7603. Citizens Bank (New Orleans, LA)

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: state
Start Date: April 17, 1861
Location: New Orleans, Louisiana (29.955, -90.075)

Metadata

Model: gpt-5-mini
Short Digest: bff2c3e7

Response Measures

Accommodated withdrawals, Full suspension

Description

A run occurred on the Citizens' Bank in mid-April 1861 to subscribe/take the Southern (Confederate) loan. Later, on Sept 16, 1861 the bank's board unanimously resolved to suspend specie payments per the Louisiana governor's proclamation. Subsequent 1862 articles indicate suspension/mandates continued; no clear evidence of a reopening or permanent closure in the provided articles, so status after suspension is unsure.

Events (2)

1. April 17, 1861 Run

Cause: Macro News
Cause Details: Large demand to subscribe/take the Southern (Confederate) loan amid early-war news and mobilization; depositors rushed to take the loan from the bank.
Measures: None mentioned in the article regarding immediate measures to stem the run.
Newspaper Excerpt: New Orleans, April 17.-A great run was made on the Citizens' Bank to take the Southern Loan. Two millions was taken at par before 12 M.
Source: newspapers

2. September 16, 1861 Suspension

Cause: Government Action
Cause Details: The Louisiana governor issued a proclamation recommending that banks suspend specie payments so they could receive and circulate Confederate Treasury Notes; the bank's board resolved to follow the governor's recommendation and adopt related regulations.
Newspaper Excerpt: At a called meeting ... the President laid before the Board a Proclamation of the Governor ... recommending the banks of New Orleans to suspend specie payments ... it was unanimously Resolved, That the Citizens' Bank of Louisiana hereby accedes to the recommendation of the Governor to suspend specie payments forthwith on all its liabilities.
Source: newspapers

Newspaper Articles (15)

1. April 20, 1861 Gazette and Sentinel Plaquemine, LA

Article from Gazette and Sentinel, April 20, 1861

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! From the Delta of Yesterday Afternoon. News from Richmond Alarms Liacoln and his Cabinet. Republicans startled ? Lincoln Indignant at the Reception of his Proclamation. Davis, Pillow, Brcckinridge and Beauregard to Take the Field! &c. &c. &c. &c. Washington, April 16. -News has been received here of the reinforcement of Fort Pickens. The Administration IS greatly encouraged in consequence. Lincoln and Cabinet are protaite and emphatic in their expressions relative to the mannea in which the Proclamation was received at Montgomery. Reinforcements are being effected at Fort Pickens in daylight, without reserve. Gen. Bragg is also preparing vigorously for the onset. Nearly all the New Orleans troops had arrived. all Washington, April 17.-The Intelligencer came out this morning in favor of coercion ; this is suggestive. It is thought that if the Border States had acted promptly, no collision would have taken place. The Republicans are startied at the effect of their own policy Montgomery, April 17 -- It is now stated on the best authority, that as soon as Virginia moves, Davis, PILLOW, Banckinridge and BEAUREGARD will who the field. In a speech of Alex. H. Stevens, at Atlanta, he said it would take seventyfive times seventy-five thousand men to intimidate us. Gen. Pillow guarantees to raise ten thousand men for the Confederacy in twenty days. The fleet off Charleston has left. Richmond, April 17.-The Couvention has been in secret session for some time. It is believed that the Ordinance of Secession has passed. Gov. Hicks, of Maryland, responds to the call of Lincoln for troops. New Orleans, April 17.-A great run was made on the Citizens' Bank to take the Southern Loan. Two millions was taken at par before 12 M. Gov. Moore, of this State, has issued his proclamation for 3000 more troops, in conformity to the call of President Davis.

