4087. Bank of Belleville (Belleville, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 1, 1857
Location
Belleville, Illinois (38.520, -89.984)

Metadata

Model
gpt-5-mini
Short Digest
54af6b85

Response Measures

None

Description

Multiple contemporaneous newspapers (early Oct 1857) report the Bank of Belleville 'failed' or 'suspended' amid the 1857 financial panic. No article describes a depositor run on this specific bank. Later reporting (Dec 1857–Mar 1858) shows the president was indicted and the Illinois State Auditor arranged redemption of the bank's outstanding notes, indicating the bank did not resume normal operations. Cause attributed to the wider 1857 financial panic (macroeconomic news).

Events (1)
1. October 1, 1857 Suspension
Cause
Macro News
Cause Details
Failure/suspension occurred during the nationwide 1857 financial panic/credit contraction reported across multiple cities; contemporaneous dispatches list many suspensions and failures in late Sept–Oct 1857, implying systemic pressure rather than an isolated run or bank-specific scandal at the time of suspension (though later indictment of the president occurred).
Newspaper Excerpt
The Bank of Belleville, Illinois, has failed.
Source
newspapers

Newspaper Articles (24)
1. October 2, 1857 New Orleans Daily Crescent New Orleans, LA
Article from New Orleans Daily Crescent, October 2, 1857

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Telegraphed to the New Orleans Crescent. b GRATIFYING INTELLIGENCE. 9 I CAPT. HERNDON SAVED. SIXTEEN OTHERS RESCUED. [BY THE NATIONAL AND SOUTHERN LINES.] FIRST DISPATCH. The Agent of the Associated Press is indebted to Mr. G. W. Oliver, of this city, for the following pri vate dispatch : NEW YORK, Oct. 1-Commander Herndon, of the Central America, and sixteen others, have been saved by the Adelaide. SECONDDISPATCH. NEW YORK, Oct. 1st.-It is reported here, on the authority of a private message, that Capt. Herndon, the heroic commander of the ill-fated steamer Central America, and sixteen others of her company aresafe, but we are unfortunately not informed as to the time, place and means of which their rescue was effected. THIRD DISPATCH. WASHINGTON, Oct. 1st.-Rumors are prevailing here that private d'spatches have been received, announcing the safety of Commander Herndon. The most intense excitement is felt as to the truth and details of the saving of the gallant captain of the Central America. d [NOTE.-In consequence of the prevalence of a thunder storm on the National line East of Louisville, we are unable to get any further dispatches.-Rep.] Financial News. d LOUISVILLE, Oct. 1.-Hutchings & Co., and John k Smidt & Co., bankers, have suspended. There is g much excitement in financial circles. it BOSTON, Oct. 1.-Owing to the depressed state of trade, several Lowell companies have chartered a y y ship to carry 5000 bales of cotton to Liverpool. CHARLESTON, Oct. 1.-The banks have resolved h not to suspend specie payments. on PHILADELPHIA, Oct. 1..-Money is somewhat easier and trade is more active. in LOUISVILLE, Oct. 1.-A dispatch to the Evening ed e. Bulletin says that the Exchange, Shelbyville, Lawd, renceburg and Trenton Banks of Tennessee have is suspended. 00 The run on Hunt & Co., of this city, ceased before ore the close of business. They are considered strong. as Sr. Louis, Oct. 1.-The Bank of Belleville, Illinois, ay has failed. las Moore, Hollowbush & Co., bankers, Quincy, Ill., all ar have suspended. xLOUISVILLE, Oct. 1.-All the bankers here except Hutchings & Co. and Smidt & Co., have met all their for liabilities to-day. ch rWASHINGTON, Oct. 1.-Two banks in Williamsth burg have failed. The Philadelphia banks are harmonions and are hg discounting liberally. et. Explosion. he ce PHILADELPHIA, Oct. 1.-A steam-boiler in the Ice Knickerbocker Plaster Works, in West street, exth ploded yesterday evening, injuring the adjoining Icbuildings, killing one young woman and badly inn. juring seventeen other persons. lia Charleston Banks. m CHARLESTON, Oct. 1.-The Presidents of our banks, at a meeting this morning, agreed not to susepend specie payments. Death of a Ship Captain. c., ost CHARLESTON, Oct. 1.--Thomas Dewin, late Caprs tain of the steamer Nashville, died last night of cony, sumption. eThe Fraser Forgeries. to CHARLESTON, Oct. 1.-The reported forgeries on nd John Fraser & Co., are destitute of foundation. as River Intelligence. tly ciVICKSBURG, Oct. 1.-The Edward Walsh passed irl down at P. M.

2. October 2, 1857 The New York Herald New York, NY
Article from The New York Herald, October 2, 1857

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THE CRISIS IN ILLINOIS. FAILURE OF THE BANK OF BELLEVILLE, ETC. Sr. Louis, Oat 1, 1851. The Bank of Belleville, Belleville, Illinois, has failed. The banking house of Moore, Hollenbash & Co., at Quincy, Illinois, has suspendei. On Monday, at the same place, there was a run upon the banking house of Flagg & Savage, but they sustained thomselves.

3. October 2, 1857 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, October 2, 1857

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PITTSDURG, Va., Oct. 1.-The old Bank of Pittsburg continues to pay specie on all its liabilities. CHARLESTON. S.C., Oct. 1.-The Presidents of our Banks held a meeting this morning, and resolved not to suspend. DETROIT, Oct. 1.-The run on the Peninsular Bank causes considerable excitement. Therun on the other banks was severe this morning. The run was principally by small holders. The banks redeem promptly, and are to all appearances strong. Sr. Louis, Oct. 1.-The Bank of Belleville, Ill., has failed. The banking honse of Moore, Hollenback, & Co., at Quincy, Ill., has suspended. On Monday, at the same place, there was a run on the banking house of Flagg & Savage, but they sustained themselves. BOSTON, Oct. 1.-A general meeting of the merchants is called for tomorrow at 11 'ciock, to consider, and if possible, to decide upon the best course for banks and business during the present financial emergency. The suspension of Lawrence, Stone, & Co., caused considerable excitement. John A. Lowell, also connected with the Pemberton Mills, is reported failed. Another failure announced, is that of Benjamin Howard, commission merchant on Central wharf. The Banks discounted some today, but not enough to ease the market. The best of paper was done in the street at 2 per cent a month. Little business was done at the brokers' board; no quality of stocks could command asking prices. Bank shares were down low, and no sales. NEW YORK, Oct. 1.-Money continued very tight throughout the day, the loan expansion of the banks having proved totally inadequate to relieve the pressure. The sub treasury up to noon, paid out upwards of half a million in gold, and it is believed that nearly a million will be furnished from the same source tomorrow. There was 8 very heavy decline in stocks at the first board today-the falling off ranging from 1 to 10 per cent, the latter figure being on Illinois Central bonds. Chicago and Rock Island fell 6 per cent The sales of State stocks were large, at a decline from 1 to 3 per cent. The Peoples' Bank of Milwaukie, the Badger State Bank, of Wisconsin, and the Fox River Bank at Green Bay, Wis., have suspended. Wm. H. Bartlett, Teller in the Southwestern Railroad Bank, Columbia, S. C., has absconded with $60,000. At the second board, stocks showed no improvement, and several declined still further.

