model: gpt-5-mini
Short Digest: 55448a98

Response Measures

None

Description

Two distinct episodes appear in the articles. A March 1873 depositor run occurred but the bank paid all presented checks and remained open. During the national panic of Sept–Oct 1873 the bank joined a local association and substituted certified checks / curtailed currency payouts (a partial suspension). The bank resumed currency payments on Oct 1, 1873. Cause for the Sept suspension is the nationwide panic / money stringency; the March run seems driven by local nervousness/rumors. Comptroller later declared the certified-check practice illegal and threatened receivership, but no receivership happened here.

Events (3)

1. March 11, 1873 Run

Cause: Rumor Or Misinformation
Cause Details: Local depositor nervousness/panic led to a run; articles describe crowds, loud outcry and many presenting checks, but officers insisted bank was sound.
Measures: All presented checks were promptly paid; officers and prominent citizens publicly vouched for the bank; bank remained open next day.
Newspaper Excerpt: the storm had ... during the run every check the was counter yesterday was promptly paid.
Source: newspapers

2. September 29, 1873 Suspension

Cause: Macro News
Cause Details: Nationwide financial panic / money stringency (Sept 1873) prompted banks to suspend ordinary currency payouts and substitute certified checks via a local association.
Newspaper Excerpt: the banks and bankers ... shall certify checks ... in lieu paying currency; the issuing of certified checks by the banks of the city ... relative to the suspension of currency payments
Source: newspapers

3. October 1, 1873 Reopening

Newspaper Excerpt: The Second National Bank of Washington has resumed currency payments. The Second National Bank ... is paying out currency at its counter. ... are doing likewise to a limited extent. Gentlemen ... say they expect in a few days to cash checks without restriction. (Oct 1, 1873.)
Source: newspapers

Newspaper Articles (12)