2. September 18, 1861 New Orleans Daily Crescent New Orleans, LA

Article from New Orleans Daily Crescent, September 18, 1861

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CITIZENS' BANK OF LOUISIANA New Orleans, Sept. 16 1861. At a called meeting of the Board of Directors of this Bank, held this dayan 9.o clock A. Ms. the Presi dent laid before the Board a Pioclamation of the Governor of this S ate, dated this day. recommending the banks of New Dr. leans to suspend specie payments with the object and under regulations therein set forth. Said Proclamation was read whereapon it was unanimously Resolved, That the Citizens' Bank of Louisiana hereby RCceeds to the recommendation of the Governor to suspend specie payments forthwith on all its liabilities, and that the four regnlations proposed by his Excellency in his Proclam tion of this day for the government of the Be eral bar ks during the suspension be and they are cereby adopted. as follows, wit1. The circulation of the chartered banks-Nest is, the Canal, Citizens, Bank of Louisiana, and the Louisiana State Bank shall not exceed the amount of coin held by them retively, and the circulation of the Free Banks shall be restricted to the amount of bonds at present deposited with the Auditor of the State. and in accordance with existing laws. 2. The suspension of specie payments will not interfere with the weekly and monthly returns to the Board of Currency. uor with the fundamental rules governing the Banks, not in opposi tion to the recommendation herein made. 3. The Banks will receive on deposit and in payment of debts due them. the notes of the Confederate States of America, and pay them out at their coun ers. 4. The usual weekly statements must be made through the Board of Currency, and all balances paid in Confederate Notes or coin. By order EUG. ROUSREAU, Cashier. se18 if

3. September 18, 1861 New Orleans Daily Crescent New Orleans, LA

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Proclamation by the Governor. The wise and patriotic determination of the planters of the Confederate States to sell no cotton until the blookade of our portsis raised, has deprived our Government of the resources it could otherwise command from the disposition of our great staple. To supply the means for carrying on the war waged against us by the United States, the Confederate Government, like other Governments under like circumstances, has been forced to resort to its credit, which credit rests upon the wealth of the people of the Confederate States. The Government has judiciously determined to issue one hundred millions of Treasury Notes, secured by a direct tax upon the property of the people, and the redemption of the notes is as certain as the property they represent. All the banks of the Confederate States. except those of New Orleans and Mobile, receive these Treasury Notes in payment of debts due to them, and pay them out to their creditors, thus establishing a currency of real value, which meets all the wants of the public. In order that these banks might be enabled to conduct their business so AS to make the Treasney Notes B common currency, they have been obliged to suspend specie payments, because, unless the creditors of the banks receive the Treasury Notes, these notes could not be taken by them in payment. and would thus fail to answer the purposes of currency. The Banks of Louisiana, however, are forbidder to suspend specie payment, and our Legislature, unlike that of the other States, is without constitutional right to legalize a suspension. As Treasury Notes mnst be below par, and hence cannot circuculate like bank notes while the Banks (continue to pay specie, one of two results must follow: our Banks will be obliged to redeem all their notes and pay all their depositors in coin, and then be utterly nna le to increase their loans, or they will have to suspend. If the Banks refuse to receive Treasury Notes and continue to pay out coin, the entire planting interest of the State, dependent upon the ability of the commission merchants to obtain facilities from the Banks in order to furnish the planters with their usual supplies, will be deprived of the morns absolutely necessary to meet the current expenses of the year, while the Treasury Notes would be subject to constant depreI ciation, and the credit of the Confederate Government seriously impaired thereby. To prevent consequences that will prove so : disastrous to the whole people, I recommend to the several Banks of New Orleans immediately to suspend specie pay. men't In recommending this course to the Banks, I am well aware that they incur the risk of a forfeiture of their charters, from which neither the Legislature nor the Executive can relieve them. ) But the Legislature can refer the whole subject to the people of the State, at such time as, in their wisdom, they may think proper ; and the people, in Convention assembled, will decide whether the forfeiture of their charters by the Banks shall be exacted or relinquished. f The Banks are now in a condition to pay all their liabilities as rapidly as they can be presented at their counters, and, notwithstanding the suspension of specie payments hereby recom mended, they can maintain a position 60 strong, that when the $ period for resumption arrives, they will not be embariassed or F even inconvenienced by paying every dollar in coin. As the spirit of the Constitution and the Jaws of this State, ) regulating the Banking System, regards the bill-holder as the 1 creditor first to be protected. an additional restriction is prot posed which looks directly to his interest in order, therefore, e to secure the prempt redemption of the circulation of the banks, and to preserve their present impregnable state when the resumption of specie payments shall be deemed advisable, the / banks will observe the following regulations : 1st. The circulation of the chartered banks-that is, the Canal, Citizens!, Bank of Louisiana and the Louisiana State Bauk-shall net exceed the amount of coin actually held by : them respectively ; and the circulation of the free banks shall e be restricted to the amount of bonds at present deposited with the Auditor of the State, and in accordance with existing laws. 2d. The suspension of specie payments will not interfere 1 with the weekly and monthly returns to the Board of Currency, nor with the fundamental rules governing the Banks, not in opposition to the recommendation herein made. : 3d. The Banks will receive on deposit and in payment of debts due them, the notes of the Confederate States of America, and pay them out at their counters. : 4th. The usual week'y statements must be made through the Board of Currency, and all balances paid in Confederates notes, or in coin. THOS. O. MOORE, self 2p3t Governor.