4. October 2, 1857 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, October 2, 1857

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Finances:--The Look Abroad and at Home. Everything looks quiet on the surface, in New England, though the N. Y. Herald, a furious "bear," predicts a crash in the currency of that section. The cashier of the Suffolk Bank says the New England Banks are sound, and will not suspend. Ilis opinion is worth something more than that of the Herald. Things are evidently improving in Philadelphia, Baltimore, and their dependencies. The worst is over, and the rallying process has commenced. The panic in those cities did not operate to render things materially worse in New York, though it retarded a little the tendency to recover. But improvement there seems to be quite decided, as the agreement among the banks to discount $3,000,000 additional would seem certainly to indicate. At home, there is yet no disturbance. Nor are there any symptoms of any disturbance, or of any more pressing times than we have experionced. We shall be pinched until times case up abroad, though the fall trade and the sale of crops are beginning to do us some good, and will gradually relieve us, notwithstanding the continuance of the stringency elsewhere. We breathe free and easy compared with the Eastern world. There is no excitement, there is a remarkable degree of confidence, and it would not seem as if the money market grew any more close, to say the utmost. Our bankers conduct their business prudently, and have the entire confidence of community. The are all men of means, of experience, and of unquestioned integrity. Bad as things look abroad, and close as money is at home, we may congratulate ourselves on our comparative ease and comfort, on our past and prospective freedom from the disasters that have overtaken some of our neighbors, and on the great probability of early relief and monetary freedom. Financial Matters at St. Louis. The Democrat of Wednesday says business is generally suspended on account of the money troubles and the proceedings of the great fair. On the day before there was a run upon the banking house of J. H. Lucas & Co. But all demands were promptly met, the excitement soon abated, and many of the frightened individuals came trotting back with their money to re-deposit. The pinch was over, common sense was returning, all the monied institutions were receiving accessions to their deposits, confidence, that had begun to waver, has been restored, and the most timid feel secure. The Inteiligencer speaks thus of the conduct of their moneyed institutions during the difficulties which seem now to have substantially passed away: "It is gratifying to find how firmly and nobly the Banks of Missouri have acted throughout the late crisis. They have aided the people greatly, and they have actually grown stronger, while doing so. They stand now on a high vantage ground, and must continue ty grow in strength and popularity. Their aid may now be given freely." The Bank of Belleville, which, we believe, was the property of Messrs. Bogy, Miltenberger & Co., we hear has failed; If so, probably in consequence of the suspension of the St. Louis house. Its issues are secured under the Illinois law.

5. October 2, 1857 Evening Star Washington, DC
Article from Evening Star, October 2, 1857

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The Financial Crisis. PHILADELPHIA, Oct. 1.-Messrs. White, Ste. vens & Co., and Messrs Laurence, Stone & Co., branch of a Boston house, have suspended. The terday. Reading Railroad paid its coupons that were due NEW YORK, Oct. 1.-The feeling at the Clearing House and all the principal banks is decidedlycheering. Coin is flowing in from all quarters. The sub-treasury to-day paid out over half a million, and it is expected that about eight hundred thousand more will be paid out to-morrow. The merchants are receiving liberal accommadations, and there is a manifest improvement in all commercial circles. The conversation in commercial and bank circles is hopeful, and quite strengthened by the favorable news from Boston. Preparations are making for Saturday's payments, which will be very heavy. That will be the most trying day of the season, as the amount of bills receivable maturing on that day is very large. The Commercial of this afternoon says the impression is that we have now reached the worst point, and if we only get over the payments of Saturday, we shall be comparatively in smooth water. The Farmers' and Mechanics' Bank, of Williamsburg, which has suspended, has a circulation of one bundred thousand dollars on a deposit of Statestock. It is said that the leading bill drawers stand ready to take produce bills from the banks and give their own regular bills on London in exchange. Stocks do not share in the improved feeling-a general heaviness has taken possession of the market and all descriptions are lower. Illinois Central bonds decline ten, the stock five, and Rock Island railroad fell six dollars per share. There was an unusual amount of State stocks bid off'at a decline of 1½ to 3 per cent. At auction, twentyfive thousand dollars of Louisiana 6's sold at 73to 75 1/2 There is very little doing in funds on suspended cities, and rates are nominal Seven per cent is mentioned as the rate on Philadelphia. BOSTON, Oct. 1.-An informal meeting of merchants, preliminary to the call of a general meeting of the mercantile interest. to consider the financial crisis and present course of the hanks, as affecting merchants, was held here to-day. The banks discounted some to-day, but not enough to ease the market, and we have some failures to announce: John A. Sewel, Benjamin Howard. Richardson, Kendall & Co., and Peter e Jones have failed. Lawrence Stone & Co., a very heavy dry goods house, have suspended. It is connected with a number of mills, all of whom suffer. They also were agents for the Bay State Mill, at Laurence, and heavy sharebolders in them. The Bay State corporation at Laurence will necessarily suspend, throwing out of employ one-third of the operatives at Lawrence, Their New York houseal o falls with them PITTSBURG, Oct. 1-The Allegany City (Pa.) Bank continues specie payments on all its notes and deposites. LOUISVILLE, Oct. L-Hutchinson & Co., bankers, have failed to-day, and made an assignment. It is understood that their assets exceed their lia. bilities by one hundred and fifty thousand dollars. The banking house of John Smidt & Co. also closed doors to-day. There is a heavy run on the banking house of A. D. Hunt & Co., but it is believed they will certainly hold out, as the firm is astrong one. CHICAGO, Sept. 30.-Swift Brothers and Johnson's banks temporarily suspended this morning. There is but little excitement here. DETROIT. Oct. 1-The Peninsular Bank of this city has been enjoined by Attorney General Howard, on account of its refusal to surrender to the State Treasurer its circulating billstothe amount of the deficiencies between the present value of its stock securities and that of its circulating notes, as required by the charter. It is said that the bank has abundant means to pay its debts. Sr. LOUIS. Oct. 1.-The Bank of Belleville, III., has failed. The banking house of Messrs. Moore, Hollinbush & Co., at Quincy, also suspended on Monday. NASHVILLE, Oct. 1.-The Bank of Tennessee, Planters', Union, Merchants', City and Bank of the Union have resolved unanimously to maintain specie bases. They are amply able to pay pay the last dollar. AUGUSTA, Oct. 1-The banks here are discounting freely to enable our merchants to make their purchases of cotton.