1. March 12, 1873 National Republican Washington, DC

Article from National Republican, March 12, 1873

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vulures among dead and dying fat bank officers, and were full of wrath because they couldn't find them. There were several strong men, too, who live in this community, and who hung on the outskirts of the crowd, offering to bet any amount that the bank was solvent and would pay every dollar. Says one: "I'll bet a thousand dollars, and put the money up, that the bank can't be broke, and no one took It. Another said: "If I had ten thousand dollars in that bank, I'd put another ten thousand with It before I'd draw out a cent." A young German came along, saying "I've some monish in dat pank, ant mine Got von himmel, It can sthay dere." One fellow came frantically rushing into the crowd singing out to everybody he met, Where's Mike Urell? Where's Mike? Everything is going to Smithereens:" And what the divil to do you want of Mike?" asked an Emeralder near "Howly he again out: 1 the the mither! "they've where's got Mike?" money of brawled by. Hibernian Society, and he can get It, you spalpeen ye. Where's Mike? I wouldn't have done one thing if I'd been them." said another. "This bank is sound, and its folly to have that sign out that they'll keep open till 10 o'clock. They should close at 3, just like look at that got woman. Says another: They have Now, their any money other out-quite man bank. and a roll of 11. They are green as pumpkins They lose it before night. And another: "See that woman reading a paper. Now she'll go and make an ass of herself, like the rest of them." From one remark learn all. the storm had much was the made to the crowd subsided, Towards speeches and evening good feeling pretty by created Mr. J. C. much by of the Second National and by Gen. bank, McKelden, by Mr. president S. T. Suit Carrington, speaking in the Mr. Ruff, and of absolute all praise of them belief of highest avowing terms an in his perfect Integrity. Later in the evening, from 9 to 12 o'clock, very calm survey was taken of the field, and the probabilities of to-day forecast. First, to the credit of the bank, the very important admission was made that during the "run" every check the was counter yesterday was promptly paid. Secondly, presented it at admitted that the officers of other any amount of and that their in to had sustain proffered Mr. Ruff, money banks proffers necessary in town had taken on was known from bank concluded many that Thirdly, when Instances It the substantial positive operations evidence forms. last at stood amid e file dees sands night the of real tellers bona greenbacks thousands ready on for thonto livery to "uneasy depositors" to-day. Fourthly. ly It was not forgotten that the business of men of the city, the "merchant princes," in and the guides In public opinion all spoke contiin dently of the Integrity of the bank; and sixas It to the the that one minds teenthly had of and all been lastly, depositors happened "called dawn day's on warning now given, and that loans' d per come in with a a and overwhelm all ist might Thomases," would astonish chance "doubting rush that All these things, to a en and enabled and tle he to take a glass of seltzer unmost his friends reassuring effect, repeat, Mr. with Ruff an had ruffled spirit. To sum up, the bank has about he three thousand accounts. Yesterday some sev. ox enteen hundred presented checks, all of which of were paid. The highest amount drawn on any the one check was $18,000. The bank will open this ess morning, at 10 o'clock, and proceed with bustroness as usual. 1 it Of the intentions of the officers of the we stihardly in a to the er but this much be have public information to-day, may shape safely give bank stated: to mon 1st of April next the for will assume a few ch City have that Savings a new the Bank" "Washington from and name. It will also have a solid cash in many thousands It Is ter nor that there are nine capital sary to of state, how not wealthy neces18incorporators-a this will be told in due mto say that the interests of lly but itors suffice now It be depos- time: are to enhanced by the new arrange rst ments contemplated 1uSavings Bank, inanticipated The Freedmen's that where it was another run would occur. ,worked an routine way, no crowd Id, the bank the along noticeable In its about usual during entire being day. in, were only about sixteen and some depositing and sea At in ing the noon funds, bank, there while others persons draw. no indications were given ace any uneasiness was felt ks. the institution. The show the assurances safety that of cashier concerning gave to ray they were able to of consoled themselves A as had once that demands, their and that depositors fully made with a meet the rush fact all on se. satisfied, It would be difficult to ith to make a second them induce At the and them been attempt. the National Savings bank, H. A. Willard, at no change was usual president, noticeable from the deroutine, and matters during the day prothe gressed as usual. les, enth The German-American Savings bank, on Sev. ten street, above E, was not disturbe.1 the corporators of this to many our German and panic. of Among substantial American bank by the are als, bank always a noe one of the in ith United equal citizens, to States The fourth aggregate keeps sum deposits on hand securities, which can be nd, at the loans made the security in the District of real any estate time, and upon Columbia first-class realized joy the aggregate three air. the bank. of of never the received, funds exceed of and in Deposits $1 fourths or more of are such interest as the profits of a the bank will allow is paid on all sums remaining all on deposit one month or longer. Such Jeposits her are designated as ordinary deposits. Business bedeposits, payable. demand by checks, bear yes three per cent. interest on the average daily balthe ances of such accounts, and is added or paid ght semi-annually on the 1st days of July and Jan. "O nary. It's