4. September 19, 1861 New Orleans Daily Crescent New Orleans, LA

Article from New Orleans Daily Crescent, September 19, 1861

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CITIZENS' BANK OF LOUISIANA, New Orleans, Sept. 16. 1861. At a called meeting of the Board of DIrectors of this Bank, held this day at 9 o'clock A. M., the President laid before the Board a Proclamation of the Governor of this State, dated this day, recommending the banks of New Orleans to suspend specie payments, with the object and under regulations therein set forth. Said Proclamation was read whereapon it was unanimously Resolved, That the Citizens' Bank of Louisiana hereby acceeds to the recommendation of the Governor to suspend specie payments forthwith on all its liabilities, and that the four regulations proposed by his Excellency in his Proclamation of this day for the government of the several banks during the suspension, be and they are hereby adopted, as follows, to wit1. The circulation of the chartered banks-that is the Canal, Citizens, Bank of Louisiana, and the Louisians State Bank shall not exceed the amount of coin held by them respectively, and the circulation of the Free Banks shall be restricted to the amount of bonds at present deposited with the Anditor of the State, and in accordance with existing laws. 2. The suspension of specie payments will not interfere with the weekly and monthly returns to the Board of Currency. nor with the fandamestal rules governing the Banks, nor in opposition to the recommendation herein made. 3. The Banks will receive on deposit and in payment of debts due them, the notes of the Confederate States of America, and pay them out at their counters. 4. The usual weekly statements must be made through the Board of Currency, and all balances paid in Confederate Notes or coin. By order: se18 tf EUG. ROUSSEAU, Cashier.

5. September 19, 1861 New Orleans Daily Crescent New Orleans, LA

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Proclamation by the Governor. The wise and patriotic determination of the planters of the Confederate States to sell no cotton until the blockade of our ports is raised, has deprived our Government of the resources it could otherwise command from the disposition of our great staple. To supply the means for carrying on the war waged against us by the United States, the Confederate Government, like other Governments under like circumstances, has been forced to resort to its credit, which credit rests upon the wealth of the people of the Confederate States. The Government has judiciously determined to issue one hundred millions of Treasury Notes, secured by a direct tax upon the property of the people, and the redemption of the notes is as certain as the property they represent. All the banks of the Confederate States, except those of New Orleans and Mobile, receive these Treasury Notes in payment of debts due to them, and pay them out to their creditors, thus establishing a currency of real value, which meets all the wants of the public. In order that these banks might be enabled to conduct their business so as to make the Treasury Notes a common currency, they have been obliged to suspend specie payments, because, unless the creditors of the banks receive the Treasury Notes, these notes could not be taken by them in payment, and would thus fail to answer the purposes of currency. The Banks of Louisiana, however, are forbidden to suspend spscie payment, and our Legislature, unlike that of the other States, is without constitutional right to legalize a suspension. As Treasury Notes must be below par, and hence cannot circuculate like bank notes while the Banks continue to pay specie, one of two results must follow our Banks will be obliged to redeem all their notes and pay all their depositors in coin, and then be utterly unacl to increase their loans, or they will have to suspend. If the Banks refuse to receive Treasury Notes and continue to pay out coin, the entire planting interest of the State, dependent upon the ability of the commission merchants to obtain facilities from the Banks in order to furnish the planters with their usual supplies, will be deprived of the means absolutely necessary to meet the current expenses of the year, while the Treasury Notes would be subject to constant depre1 ciation, and the credit of the Confederate Government seriously impaired thereby. To prevent consequences that will prove so disastrous to the whole people, I recommend to the several Banks of New Orleans immediately to suspend specie pay. ment. In recommending this course to the Banks, I am well aware that they inenr the risk of 8 forfeiture of their charters, from which neither the Legislature nor the Executive can relieve them. But the Legislature can refer the whole subject to the people of the State, at such time as. in their wisdom, they may think proper ; and the people, in Convention assembled, will decide whether the forfeiture of their charters by the Banks shall be exacted or relinquished. The Banks are now in a condition to pay all their liabilities as rapidly as they can be presented at their counters, and, notwithstanding the suspersion of specie payments hereby recommended, they can maintain 8 position SO strong, that when the period for resumption arrives, they will not be embarrassed or even inconvenienced by paying every dollar in coin. As the spirit of the Constitution and the laws of this State, regulating the Banking System. regards the bill-holder as the creditor first to be protected, an additional restriction is proposed which looks directly to his interest; in order, therefore, to secure the prompt redemption of the circulation of the banks, and to preserve their present impregnable state when the resumption of specie payments shall be deemed advisable, the banks will observe the following regulations: , 1st. The circulation of the chartered banks-that is, the e Canal, Citizens', Bank of Louisiana and the Louisiana State 11 Bauk-shall not exceed the amount of coin actually held by 8 them respectively and the circulation of the free banks shall be restricted to the amount of bonds at present deposited with the Auditor of the State, and in accordance wilh existing laws. 2d. The suspension of specie payments will not interfere with the weekly and monthly returns to the Board of Currency, nor with the fundamental rules governing the Banks, not in opposition to the recommendation herein made. n 3d. The Banks will receive on deposit and in payment of debts g due them, the notes of the Confederate States of America, and pay them out at their counters. y 4th. The usual weekly statements must be made through the Board of Currency, and all balances paid in Confederates notes, I or in coin. THOS. O. MOORE, r Governor. se16 2p3t