6. October 2, 1857 Nashville Union and American Nashville, TN
Article from Nashville Union and American, October 2, 1857

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BY TELEGRAPH. LOUISVILLE, Oct. 1.-Hutchings & Co. and John Smidt & Co., Bankers, have suspended. There is much excitement in financial circles. PHILADELPHIA, Oct. 1.-The steam boiler of the Knickerbocker plaster works, on West street, exploded yesterday afternoon, injuringthe adjoining buildings and killing one young woman and badly injuring seventeen other persons. BOSTON, Oct. 1.-Owing to the depressed state of trade, several of the Lowell companies have chartered a ship to carry 500 bales of cotton to Liverpool. CHARLESTON, Oct. 1.-The banks have resolved not to suspend specie payments. PHILADELPHIA, Oct. 1.-Money is somewhat easier; trade more active. LOUISVILLE, Oct. 1.-The run on Hunt & Co. of this city ceased before the close of business.They are considered strong. It is reported here on the authority of a private dispatch that Capt. Herndon and sixteen others from the Central America, but no details as to time or place are given. ST. LOUIS, Oct. 1.-The Bank of Belleville, Illinois, has failed. Moore & Hollowbush, bankers at Quincy, Illinois, have suspended. LOUISVILLE, Oct. 1.-The bankers, except Hutchings & Co, and Smidt, met all their liabilities to-day. NEW ORLEANS, Oct. 1.-Cotton, sales of 5000 bales. Middling to strict middling 14a14}, being a decline of 21. New York excl ange 14a1}, very limited, the banks being unable to supply the dedemand. McDowell, Mills & Co., agents of the Northern Bank of Mississippi, are unable to redaem their bills to-day.

7. October 2, 1857 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, October 2, 1857

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BY TELEGRAPH. BY THE NATIONAL LINE. [Reports Furnished by the Associated Press.] LOUISVILLE, October 1.-Hutchings & Co. and John Smidt & Co., bankers, have suspended. There is much excitement in financial circles. Philadelphia, October 1.-The steam-boiler of the Kuickerbocker plaster works, on West street, exploded yesterday afternoon, injuring the adjoining buildings, and killing one young woman, and badly injuring seventeen other persons. Money is somewhat easier. Trade is more active. BOSTON, October 1.-Owing to the depressed state of trade, several of the Lowell companies have chartered a ship to carry 5,000 bales of cotton to Liverpool. CHARLESTON, October 1.-The banks have resolved not to suspend specie payments. LOUISVILLE, Oct. 1.-The run on Hunt & Co., of this city e ased before the close of business. They are considered strong. It is reported here on the authority of a private despiteh, that Capt. Herndon and sixteen others from the Central America, but no details as to time or place are given. All of the Bankers, except Hutchings & Co., and Smidt, meet all their liabilities to-day. Sr. LOUIS, Oct 1 -The Bank of B liville, Illiuois has failed. Moore & Hollowoush, bankers at Quincy, Illinois have suspended.; NEW ORLEANS, Oct. 1.-Cotton, sales 5000 bales middling to strict middling 14.14, being a decline of 2t. New York exchange 1tilt, very limited, the banks being unable to supply the demand. McDowell, Mills & Co, agents of the Northern Bank of Mississippi are unable 10 redeem their bills to-day.

8. October 3, 1857 Daily Iowa State Democrat Davenport, IA
Article from Daily Iowa State Democrat, October 3, 1857

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LATEST Financial Intelligence. Washington, Oct. Two million dollars worth of United States stocks came in this morning for redemption. New York, Oct. 1.-The Farmers and Artisans Bank of Long Island, at Wil liamaburg, suspended to-day. The Illinois C. R. R. pays its coupons to-day. The Milwaukie and Mississippi R. pay theirs on the first mortgage bonds; but defaults on its income. The best of paper was done in the streets for two per cent. a month. Littie business was done at the Board of Brokers to-day. No quality of stocks could command asking prices. The bank shares were low di wn and no sales were made. A general meeting of merchants was called for to-morrow at 11 o'clock, to consider and, if posible, de cide opon the best course for the banks and business men in the present financial emergency: Charleston, Oct. 1.-Reported forger ies on John Frazer & Co.are unfounded. The Presidents of our banks held a meeting this morning, and resolved not to suspend. Toronto, Oct. 1.-R. II. Brett, private banker of this city, suspended this morn® ing. The asignees report the creditors will be paid in full. Columbus, Ohio, Sept. 30.-The Board of Control of the State Bank of Ohio, at a meeting held here to-day, animously adopted the following resolution "Resolved." That the branches of the State Bank of Ohio have the ability and will continue specie payments, regardless of what course may be taken by the banks of other States. Albany, Oct. 1.-The Bank Superintendent, Cook, accepts Judge Davi's re cent decision confirming the right of banking associations to reduce their se enrities deposited in the Bank Depart ment below $100,000 by returning circu. lation. As the decision was concurred in by Jodges Cranch and Wright, it was equal to an appeal to the full bench. Detroit, Oct. 1. The suspension of the Peninsular Bank causes intense excitement. The run on other r banks this morning is severe, principally by small bill holders. They redeem promptly, and to all appearances are very strong. St. Louis, Oct. 1. Bank of Belleville, III., failed. Banking house of Moors, Hollebush & Co, Quincy, 111. suspended on Monday. There was a run on Clagg & Savage, same place, but they sustained themselves, Pittsburg, Oct. 1. The old Bank of Pittsburg continues to pay all liabilities. Boston, Oct. 1. The failure of Lawrence, Stone & Co., dealers in dry goods, here, is announced to day. Boston, Oct. 1. The suspension of Lawrence Stone & Co., caused considerable excitement on the sts., to-day. Mr. Samuel Lawrence, sr. partner is in Europe, and Mr. Stade, financial mana ger. is seriously ill. The firm are agents fort the Bay State, Pemberton, N. England, Worcester end Middlesex Mills. Ira A Lo well, also, connected with the Pemperton mills, is reported tailed. The other failures announced are Benj Howard, commission merchant, Central Wharf; Richardson, Kendall & Co. Dry goods merchants, Milk st., and Jones, paper dealers, Water st. The banks did some discounting to-day, but not enough to ease the market. Dayton, Oct. 1. It is reported that a Cincinnati banker went into the Branch Bank a Piqua, to day with a carpet bag of bank notes to demand A of specie. mob citizens not connected with the bank, followed him and requested him to leave town immediately or take a lynching. The broker accordingly left without accomplishing his object. His name wasnnt ascertained. Louisville,Oct. 1. Hutchins & Co., John Smidt ers, a run AD suspended. Quite heavy & Co., on Hunt & Co., who thus far sustained them selves, and it is expected will meet all their liabilities. Louisville, Oct.1. A dispatch to the Bulletin says Exchange Shelbyville, Lawrenceburg and Trenton banks, Tenn, suspended Philadelphia, Oct. 1. Messrs. White Stevens & Co., and Lawrence, Stone & Co., who have a Branch have Reading in Railroad Boston suspended to-day. The Co. paid the company's dues to-day.