2. September 29, 1873 Evening Star Washington, DC

Article from Evening Star, September 29, 1873

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The President wrote and forwarded the fol lowing letter yesterday MANSION. WASHINGTON. D. C September 1873 H.B. GENTLEMEN In response to the views you have communicated to me touching the present stringency in the money market of the country. and the necessary steps to restore confidence and legitimate trade and commerce, I have the honor to communicate the following The government is desirous of doing all in its power to relieve the present unsettled condition of business affairs, which is holding back the immense resources of the country now awaiting transportation to the seaboard and a market Confidence on the part of the people is the first thing needed to relieve this condition and to avert the threatened destruction of business with its accompanying disasters to all classes or the people. reestablish this feeling the govat ernment is willi to take all legal isures its command; but evident that no government efforts will avail without the active coope. ration of the banks and moneyed corporations of the country With the fourteen millions already paid out in the purchase of the governn indebtedness and the withdr wal of their large deposits from the Treasury the banks are now strong enough a to adopt a liberal policy on their part, and by generous system of discounts to sustain the business interestso the country Should such a course be pursued the forty four millions reserve will be considered as money in the Treasury to meet the demands of the public necessity as the circumstances of the country may require. Close attention will be given to the course pursued by those who have the means at their command rendering all the aid necessary to restore trade to its proper channels and condition, with view of trengthening the hands of those who carry out the measures above indicated. Orders have already been is sued for the prepayment of the interest accru S. GRANT. ing in November The Condition of the Treasury. The following was the financial exhibit of the Treasury department at the close of business on Saturday Currency, (less amount paid for bonds purchased in New York and not report ed,) special deposit of legal ten ders for redemption of certificates of deposit including coin certificates, legal outstanding ders, $355,000,000. The above exhibits de crease from statement the in Friday special deposit of legal tenders for redemption of tificates of deposit of which was drawn from the sub-treasury in New York by holders of these certificates The above amount added to the legal tender paid out by the sub treasurer in the purchase bonde makes total of legal tenders put in circulation in New York ring the past five or six days which. to How in proper channels claimed, would have great measure relieved the present financial embarrassment ATING THE INTEREST The Secretary of the not for the present issue a for the sale gold and the pur chase of bonds nited States coupons maturing will be paid on and after to-day upon rebate of interest the rate of six per cent per annum The amount of interest is$14,600,000 coin. in NEW YORK VIEW OF THE MATTER A dispatch from New York says this action of the Secretary will bring into the market: but as most of these bonds are held in Europe, the relief from them will not be felt for some time. The amount which will result from the payment of interest on registered bonds will be about $4,000,000. The registered bonds are nearly all held in this country Action of the Washington Bankers. AN ASSOCIATION ORGANIZED At an adjourned meeting of the bank direc tors and bankers of the city of Washington, held yesterday at the National Metropolitan bank. the following resolutions were adopted, and the rules appended prescribed Resolved, That view of the present uncalled for and unnecessary demands upon the banks and bankers of this District for currency for other than business purposes and for shipment to other cities. a very large amount having al ready been drawn, and in view of the fact that without exception all the large cities of the United States have adopted similar precaution ary measures the representatives of the banks and business men of the District of Columbia having full confidence in the sound condition of their financial have united for indi vidual support and pledge themselv yes to the following line of policy ving be for the best inter est of the community and of the interest which they represent Resolve That the banks and bankers of the form District into association an which shall elect controlling committe of six into whose hands any bank or bankers of the Association shall have the right to deposit curities, collateral the value whereof is to be affixed by said committee, as follows viz Bonds at par; promissory notes at 50 per cent of their value; other securities at value to be determined by the committee; and against the said affixed value each bank or banker placing such collateral in the hands of said committee may issue certificates and certify checks which, upon being presented and stamped accepted by said committee, shall be received by all bank and bankers of the association for their ful value in payment of all maturing notes or other claims. Resolved, That this arrangement shall go into effect on the 29th of September, and continue until November 1, 1873. REGULATIONS ADOPTED The controling committee have adopted the following rules and regulations for the associ ated banks of the city of Washi ngton, D. C. The banks and bankers of the association may certify checks for their customers in lieu pay ing currency for all deposits held by them to this date, but will open special accounts of currency payable in currency The certified checks will be received by the different banks and bankers of the association on deposit and in payment of notes due them Which certified checks shall be redeemed by the parties certifying in loan certificates issued by the controling committee upon deposits of collateral security asagreed upon at their daily meetings. Each bank will regulate its own exchanges with other cities. The controling committee will meet at the office of the Safe Deposit company daily at one o'clock p. m for settlement with banks of the association The treasurer William Stickney will have custody of all securities deposited by the associated banks J W Thom pson. for National Metropolitan Bank: J.C. McKelden. for Second National Bank: William Stickney for National Savings Bank L J. Davis, for L Johnson & Co Geo W Stickney for Freedman's Savings Bank; Jno Hitz. for German American Savings Bank, Controling Committee HOW THIS ACTION IS RECEIVED TO-DAY The issuing of certified checks by the banks of the city, who formed a clearing house associa ation yesterday, is generally received by those transacting business as a wise precautionary measure. Mr Stickney was at his office during the day receiving collateral securities from the banks who have entered the association. There pretty lively demand for currency upon the banks and banking-houses outside of the association to-day, as the demand is necessarily concentrated upon them. A Better Feeling in Washington To. Day A much better feeling prevails in Washington than on Saturday last, and the general opinion among bankers and business men is that the excitement is virtually over, and that in a few days business will be transacted as usual The action of the associated banks of the city o Washington," relative to the suspension of cur rency payments and the substitution of certified checks. has had RO perceptible effect on the business of the banks Several of the banks