6. September 20, 1861 New Orleans Daily Crescent New Orleans, LA

Article from New Orleans Daily Crescent, September 20, 1861

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CITIZENS' BANK OF LOUISIANA, New Orleans, Sept. 16. 1861 At a called meeting of the Board of Directors of this Bank held this day It' o'clock A. M, the President jaid before the Board a Prochanation of the Governor of this S ate, dated this day, reconmending the banks of New Orleans to suspend specie payments with the object and under regulations therein set forth. Said Proclamation was read whereapon it was unanimously Resolved, That the Citizens' Bank of Louisiana hereby acceeds to the recommendation of the Governor to suspend specie payments forthwith on all its liabilities, as di that the four regulations proposed by his Excellency in his Proclam tion of this day for the government of the so eral ba: ks during the suspension be and they are hereby adopted. as follows, to wit1. The circulation of the charfered banks-that is the Canal, Citizens, Bank of Louisiana, and the Louisiana State Bank shall not exceed the amount of coin held by them resp ctively, and the circulation of the Free Banks shall be restricted to the amount of bonds at present deposited with the Auditor of the State. and in accordance with existing laws. 2. The suspension of specie payments will not interfere with the weekly and mouthly returns to the Board of Currency nor with the fundamental ritles governing the Banks, nor in opposition to the recommendation herein made. 3. The Banks will'receive on deposit and in payment of debts due them, the notes of the Confederate States of America, and pay them out at their counters. 4. The us at weekly statements must be made through the Board of Currency, and all balances paid in Confederate Notes or cott. By order: EUG. ROUSSEAT Cashier. se18 If

7. September 21, 1861 New Orleans Daily Crescent New Orleans, LA

Article from New Orleans Daily Crescent, September 21, 1861

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CITIZENS' BANK OF LOUISIANA, New Orleans, Sept. 16. 1861. Atacalled meeting of the Board of Directors of this Bank, beld this day at 9 o'clock A. M., the President laid before the Board a Proclamation of the Governor of this S ate, dated this day, recommending the banks of New Orleans to suspend specie payments, with the object and under regulations therein set forth. Said Proclamation was read whereupon it was unanimously Resolved, That the Citizens' Bank of Louisiana hereby acceeds to the recommendation of the Governor to suspend specie payments forthwith on all its liabilities, and that the four regu. tations proposed by his Excellency in his Proclamation of this day for the government of the several banks during the sus. pension. be and they are hereby adopted. as follows, to wit1. The circulation of the chartered banks-that is, the Canal, Citizens, Bank of Louisiana, and the Louisiana State Bankshall not exceed the amount of coin held by them respectively, and the circulation of the Free Banks shall be restricted to the amount of bonds at present deposited with the Auditor of the State, aud in accordance with existing laws. 2. The suspension of specie payments will not interfere with the weekly and monthly returns to the Board of Currency, nor with the fundamental rules governing the Banks, nor in opposition to the recommendation herein made. 3. The Banks will receive on deposit and in payment of debts due them, the notes of the Confederate States of America, and pay them out at their counters. 4. The usual weekly statements must be made through the Board of Currency, and all balances paid in Confederate Notes or coin. By order : self if EUG. ROUSSEAU, Cashier.