9. October 3, 1857 The Davenport Daily Gazette Davenport, IA
Article from The Davenport Daily Gazette, October 3, 1857

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LATEST NEWS. Financial Intelligence. WASHINGTON, Oct. 1. Two million dollers worth of United Stat es stocks came in this morning for redemp tion. NEW YORK, Oct.,1. The Farmers and Artisans Bank of Long I-land, at Williamsburg, suspended to-day. The Illinois C. R. R. pays its coupons today. The Milwankee and Mississippi R. R. pay theirs on the first mortgage bonds, but defaults on its income. The best of paper was done in the streets for two per cent, a month. Little business was done at the Board of Brokers to-day CHARLESTON, Oct, 1. Reported forgeries on John Frazer & Co. are unfounded. The President of our banks held a meet ing this morning, and resolved not to suspend. TOKONTO, Oct. 1. R. A. Brett. private banker of this city, suspended this morning. The assignees reported the creditors will be paid in full. COLUMBUS, Ohio, Sept. 29. The Board of Control of the State Bank of Ohio, at a meeting held here to-day, un animously adopted the following resolution: That the branches of the State Bank of Ohio have the Resolved, ability and will what continue specie payments, regardless of course may be taken by the banks of other States. DETROIT, Oct. 1. The suspension of the Peninsular Bank causes intense excitement. The run on other banks this morning is severe, principally by small bill-holders. They redeem promptly, and toall appearances are strong. Sr. Louis, Oct. I Bank of Belleville, Illinois, failed. house of & Banking suspended Moors, Hollebush Monday Co., Quincy, Illinois, on There was a run on Flagg & Savage, same place, but they sustained themselves. PIETSBURG, Oct. 1. The old Bank of Pittsburg continues to pay all it liabilities BOSTON, Oct. I The suspension of Messrs. Lawrence, Stone & Co., caused considerable excitement on State street to-day. DAYTON, Oct. 1. " is reported that a Cincinnati banker into the Branch Bank at with a of bank notes to went carpet bag Piqua demand to-day specie. A mob of citizens not connected with the bank followed him and requested him to leave town immediately or take a lynching. The broker accordingly left with out accomplishing hisobject. the name was not ascertained. LOCESVILLE, Oct. 1. Hutchins & Co., John Strict & Co., bankers, suspended. Quite a heavy run on A. D. Hunt & Co., who thus far sustained themselves, and it is expected will meet all their liabilities LOCISVILLE, Oct. 1. A despatch to the Bulletin says Exchange, Shelbyville, Lawrenceburg and Trenton Bank Tennessee, suspended. PHILADELPHIA, Oct. I Messrs. White Stevens a Co., and Law rence, Stone a Co., who have a branch have in Boston suspended to-day. The Reading Railroad Co., paid the company's dues to day

10. October 7, 1857 The Independent Harrisonburg, LA
Article from The Independent, October 7, 1857

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TELEGRAPHIC ITEMS. New York, Oct. 1.-Confidence continues strong, although financial circles have not yet felt the influence of bank extensions and the daily increase of gold. It is believed, however, that the worst is past. The city is constantly filled with all sorts of rumors. Boston, Oct. 1.-The condition of monetary affairs in this city is regarded as favorable. Cold Weather in New York. New York, Oct. 6.-The weather is cold. The thermometer at 6 o'clock this morning was at 40. Bank Paper|Refused in New York. New York, Oct. 1.-The bills of the Bridgeport (Connecticut) City Bank, and of the Bank of Lima (N. Y. are refused by our brokers. Money Matters at St. Louis. St. Louis, Sept. 30.-Complete quiet pervades monetary circles to day. John J. Anderson & Co. are making arrangements for an early resumption. Belleville (Ill.) Bank Suspended. The Bank of Belleville, Illinois, has suspended. Tippecanoe Bank, Indiana. The bills of the Tippecanoe Bank are thrown out. The Fair at St. Louis. The Fair grounds are thronged to-day, and the weather is delightful. Suspension in Louisville. Louisville, Oct. 1.-Hutchings & Co., bankers have suspended. Louisville, Oct. 1.-John Smidt & Co., have closed. Hutchings & Co.'s assets exceed their liabilities $140,000. There is a heavy run on Hunt & Co. They will certainly hold out. Louisville, Oct. 1.-The run on Hunt & Co., is nearly through. They are represented as still strong. Others are easy. Failure at Lexington, Ky. Taylor, Shelby & Co., bankers, Lexington, have failed. Boston, Oct. 2.-To-day, there was the largest meeting of Boston merchants at the Merchants' Exchange ever held, and it was unanimously resolved that the banks ought not to suspend. New York, Oct. 2.-The British steamship Arabia, which left Liverpool on Seturday, September 19, has arrived at this port. Liverpool Cotton Market. Cotton has advanced gd. The sales of the week amounted to 73,000 bales. Philadelphia, Oct. 3.-The Reading Railroad bonds went to protest yesterday. The Land Warrant Embezzlement. Chicago, Oct. 3.-A dispatch from Minnesota announces the arrest of the Fairbault Land Warrant thieves, and the recovery of all the warrants except five.