3. September 30, 1873 The New York Herald New York, NY

Article from The New York Herald, September 30, 1873

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THE CRISIS IN THE COUNTRY. The Payment of Depositors in Certified Checks by National Banks Pronounced Illegal. WASHINGTON, Sept. 29, 1873. Application was made to the Comptroller of the Currency to-day for an opinion as to the legality of the action of the national banks in substituting certified checks in payment for their current in debtedness to depositors. The Comptroller promptly replied that the action of the national banks in entering into such an arrangement was illegal, and in direct violation of the National Banking act. Several parties, in consequence of this opinion, reported to the Comptroller that the National, Metropolitan and Second National banks had refused to cash checks of depositors, whereupon the Comptroller said that he would be ready to-morrow to entertain an application to put both banks in the hands of a receiver. The Comptroller positively declares that every bank that has substituted certified checks in payment of actual indebtedness at its counter has incurred the penalty affixed by the National Banking act, and that he is not clothed with discretionary power if such banks are reported to him.

4. October 2, 1873 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, October 2, 1873

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MINOR TELEGRAMS. -The King of Saxony is dangerously -The Second National Bank of Washington has resumed currency payments. -The public debt statement shows a reduction of $1,901,467 during the past month. -Ex-Governor J. D. Cox, of Ohio, has been élected President of the Toledo, Wa bash & Western Railroad. -The Grant locomotive works at Paterson, N.° J., on account of the scarcity of greenbacks, has discharged an additional one hundred and seventy-five men. -The Danforth Locomotive Works of New Jersey, will place the employes in their foundry on half time, or work two gangs on alternate days. -The work on the Delaware, Lacka. wana & Western railroad tunnel through Bergen Hill has been suspended, throwing over tour hundred men out of employment. - -Cummings' Car Company, of Jersey City, has been obliged to suspend, although its assets will more than cover its liabilities. The trouble is the large amount of the debts due from railroad companies that cannot be collected. -The Court of Appeals of New York has reversed the judgment of the lower Court and dismissed with costs the complaints against the Staten Island Railroad Company. These were the famous Westfield explosion cases.

5. October 2, 1873 The Rock Island Daily Argus Rock Island, IL

Article from The Rock Island Daily Argus, October 2, 1873

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in TELEGRAPHIC The Inside of one National Bank. In It is Rotten all Through in Its Managers a set of Swindlers. Everybody Cheated. A Better Feeling in Chicago More Failures in the East. C Manufacturers Stopping Work. The Independent Party in California. Dessensions in Sangamon County Gov. Palmer to Speak for the Independent Party at Jerseyville. Other Items of Interest. examina DUBUQUE Iowa. Oct 1 An tion into the affairs of the Merchants tional Bank discloses the most baref the dishonesty and fraud ever known in men history of banks. and that, too. the who have enjoyed stock of the community for The holders have decided go into and stand bankruptcy, rush are and good, depositors make graund to find property owned by the defaulting officers to make good the claim The depositors bank. with the National Bank. has False keep drained to up entries on the books of dues from Chicago and New York banks made deceive the Directors. The public bank the raged The and all deposited there has cluding the Bishop of the diocese who in the vaults, All the hard and the stock dol to make good enough promise when the exact liabilities will be made known de of The feeling CHICAGO, final sus by the Bank the and way, prospect than grain The prices National the Third resume within week probably but appears that will banks able all There right through may in the settlement fficulty but there not believed are as fact the In that much some impro fur begun already dealers in to grain in the and, does some not diminish having been received yester doubtless will dations and by all the banks, resume its usual channels bet much There CHICAGO. to day in Chicago feeling prices grain. The board re to-day action of few days since to in option regard rule considerable trading for future. YORK Oct 1. -The Grant locomo Paterson. on account of the scarcity greenbacks has discharged men additional The the Delaware Lackawa & Railroad tunnel through Ber five hill, suspended. throwing over hundred men out of employment alth Jersey The Cummings Car Company of City has been obliged to suspend although assets more than cover liabilities The trouble large amounts due Railroad connot be John Winthrop Chick. bank suspended this morning Heavy from Western depositors was the They have had no dealing with the Stock Exchange. Palon & Co. Broadway. an old house suspended to-day, but anticipate speedy resumption. IST WASHINGTON Oct. 1. The second Na tional Bank has resumed currency pay ments de The public debt statement shows $1 crease for the month of September of 901 467, and the total debt less cash the Treasury $2 38,793,898. In th Treasury, $94,785 789. At the PHILADELPHIA, Oct 1 reques of th the debtors and by consent petitioners the order requiring Jay Cooke ad to show why they should not be judicated bankrupts, has been continue for week. MILWAUKEE, Oct 1. The Chamber Commerce adjourned till Saturday noon 'Si enable buyers of wheat to have currency pay for it. Market firmer but unsett b, BALTIMORE, Oct 1. -Thos. Kemp& Co suspended to day. Liabilities $80, 000 Assets $40,000. TOLEDO,Oct. At the annual meetin of the Toledo, Wabash & estern Rai road Company. held here to there full representation of stock, and the lowing Board of Directors was elected Di John Tracy, of Illinois Sidney lon Milton Courtright, of Ohio John Co. Casement, Ohio Cable. Illinois John Ross. D Cox. Ohio A J. Cray ford, Indiana A. Schell Kenyon Be Wm. L Scott George Cecil edict John R Cecil: S. W Phelps, diana E While the election was being held. aft the meeting was organized and votes been cast, an -parte preliminary injune ch tion, issued by Judge Paine, of Cleveland was served, restraining certain stock -hold ers from voting. After the election th new Board organized. and elected retary of the Interior J. D. Cox. Preside ST. Lours. Oct. 1.-J. A. Stevens.cashi of the St.Louis Mutual Life Insura Ete