11. October 8, 1857 Quasqueton Guardian Quasqueton, IA
Article from Quasqueton Guardian, October 8, 1857

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Failures. Chicago, Sept. 30.-The bankinghouse of R. K. Swift, Bro. and Johnston, was subjected to arun yesterday, and did not open this morning. New York, Sept. 30.-S. Hotaling & Co., salt dealers, have suspended. NEW YORK, Oct. 1. P. Chateau, Jr., furs, hemp, &c., connected with St. Louis, and Hutchins, Tiffany & Co., were reported failed this morning. BOSTON, Cct. 1. The suspension of Messrs. Lawrence, Stone & Co., caused some considerable excitement on State street to-day. Mr. Samuel Lawrence, senior partner, is in Europe. Mr. Slade, finance manager, is seriously ill. The firm are agents for the Bay State, Pemberton, New Engand, Worcester, and Middlesex Mills.Ira A. Lowell, also connected with the Pemberton Mills, is also reported failed. The other failures announced are Ben. Howard, commission merchant, Central wharf, Richardson, Kendall & Co., dry goods dealers, Milk street; and Peter C. Jones, paper dealer, Water street. Philadelphia, Oct. 1.-White, Stevens & Co., and Lawrence, Stone & Co., who have a branch house in Boston, suspended to-day. Louisville, Oct. 1.-Hutching & Co., and John Smidt & Co., bankers, suspended to-day. 6 P. M.-A dispatch to the Bulletin says the Exchange, Shelbyville, Lawrenceburg, and Trenton Banks, Tennessee, have suspended. St. Louis, Oct. 1.-The Bank of Belleville, Illinois, failed. The Banking House of Moro, Hailbush & Co., Quincy, Illinois, suspended on Monday. New York, Oct. 1.-The Farmers and Artizans Bank of Long Island, at Williamsburg, suspended to-day. Toronto, Oct. 1.-R. H. Brett, Private Banker of this city, suspended this morning. The Assignees report that the creditors will be paid in full. NEW YORK, Oct. 3.-This has been a gloomy day in Wall street. The suspensien of Clark, Dodge & Co., exercised a most depressing effect upon the market, already burdened to its capacity to sustain itself, owing to a failure of the Southers mail on Thursday to connect at Philadelphia and each here to-day.Hence, about $800,000 which should be liberated to-day will remain in the SubTreasury till Monday. The feeling of the Stock Exchange is now a total depression. It received a severe shock by the failure of Clark, Dodge & Co., who were supposed to stand above casuality. The sole cause of their suspension is said to be the blockade in Exchange. They have a surplus of over $2,000,000. Stocks rose at the second board to-day from 1/2 to 3 per cent. Ely, Bowen & McConnell, and Gage, Sloan & Dayton have failed. BOSTON, Oct. 3.-The money market to-day has been stringent, but a spirit of accommodation and aid has been exhibited by the banks. The merchants have stood the test, though there are a few however, are L. Frothingham, Jr. & Co, commission and Dry Coods merchants, and Sweetser, Goodkin & Co., dry goods jobbers (both large concerns), and J. W. Clark & Co., bankers. CICCINNATI, Oct. 3.-The result of the day in the money market is more favorable than WSS expected-not one important failure. A good deal of third and fourth class paper was protested, but no first or second class houses. The entire business community is surprised at the result, as a large number of failues were feared. ST. LOUIS, Oct. 3.-A Kansas paper of the 1st inst., says about sixty Missourians encamped on Sugar Creek, Linn county, Kansas, for the purpose of voting at the election. The Free State men in that section sent to Lawrence for arms to defend themselves and suffrages. E. W. Clark & Bro., bankers, closed to-day.

12. October 10, 1857 Muscatine Weekly Journal Muscatine, IA
Article from Muscatine Weekly Journal, October 10, 1857

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THE NEWS. -A St, Lenis dispatch of the 3d says: The firm of Chotean, Harrison & Valle, iron merchants, suspended yesterday. By their suspension over eight hundred persons have been thrown out of employment.-They were the owners of the Iron Mountain." -The furniture manufactory of John M. Irwin, at Pittsburgh, was destroyed by fire on the 2d. Loss $6,000, partly insured. -Gen. Denver, Commissioner of Indian Affairs, arrived at St. Louis from Nebraska on the 2d. He reports having made a full and satisfactory treaty with the Pawnee Indians at Table Creek. on the 14th ult. The Lexington (Mo.) Express announces the arrival of Capt. Bussell from Salt Lake, who states that the Mormons have fortified Fort Bridger, with the declared intention of defending it against the passage of the United States troops. Russell reports the depredations by the Cheyennes as unabated, and daily growing of a more aggravated character. -The most noticeable feature of financial intelligence in the dispatches of the 1st is that two millions in U. S. Stocks were presented for redemption on the 30th. This will draw from the Treasury $2,320,000, as the Government pays sixteen per cent. premium for its stocks. The most of the above sum unquestionably goes into the New York City Banks, and will make money sensibly easier there. The Bank of Belleville, 111., has failed. Also, the Farmers' and Artisans' Bank of Long Island. Lawrence, Stone & Co., dry goods dealers of Boston, failed on the 1st. -At New York, on the 1st, somebody got up a heartless hoax announcing the safety of Capt. Herrdon and sixteen of the passengers and crew of the Central America Considerable excitement waa caused thereby. -The propeller Louisville was burned about 12 o'clock on the night of the 30th, in sight of Chicago. Out of forty or fifty persons on board, only one life was lost. The estimated loss of property is $40,000.

13. October 10, 1857 The Weekly Minnesotian Saint Paul, MN
Article from The Weekly Minnesotian, October 10, 1857

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LATEST NEWS. More Banks Breaking-Financial News from the East, &c., &c. LOUISVILLE, Oct. 1. A despatch to the Bulletin says, Exchange, Shelbyville, Lawrencebury, and Trenton Banks, Tennessee, have suspended. The run on Hunt & Co.. of this city ceased before they closed business, they are considered strong. Sr. LOUIS, Oct. 1. The Bank of Belleville, III., failed. Banking House of More, Halebush & Co., Quincy. III., suspended on Monday. Run on Flagg & Sauage, of same place, but they sustained themselves. LOUISVILLE, Oct. 1. Hutchins & Co., John Schmidt & Co., Bankers, suspended. Quite a heavy run on A. D. Hunt & Co., who thus farsustain them selves, and it is expected will meet their liabilities. Philadelphia, Oct. 1. White, Stevens & Co., and Lawrence, Stone & Co., who have a Branch House in Boston, suspended to-day. PITTSBURGH, Oct. 1. The Old Bank of Pittsburgh continues to pay specie on all its liabilities. COLUMBUS, Sept. 30. The Board of Control of the State Bank of Ohio, at a meeting held here to-day, unanimously adopted the following resolution : Resolved, That the branches of the State Bank of Ohio have the ability and will still continue specie payments, regardless of whatever course may be taken by the Banks of other States. DETROIT, October 1. The suspension of the Peninsular Bank causes intense extitement. The run on other Banks this morning is severe, principally by small bill holders. They redeem promptly and are to all appearances strong. State Fair commenced on Tuesday. NEW YORK, Oct. 1. The Farmers & Athens Bank of Long Island, and Williamsburgh, suspended to-day.The Illinois C. R. R. pays its cupons to-day. The Mil. & Miss. R. R. pay theirs on the 1st mortgage bonds, but defaults on its income. CHARLESTON, Oct. 1. Reported forgeries on Jno. Frazies & Co., are unfounded. The Presidents of our Banks held a meeting this morning, and resolved not to suspend. WASHINGTON, Oct. 1. Two million dollars worth of U.S. stocks came in this morning for redemption. PHILADEPHIA, Sept. 30-3 P. M. The banksare still pursuing an inharmonious course, thereby causing trouble and vexation to the business men. The Pennsylvania Bank refuses for the present to come into any arrangements with the banks, bearing that her largest depositors will remove their balances to other banks, creating large indebtedness to them which could not at once be settled withont difficulty. 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 funds are locked up. The people feel outraged at the want of system, and the necessity for a clearing house is becoming daily more important. BOSTON. Sept. 30-3 P. M. At the adjourned meeting of Bank Presidents to-day, it was decided to discount during the week, nearly three millions. This will ease the market and largely restore confidence. PITTSBURGH, Sept. 30-3 P. M. The Alleghany City Bank continues to pay specie on all its notes and deposits. HARTFORD, Sept. 29-3 P. M. The Hartford Banks have no idea of suspenking specie payment. They are stronger than they were last week.

14. October 12, 1857 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, October 12, 1857

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illinois Currency. A number of communications appeared in the St. Louis papers of Friday in reIstion to the currency of Ithnois. We make the follow extracts : The notes o! the Illinois Banks (or most of them) are undoubtedly good. All secured by Missouri bonds are (II convertible into those bonds at 75 cents on the dollar for the bonds, in one sense. better than gota: for a man be would convert $10,000 in bonds at that rate. and ,ay the bonds in his safe, would have, a year or two hence, about $5,000 more on hand than a man who would rock up $10,000 in gold for that length of time. But SO long as each note will not command specie readiiy, they cannot circulate as money except at a discount. If we are to consider them par, we must make them the standara, and cali our specie at a premium. This our people will not do. Our stand. has been specie, and it must be maintained. * * And in fact it is well that it should be known as widely as possible. for the benefit of ail concerned, that any one holding notes of a suspended Illinois bank. to the amount of one thousand dollars, may return the same to the Auditor and be entrtled to receive III place of them the securities pledged to an equal amount at the rate at which the securities were received at the time when they were deposited. And when it is considered that this rate IS by law. twenty per cent. less than the average market price for the six months preceeding their deposit. it is evident that the outstanding notes of the Bank of Belleville, for example. may be thus exchanged at the pleasure of the holders. in sums of $1.000. for State stocks. SO us to receive from ten to twenty per cent. per annum on the money invested in buying them up. Let the holders of specie take this into consideration and invest their spare cash in this way, enriching themselves and relieving the market at the same time. A gentlem in writing from Springfield, Illinois, says: All Illinois money is taken here at par. and considered perfectly good. except the Bank of Belleville and Bank of Elgin. The Bank of Belleville will pay about 80 per cent. as is now thought. Elgin is worth nearly par. The bankers here seem to be getting long remarkably well. and the people appear to think that it will all be right soon. The people of Illinois have confidence in Illinois Banks. Let Missouri make provisicn for her bond, and Illinois Banks are safe.

15. October 12, 1857 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, October 12, 1857

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DISCREDITED BANKS. The following IS a corrected list. todate, of recen SUSPENDED and DISCREDITED Banks: Arcade Bank, Providence, H I. America Bank, Trenton. N:J., Agricultural Bank, Tenn: Agricultural bar. K; herkiner, N. Y. Bergen County Bank N.J. Bank 01 Canandaigtta, N.Y. do Napervilie, Iii. do Beleville, de Nashville, Tennessee. do do Springfield, Ohio. do Toumseh, Michigan. do Orieans, N.Y. do New Jersey, New Brunswick, N.J. do Kent, R.I. do Halloweit, Me. do America, Tenn. do West Ternessee, Tenn. do Paris, Tenn. do Corning. N.Y. do the South County, R.I. North America, Connecticut. do do Kanawha. Virginia. do Elgin, III., S. S., small circulation. do the Capitol, Indianapolis, Indes. S. do Middleton, Penn. do Watertown, N.Y. des Chester, Li. do Eigin, do do Pike County, Ill. Central Bank, Indianapolis, Ind.,,s. Chemung County Bank, Horse Heads, N.Y.,s.s. Clinton Bank, Columbus, Ohio. Cty Bank, N.J. Cum erland Savings Institute, Md. Commercial Bank, Columbia, S. C. Citizens' Bank, Tenn. Corn Exclusive Bank, III. Charter Oak Bank, Hartford, Conn. Colchester Bank, Com. Danly Bank, Vt. Davton Bank. Ohio. Dairyman's Bank, Newport, N.Y. Ellsworth Bank. Maine. Exeter Bank. N. H. Exchange Bank. Pittsburgh, Pa Exchange Bank. Hartford, Corn. Farmers' Bank of Saratoga Co., N. Y.,s.s Farmers' and Mmmufacturer's Bank, Poughkeepsie. Farmers' Bank, Wickfort, R.1. Farmers & Mechanics' Dabs ent county, Md. Farmers and Merchants' Bar Md. Eairfie County Bank, Nor alk, Ct. Farmers N Arechanics' Buk, Detroit, Mich. Honesdale Bank, Pennsylvania. Hollister Bai k, Buffalo, N. Y.,s.s. Harcock Bank, Maite. Hugenot Bank, N.Y. H pkinton Bank, Westerly. R T. Hamilton Exchange Hank, Hamilton, N.Y. Island is Bank. Yreity, Jefferson 1 anty Bar K. N.Y. Lee Bilik, Massa have ts: Mechanics' Banking Association, N. Y., Mount Verhon Bank, Providence, R. I. Maratine Bar K, Maine. Monson River Bank. Mark Madomb County Bank, Mehigane Mechanics' Banking Association; N. Treity, Morizan Bank, Ga. Miami Valley Bar K, Ohio. Medina Bank, Medina, N.Y. Munson Bank. Mass. M rehants & Manufacturers' Bank, Pittsburgh, Pa. Mercantile Bank. Hardford, Coub. N.Y. Security Bank, N. Y. Nebraska money has been thrown out by St. Louis brokers, excepting the Banks Florence: Niagara River Bank, Tonawanday N.Y., reported failed, S.S. Ontario Bank, Utica, N.Y. Ohio Life Trust Company, lon'tissue rotés: Oliver Lee & co. Bank, N. reported failed, S. S. Ocnee Bank: Tenn. Outario County Bank, Phelps, People's Bank, N.Y city. reported failed, S: S. Paweatuck Bank, Paweatuck. Ct. Port Plain Bank, N. Y..s.s Reciprecity Bank, Buffak, N. YL. frew bank, S. Rhode Island Central Bank, R:1: Sanford Bar K/Me. Sackett's Harber Banks N. South Royalton Bank, It. Seneer County Bank, Ohio. Southern Bank, Georgia. Stock Security Bank, Illinois. Tippecanoe Bank, Logansport, Ind. Tiverton Bank, Fall River, R.I. Union Bank, Frenchtown, N.J. Unadilla Bank, N.Y. Warwick Bank, R. I. Wonster Bank, Danbury, Conn. Warren County Bank, Penn. Yates County Bank, Penn Yan, N.Y. NOTE.-"S. S." means securet by state stock. Most of these Banks will pay their circulation in full, and holders of their bills should not submit to a large discount on them.

16. October 24, 1857 The Ottawa Free Trader Ottawa, IL
Article from The Ottawa Free Trader, October 24, 1857

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CHICAGO MONEY MARKET.-The money market remains unchanged. Eastern exchange is selling at 5 per cent., and difficult to be had The banks, as a general thing, are not discounting. Gold is scarce and in demand. The use of shop-keeper's checks is on the incr ase. They are issued for small amounts only. There are some rumors in the street in regard to some of the Illinois banks which it may be well to correct. The Belleville Bank was not a bank of issue. All the notes of the Stock Security bank are redeemed in gold at a small discount, by the State Auditor, on presentation. The Bank of Elgin and the Bank of Belleville have suspended. All the other Illinois banks which have been hitherto taken are perfectly good.-Times, Oct. 22d.