6. October 2, 1873 New-York Tribune New York, NY

Article from New-York Tribune, October 2, 1873

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THE SITUATION ELSEWHERE. THE LAW CONCERNING NATIONAL BANKS AND THE CERTIFIED CHECK SYSTEM OF PAYMENTS. WASHINGTON, Oct. 1.-The Controller of the Currency has not stated to any one that a national bank can be placed in the hands of a receiver for failure to pay checks of depositors. No case of this kind has been presented to the Controller for decision. Section 53 of the National Currency act provides that if the directors of any association shall knowingly violate or knowingly permit any of the officers, agents, or servants of the association to violate any of the provisions of the act, all the rights, privileges. and franchises of the association shall be forfeited; such violation shall, however, be determined and adjudged by a Circuit, District, or Territorial Court of the United States in a suit brought for that purpose by the Controller of the Currency in his own name before the association shall be declared dissolved. No application has been made to the Controller of the Currency to begin proceedings against any national bank under this section during the late panic, nor is it known what would be the action of the Controller if any application of this kind were made. JAY COOKE & co.'s AFFAIRS. WASHINGTON, Oct. 1.-There have been filed in the office of the Recorder of Deeds several instruments of writing by ex-Gov. Henry D. Cooke, conveying to Jay Cooke, trustee, his real estate in Georgetown, in three pieces, known as the Cooke property. A widow in Georgetown has entered suit against Jay Cooke & Co. on a certificate of deposit for $4,500. No statement of the condition of the banking-house has yet been made public. PHILADELPHIA, Oct. 1.-In the United States District Court. before Judge Cadwallader, an order granted last week, upon the petition of Edward Wilson, against Jay Cooke & Co., to show why they should not be adjudieated bankrupts, which was to have been returned today, was continued for a week at the request of the debtors and by the consent of the petitioner. THE OUTLOOK AT WASHINGTON. WASHINGTON, Oct. 1.-Owing to the reception of favorable financial information from various quarters, money is becoming easier in Washington. The Second National Bank, which is in the certifying check combination, is paying out currency at itscounter. There are five banks and one banking-house in the combination; three of them savings banks, which, before the arrangement was agreed upon, had ceased pay ment. requiring 30 or 60 days' notice to be given by depositors for the withdrawal of money. GOVERNMENT AID TO THE COTTON INTEREST. WASHINGTON, Oct. 1. - The President of the Charleston Chamber of Commerce telegraphed to Washington, Sept. 29, for Government aid in moving the cotton crop similar to that afforded to New-Orleans. Secretary Richardson responded: I am not aware that any special relief has been afforded to New-Orleans. The following explanatory dispatch was then sent: The New Orleans Picayune reports that after Oct. 1 you will maintain on deposit in that city $2,000,000 in currency, at the United States Sub-Treasury, to be paid to banks on checks on New-York. Whether true or not, the Chamber asks such relief to amount to $500,000 for Charleston. Assistant Secretary Sawyer replied to this telegram as follows: Your difficulties are understood. There is no advant age to be gained by the Committee coming here. Charleston will have all the relief afforded to other places. While no special relief, as Secretary Richardson says, has been afforded New-Orleans, it is known here that The Picayune is correct in what it says. The Government was asked to deposit $5,000,000. but the amount was reduced to $2,000,000. This is no new feature, the Government always having currency in New-Orleans for the purpose named. FINANCIAL NOTES. The Louisville Clearing-house Association was dissolved, yesterday, by mutual consent. Thomas Kemp & Co., grocers of Baltimore, suspended, yesterday. Their liabilities are stated to be $80,000, and their assets $60,000. Business in Cincinnati yesterday showed a decided improvement. A noticeable feature was the increase in the amount of money in the street, much of which was placed at decidedly lower rates than yesterday. In Pittsburgh financial circles the prospect is reported brighter, with indications that the worst of the panic is over. Business among manufacturers has not been stopped, and they report no difficulty in obtain ing money to pay employés.

7. October 2, 1873 The New York Herald New York, NY

Article from The New York Herald, October 2, 1873

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WASHINGTON. WASHINGTON, Oct. 1, 1873 Much Ado About u Seal Lock. Next to finance, Secretary Richardson is both. ered most how to secure a seal lock for the Customs Service which cannot be tampered with, and which at the same time will not impose a great expense on the parties obliged to use them. His predecessor, Mr. Boutwell, found this a conundrum when he entered the Treasury Department, and left it as a legacy to his successor. A few weeks ago a commission. composed of representative lock men, and appointed by Secretary Richardson, decided, after several days' deliberation, that the lock offered by a Philadelphia company was just what the government wanted, provided certain improvements were made, and the report was approved by the Secretary of the Treasury. Today the attorney for Thomson's patent seal lock served a notice on the Secretary to the effect that the government would infringe his rights if the contract with the Miller Lock Company was carried out, and that he would sue out an injunction to prevent the manufacture and sale of the locks required by the Department. Here the matter rests for the present, and Mr. Richardson wonders if this seal lock business will ever end. The Financial Situation. Owing to the reception of favorable financial in. formation from various quarters money is becoming easier in Washington. The Second National Bank, which is in the certifying check combination, 18 paying out currency at its counter. There are five banks and one banking house in the combination, three of them savings banks, which. before the arrangement was agreed upon, had ceased payment, requiring thirty or sixty days' notice to be given depositors for the withdrawal of money. Appointment by the President. The President had appointed Edward C. Negley Postmaster at Pittsburg, Pa., vice John H. Stewart, suspended under the Tenure of Office law. The Property of the Cookes. There have been filed in the office of the Recorder of Deeds several instruments of writing by ExGovernor Henry D. Cooke, conveying to Jay Cooke, trustee, his real estate in Georgetown. in three pieces, known as the Cooke property. A widow in Georgetown has entered suit against Jay Cooke & Co. on a certificate of deposit for $4,500. No statement of the condition of the banking house nas yet been made public,