17. November 7, 1857 Mountain Democrat Placerville, CA
Article from Mountain Democrat, November 7, 1857

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News by the Steamer. The mail steamer./. / Stophens arrived at San Francisco on Monday night. The intelligence she brings is gloony in the extreme. There was a fearful pressure in the money market, and immense failures were continually taking place, "creating panic on all sides, producing ruinous depreciation in stocks and other propcity, and causing great pecumiary embarrassments and losses." All the banks in Philadelphia, Baltimore and Whee ling, and many other places, have "suspended specie payments that is, refused to redeem their bills in species Most of them are believed to be sound, yet the run on them was so tremendous they were compelled to suspend to avoid breaking. Many business firms of great reputed wealth, in Boston, New York, and in fact in nearly all the large cities, have suspended, and the pressure continues without abatement. What the result will be it is fearful to contemplate. The mania for reekless speculation, which was carried to an alarming extent and produced the present evil, is checked for some years at least, but it will take years of prosperity to recover from the pressure. The Atlantic papers state that the financial panic is as great if not greater than it was in 1836-7. The Governor of Pennsylvania issued is proclamation, calling an extra session of the Legislature for the purpose of legal. izing the course of the banks of 'that State in suspending specie payment. The Bank of Belleville, Illinois, has failed; and the banking house of Moore, Hollowbush & Co., at Quincy, III., has suspened. Hutchings & Co. and John Smith & Co., bankers, at Louisville, have suspended. The Charter Oak Bank, the Mercantile Bank and the Exchange Bank of Hartford, Conn., have suspended. The Bank of Central New York, at Utica, has closed its doors. All of the Washington City banks have suspended. The Banks of the City of New York withstood the shock, and most of the New England and Southern banks are reported to be solvent. In addition to those already reported, only three of the survivors of the Central And rica calamity have been saved. The names of the rescued are John Tice, Alex. Grant and G. W. Dawson. They were on the open sea for nine days without food or water, and were picked up by the British brig, Marg. The second day after the steamer went down they with is 11411+1ber of passengers on piéces of the wreck, but were unable to render them any assistance. The election in Georgia has resulted in favor of the Democrats.

18. December 29, 1857 The Evansville Daily Journal Evansville, IN
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S.E. Mandlebaum, late President of the suspended Bank of Belleville, III., has been indicted for swindling.

19. December 31, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, December 31, 1857

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comme Great ments. enterprise in not the charin the of asteristic .ench, and, how tranquil soever the country may be under the absolute band of its ruler, ecventso) 3848 and the sudden overthrow of Government amid general prosperity have introduced a routine of caution from which it is difficult to make there deviate. Much business is done for ready moysy, and where erodit is inevitable people manage to make it as short as possible. For these reasons it is.probable that the commercial or financial crisits will not be severely felt as compared with other people of more venturous or less timid habits, and less recently, or lesseriously, affected by political changes. For the present, manufacturing is in general snspended, and-commercial operations in & great measure paralyzed. The reduction of I P cent in the rate of discount by the Bank of France has not yet been followed by all the beneficial results that were anticipated on the Stock Exchange. The monthly account of the Bank, as published in the Moniteur of Friday, - regarded as favorable by commercial men, as it shows an increase of 46,000,000f. in its stock of butBon as compared with the preceding month; but, on the other hand, the decrease of 37,000,000f. in the amount of commmercial paper discounted in Paris, and of 40,000,000£. in the departments, clearly indienter the falling off in commercial operation. HAMBURG, Saturday. The Senate has just convened another extraordinary meeting of the Bürgerchaft for to-morrow, to ratify & loan of 10,000,000 marcs banco contracted for by the Austrian National Bank. HAMBURG, Dec. 10. There have been no fresh failures reported to-day, and this, coupled with the satisfactory arrangement for the support of the house of Pontoppidan & Co., has had a good effect On the other hand, the crisis cannot be pronounced over till the end of January next, when the acceptances will have run off, and it will be ascertained which are good and which are notten. In the mean time the wrecks caused by the storms of the last fortnight are beginning to be ome painfully apparent in the domestic arrangements of private families. Everywhere retrenehment is the order of the day, equipages and horses are sold off, tutors and govornesses have notice to leave, servants are discharged, the theaters are deserted, and no one has the courage to give the balls and dinner parties usual at this season. I may here mention that one single job-master, Herr Hoppe, who contracts for furnishing families with equipages by the year and month, has no less shan twenty-eight thrown on his hands by families unable to continue such an expensive luxury. A dispatch from Vienna, dated the 10th, says: The Bank of Vienna has lent a sum of eight millions of silver florins (twenty millions of francs) for the relief of the commercial houses at Hamburg. This sum was sent off by a special train." The dividends payable in Boston on the 1st proximo, add up $1,908,732 against $2,565,991 on the 1st of July last, and $2,700,104 on the 1st of January last. The falling off in manufacturing dividends is $100,000. The Michigan Central dividend makes another portion of the loss, something which has never occurred before. Only one Company, the Naumkeag at Salem, has yet announced a dividend for January, and this is included with the miscellaneous. The Boston and Sandwich Glass Company, Bates, Chicopee, Cocheco, Dwight, Jackson, Lancaster Mills, Lowell, Manchester Print Works, Middlesex, New-England Worsted, Salmon Falls, and Stark Mills, Manufacturing Companies, all pass their January dividends. The Cheshire Railroad preferred, Eastern, Lexington and West Cambridge gold and preferred), and Michigan Central Railroads, also pass their dividends. The Pittsburgh papers state that an open rupture has taken place between the Marietta and Cincinnati and Baltimore and Ohio Railroad Companies, and since last Friday there have been no regular or authorized consections between the two roads. The Alton (III.) Courier states that the Grand Jury of St. Clair County has found & true bill against S. D. Mandlebaum, President of the suspended Bank of Belleville, in this State, for swindling. The sudden and anexpected suspension of that institution, about the 1st of October, apparently in the full tide of success at the time, created no little indignation among the stockholders and depositors throughout the country, and it was with great difficulty that violent measures on the part of the more revengeful, were prevented. At one time the feeling was 80 strong that Mr. Mandlebaum was seriously threatened with personal chastisement. the finding of an indictment by the Grand Jury would seem to indicate that the hostility against him has not wholly abated. The Supreme Court of Rhode Island has made the injunction upon the Rhode Island Central Bank perpetual. The following is & statement of the earnings of the New-York Central Railroad for the month of Novemher, 1857, compared with its earnings for the corresponding month of the previous year: $610,735 42 Earnings in 1857 750,928 19 Earnings in 1856 $140,192 77 Decrease The receipts of the Boston and Lowell Railroad for the ten months ending Sept. 30, 1857, were 88 follows: NOVEMBER 30, 1856, TO JANUARY 31, 1857. $20,356 38 Passengers 50,750 07 Merchandise 2,885 37 Miscellaneous $74,000 77 JANUARY 31, 1857, TO SEPTEMBER 30, 1857.