8. October 3, 1873 New-York Tribune New York, NY

Article from New-York Tribune, October 3, 1873

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THE SITUATION ELSEWHERE. THE LONDON TIMES ON THE PANIC. LONDON, Oct. 3-5 a. m.-The Times, this morning, in an editorial retrospect of the late American financial panic says the recklessness and dishonesty lately characterizing the management of some of the greatest undertakings in America have induced a chronic nervousness momentarily liable to become acute. Even Americans, says The Times, are not all smart men or daring speculators. The Times thinks the danger has disappeared for the present, but political and financial causes are liable to reproduce it at any time. A country with an immense field for enterprise and comparatively limited capital is always Pable to panies. The improvements made in Western communications are most useful and profitable, but may cause further trouble. The entire blame for the disaster rests upon the unsound monetary system of the country. FINANCIAL TROUBLE APPREHENDED IN COLUMBUS. COLUMBUS, Oct. 2.-The financial situation here begins to look a little troubled. There was a disposition, yesterday, on the part of depositors to withdraw deposits, and, last night, the bankers of the city held a meeting. All but two banks were represented. It was agreed to issue Clearing-house certificates contingent on an agreement to this arrangement by the Presidents of banks not represented. At a meeting this morning, and at a subsequent meeting. word was received that Hayden's Bank and the Citizens' Savings Bank declined to go into any arrangement with the other banks. The exeitement is increasing, and the disposition to withdraw deposits is still manitest. WASHINGTON BANK PROSPECTS IMPROVING. WASHINGTON, Oct. 2.-The National Metropolitan Bank, which suspended currency payments last Monday, has resumed to the extent of paying small checks. The Second National Bank and Lewis Johnson & Co., also in the certified check combination, are doing likewise to a limited extent. Gentlemen prominently connected with these institutions say they expect in a few days to cash checks without restriction. FINANCIAL NOTES. The First National Bank of Memphis resumed business yesterday. By Wednesday's steamers from Liverpool to New-York shipments of specie for this city amounting to £244,000 were taken. Everybody at Little Rock, Ark., still refuses to take city money. Greenback currency is very scaree, and the stringency in money matters is greater than ever. A large number of merchants of St. Louis have signed a circular to the effect that they will receive certified checks on St. Louis banks in payment of any indebtedness, or for any goods or supplies of any kind that may be wanted. It is believed that this will restore confidence in all departments of trade and give an impetus to business. The Muskingum Valley Bank, at Lawrenceville, Ohio, after a heavy run of several days durationclosed its doors Wednerday. The banking house of Chas, C. Russell & Co. suspended yesterday. The First National sustained a heavy run, but announced its ability to meet all demands. There was also a heavy run on the Union Bank, but the latter institution invited all having claims to present them.