20. January 5, 1858 The Burlington Weekly Hawk-Eye Burlington, IA
Article from The Burlington Weekly Hawk-Eye, January 5, 1858

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INDICTED FOR SWINDLING.-II's have gained information from a reliable quarter, that the Grand Jury of St. Clair county, IH., in session at Belleville, last week, found a true bill indicting S. E. Mandlebaum, President of the suspended Bank of Belleville. The sudden and unex. pected suspension of that institution, about the first of October, apparently in the full side of success at the time, created DO Jiezle indignation among the stockholders and depositors throughout the country, and it was with great difficulty that violent measures on the part of the more revengeful were prevented. At one time the feeling was so strong that Mr. Man. dlebaum was seriously threatened with personal chastisement. The finding of an indictment by the Grand Jury would seem to indicate that the hostility against him has not wholly abased [Alton Courier, 24th. and

21. March 6, 1858 The Ottawa Free Trader Ottawa, IL
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BANK OF BELLEVILLE.-Hen, Jesse K. Dubois State Auditor, gives notice this morning that the out-stanging circulation of this Bank will be redeemed at par in Sold and silver on presentation at his office. The notes of this Bank have always been subjected to a greater shave than the other Banks which suspended at the same time, and yet they are now worth their face in gold.-Springfield Journal, 3d.

22. March 11, 1858 Glasgow Weekly Times Glasgow, MO
Article from Glasgow Weekly Times, March 11, 1858

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BANK OF BELLEVILLE.-Hon. Jesse K. Dubois, State Auditor of Illinoi, gives notice that the outstanding circuation of this Bank will be redeemed at par in gold and silver on presentation at his office. The notes of this bank have always ben subjected to a greater shave than the other banks which suspended at the sane time, and yet they are now worth their face in gold.

23. April 27, 1858 Meigs County Telegraph Pomeroy, OH
Article from Meigs County Telegraph, April 27, 1858

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Letter from Joseph Ledlic, Esq. Our friend, Judge Ledlie, of Salem, has furnished us the following letter from his brother, Joseph Ledlie, Esq, of Springfielp, III. It will probably be concluded next week. We have taken the liberty to omit that portion of it which relates to private and family matters merely. SPRINGFIELD, ILL., March 18. We have had a most unusual season here. The weather became very cold about the middle of November, which lasted about two weeks-then became pleasant, remaining Sie untilthe 1st of Feb ruary, at which time winter set in, in good earnest, and lasted up to the 10th instant. The frost left the ground with a gradual thaw, and the roads became in fine condition for travelling. Yesterday we had a very fine rain and to-day the weather is as pleasant as May. The meadows and Blue grass pastures are already painted green, and the whent fields surpass any that 1 have ever seen. There is a much larger crop of wheat growing in this County than is usual. I know several farmers who have in from one hundred to five hundred acres, and, in fact, I mightsay 2500 acres, as such is the case on one farm about fifteen miles east of the city. Our farmers never stood in greater need of an abundant yield and good prices, than at present. The facilities for obtaining money have been so extremely good for several years back, that those, who on ordinary occassons, would hesitate to contract a debt of ten dollars, would think nothing of giving their promises to pay as many thousands. In this manner everybody seems to have extended his credit to the utmost tension, when, all of a sudden, we heard a distant rumbling, as of an earthquake then we heard that the shock was felt at Cincinnati, and that the volcano which had been smouldering within the walls of the "Ohio Life Trust Co.'s Bank' had burst forth, producing dire consequences throughout the West, to be followed by the Shylocks of Wall street, who, through their enormous wealth, have been able to control the entire financial operations of the whole Union. Nearly all bankers have partners-who brokers-and when the banks refuse to accommodate their customers, and that, too, after they have held out every inducement to them to make up their accounts, the only alternative left them, is to go to the br.ker and suffer a ruinous shave, rather than lose credit for the future. The failures in New York and other places, and the resort by the Eastern bankers to their old game, drawing in, and not paying out, has had the effect to drain our part of the country of nearly all the circulation, except our own State paper. Fortunately for us, our banks, though not able to ford a great deal of relief to the people, have, notwithstanding, maintained their ground exceedingly well, and will, we trust, so soon as confidence is restored, be in a situation to afford relief, even before the coming harvest will be ready for market. a The Eastern capitalists will be compelled to put their money in circulation some way or other, as the accumulation already is such to warrant the belief that the rate of interest is bound to be lower in the Eastern market in a few months, than it has ever been known before. I hope it any and that the panic makers may be 16sers in the end. One good effect has resulted from this panic. Nobody buys anything now unless he needs it. Three or four of the banks in this State have been compelled to wind up, but the notes on these banks are better than those of other banks, as the gold can be had for them at the Auditor's office, at par, excepting, I believe, the Bank of Bellevillle, which is worth 90 cents. We hold a State Convention here in May to nominate candidates for State Treasurer, Superintendent of Public Instruction, being the only State officers to elect this year. We also elect members to Congress, and a State Legislature next Fall. I anticipate a warmly contested election, as their will be a dreadful effort made by the Republicads to defeat Judge

24. May 23, 1859 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, May 23, 1859

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[Correspondence St. Louis Republican. # Illinois Banks. Under this caption there appears a communication in relation to our currency in your daily of the 10th, signed St. Louis, upon which, with your permission, I will say a word or two. The praise bestowed upon our able and faithful Auditor, in the fore part of the article, is well deserved by the officer, I will neither add to nor detract from it. After a few comments of the above sort, the writer goes on to say, "I have heard of a transaction of a large amount, of a merchant having to pay 2¾ premium for New York exchange in Illinois money." (The forcible use of the preposition in the above sentence will strike the most ordinary reader.) If any such transaction has taken place in your market, the party paying that premium for Exchange with Illinois money, either fell into the hands of a sharper, or the man that sold the Exchange met with a stranger, and following out the scriptural maxim, he "took him in." As an offset to the above, allow me to state a fact: On the very day of the publication of the article under notice, the writer of this had occasion to send gold to your city for Illinois Bank notes, and what premium do you suppose was paid upon the transaction? Just one per cent. The fact is, all this cry about Illinois banks, smacks very much of an attempt to get up a panic and shave the note holders. If dealers in exchange, by raising the rate, could stop the West from overtrading with the East, it would be a blessing. The closing suggestion of your correspondent about withdrawing State Stocks, is a good one and should have been acted upon some time ago. It is questionable whether it would work well now with a war with Europe staring us in the face. The author of any movement calculated to injure the credit of Missouri or Illinois, should be scouted as a public enemy. No foreign demands of any extent having prevailed for years past, for Missouri bonds, a war cannot seriously impair its securities. Our banking law is intended to secure the note holders, and has worked well in this respect, as witness the closing up of the Bank of Belleville, Hamilton county, and sundry others. With an average crop, which we now bid fair to have, in less than six months there will be a demand for every dollar of legitimate currency in the West, to move the same to markets. ILLINOIS.