9. October 9, 1873 Puget Sound Dispatch Seattle, WA

Article from Puget Sound Dispatch, October 9, 1873

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Itlegraphic EXCLUSIVELY FOR THE DAILY DISPATCH NEW YORK, Oct. Northrup & bankers in Wali St, suspended this morning. Heavy calls from Western depositors was the cause. They have no dealings with the Stock Exchange. PHILADELPHIA, Oct. --At the request of the debtors and by consent of the petitioners, orders requiring Jay Cooke & Co. to show cause why they should not be adjdiucated bankrupts. has been continued for one week. WASHINGTON, Oct. 1.-The Second National Bank has resumed currency payments. The public debt statement shows a reduction of $901,467 during the month of September. NEW YORK, Oct. 1.-The steamer Colon has arrived from Aspinwall. LONDON, Oct. 1.-A dispatch from Melbourne reports that the steamer Penjaub arrived at Littleton, New Zealard, Sept. 19, with several eases of fever on board. 28 passengers died of the disease. NEW YORK, Oct. I Grant Locomo~ tive Works in Patteison, discharged 175 more hands on account of the scarcity of greenbacks. Work on the Delaware, Lackawana & Western R. R. tunnel th.ough the Bergen Hill have been suspended. throwing 400 men out of employment. The Collins Car Co., of Jersey City, has been obliged to suspend, although its assests will more than cover its liabilities. The trouble is, a large amount due from Railroads cannot be collected. The whole number of claims submitted to the American and British Mixed Claims Commission was 4,997. Claimants reclamation aggregate the enormonsan of $90,000,000; of these, only 181 were allowed, the gross sum of awards on which amounted to $1,920,236. It appears by examination of the claims which were favorably considered, that awards were only made against the United States in cases where the property taken was used or appropriated by authority of the United States, and in cases of illegal imprisonment of British subjects during the war. NEW YORK, Sept. The special cort respondent of the Tribune at Dundee gives interesting details of the adventures of the rescued crew of the Polaris. Schuman, First Engineer, says after his return from the Northern journey, in coming into the cabir the Captain turna ed sick, and, ying down, vomitted great deal. He would not taste anything at first, but afterwards asked for enp of tea. He got some tea and had no sooner partaken of it than the vomiting returned more violently than before. About six hours afterwards he became delirious and continued in this condition 3 days. On the recovery of his senses, however, he grew better, got up and wrote up his journal. He also attended to his other duties as if he had been in perfect health, but never went out. Ten days afterwards he was again seized with a relapse and until the night of the seventh, when he became calm. Seeing Dr. Bassetts near he called him and said; "I am very much obliged to you, Doctor, for the kindness you have shown to me." After uttering this, he relapsed and in the morning was dead. MADRID, Oct. 1.-Large numbers of Carlists are surrendering to tbe Republican troops in the Province of Lerida, with the hope of amnesty. ST. LOUIS, Oct. 1.-J. A. Stevens, cashier of the MutualLifeInsurance Co., has been missing since Monday morning, and though examination of his accounts discovered nothing wrong a packago containing $6,000 is missing from the safe, the key of which he took away with him. UTICA, N. Y., Oct. 1.- The Democrat ic State Convention met here at and was called to order by A. C. Beach, -President of the State Central Committee. The Convention being temporarily organized committes on credentials and permanent organization were appointed. Resolutions were offered, inviting the cooperation of Liberal-Republicans, and immediately Thos. J. Creamer, contesting delegate from Appolo Hall party, made a speech, disregarding the gavel and calls to order by the chairman and his colleagues and the shouts of del egates. Confusion was so great that only an occasional word of the speech could be heard, by which Creamer was understood as enouncing the conve-it tion, charging the Chairman with packing the Committee on Credentials, and threatened withdrawal. The scene was ended by the Convention's taking a recess. PANAMA, Sept. 32.--On the 23d of gust. Several shocks of earthquake were felt in Gnatamala. No damage was done. A vessel called the Ferdi nand, Capt. Nelson, reported to the Government that there a great many Americans from New Orleans had arrived with rifles and were committing excesses in Rolan. Most of these filibusters were blacks.

10. October 10, 1873 National Opinion Bradford, VT

Article from National Opinion, October 10, 1873

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Their Course Illegal. Application was made to the Comptroller of the Currency of the United States for an opinion as to the legality of the action of the national banks in substituting certified checks in payment for their current indebtedness to depositors. The Comptroller promptly replied that the action of the national banks in entering into such an arrangement was illegal, and in direct violation of the National Banking act. Several parties, in consequence of this opinion, reported to the Comptroller that the National, Metropolitan and Second National banks of Washington had refused to cash checks of depositors, whereupon the Comptroller said that he was ready to entertain an application to put both banks in the hands of a receiver. The Comptroller positively declares that every bank that has substituted certified checks in payment of actual indebtedness at its counter has incurred the penalty affixed by the National Banking act, and that he is not clothed with discretionary power if such banks are reported to him. The banks of New York and other cities during the panic instead of paying out currency gave certified checks.

11. October 13, 1873 The Democrat Weston, WV

Article from The Democrat, October 13, 1873

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Their Course Illegal. Application was made to the Comptroller of the Currency of the United States for an opinion as to the legality of the action of the national banks in substituting certified checks in payment for their current indebtedness to depositors. The Comptroller promptly replied that the action of the national banks in entering into such an arrangement was illegal, and in direct violation of the National Banking act. Several parties, in consequence of this opinion, reported to the Comptroller that the National, Metropolitan and Second National banks of Washington had refused to cash cheaks of depositors, whereupon the Comptroller said that he was ready to entertain an application to put both banks in the hands of a receiver. The Comptroller positively declares that every bank that has substituted certified checks in payment of actual indebtedness at its counter has incurred the penalty affixed by the National Banking act, and that he is not clothed with discretionary power if such banks are reported to him. The banks of Now York and other cities during the panic instead of paying out currency gave certified checks.

12. October 17, 1873 Connecticut Western News North Canaan, Salisbury, Canaan, CT

Article from Connecticut Western News, October 17, 1873

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