8. September 21, 1861 New Orleans Daily Crescent New Orleans, LA

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Hebo Orleans Money Market. CRESCENT OFFICE No. 70 Camp street, Friday Evening, Sept. 20, 1861. The money market closes under an improvement, that is, there is more disposition on the part of capitalists to operate, with an inclination on the part of the banks to discount small sums of legitimate business paper. Notwithstanding the war, there is a disposition evinced for speculation out of the necessities of the people, that is, the purchasing up the necessaries of life. These parties do not, however, receive any encouragement through our banks, unless they do it by deception and delusion. We did not learn of any out-door transactions in paper beyond some small sums of 3 to 4 months at rates ranging at 1122 and 3 Pet. per month. In and about the banks it was quiet. The suspension of coin payments is becoming better understood and as time rolls on, it will prove to have been the wisest course that could have been adopted. True, at the Board of the Bank of Louisiana the movement. was not altogether unanimous, two of the board dissenting. But it was not done to embarrass the action of the majority, but the dissenters deemed the erisis did not demand the sacrifice in obedience to the public weal. They will, ho wever, feel rejoiced to learn that the course pursued has been attended with the most happy results, and given great satisfaction throughout the Southern Confederacy. It was far better to pursue the course on a full supply of coin in vault than to await the time when the coin would have been found to be dribbling out at the rate of a million of dollars per month. Now we have a currency which passes everywhere in the Confederate States, and with which-nineteen-twentieths of the people are willing to sink or swim with. The Citizens' Bank being prohibited from issuing notes of a less denomination, resolved, to fill the vacuum of small change, to divide its five dollar notes in two parts, one of which will have the name of the President, and on the other the name of the Cashier. These parts are paid out and are current all over the city at $2 50 each SO our country friends will understand the value of half a five dollar note, particularly when issued from this bank. The old adage of many a true word said in jest is corroborated. A few weeks ago one of our citizens had a five dollar note of the Canal Bank accidentally torn in two, the signatures of the officers being preserved entire. He lost one-half, which has never been found. He thought he might secure the entire amount by calling at the bank and stating the occurrence, and that the loss of one-half could be substantiated. He was refused the full amount, but was offered $2 50 for the onehalf presented. It was a good burlesque at the time, but events now seem to sanction the course adopted. The movements in uncurrent money show an improvement in the issues of the banks of all the Southern States. Georgia, South Carolina and Virginia range from 7@10 and 12 Oct. dis. There has been some active demand for gold. About forty thousand dollars have been sold within the past two days at from 10@12 Pct. premium. The brokers do not pay this rate. Silver ranges from 8@10 Pot. premium. If parties are so superbly affected with holding gold, why let them pay for it. The gentlemen brokers say that they cannot control the price. If they are forced to pay 10 Pet. prem., they must sell at an advance. The brokers and dealers in money must live as well as other people-that is, they say they must. We do not allude to the outside sharks and shavers. If people will submit to the extortion and exaction of these harpies, we cannot help it. The general exchange market offers nothing for comment. Good sterling (eighty-five days date) commands 108@108.-very little offering. Francs 5.30@5.25. The quotations in New York on the 11th were 107 @ 108, and dull for the best bills. 5.20@5.16 for francs. There have been some small sales of sovereigns this week at five dollars.

9. September 23, 1861 New Orleans Daily Crescent New Orleans, LA

Article from New Orleans Daily Crescent, September 23, 1861

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CITIZENS' BANK OF LOUISIANA, New Orleans, Sept. 16. 1861. At a called meeting of the Board of Directors of this Bank, held this day at 9 o'clock A. M., the President laid before the Board a Proclamation of the Governor of this State, dated this day, recommending the banks of New Orleans to suspend specie payments, with the object and under regulations therein set forth. Said Proclamation was read; wherenpon it was unanimously Resolved, That the Citizens' Bank of Louisiana hereby ACceeds to the recommendation of the Governor to suspend specie payments forthwith on all its liabilities, and that the four regulations proposed by his Excellency in his Proclamation of this day for the government of the several banks during the suspension. be and they are hereby adopted, as follows, to wit1. The circulation of the chartered banks-that is, the Canal, Citizens, Bank of Louisiana, and the Louisiana State Bankshall not exceed the amount of coin held by them respectively, and the circulation of the Free Banks shall be restricted to the amount of bonds at present deposited with the Auditor of the State, and in accordance with existing laws. 2. The suspension of specie payments will not interfere with the weekly and monthly returns to the Board of Currency, nor with the fundamental rules governing the Banks, nor in opposition to the recommendation herein made. 3. The Banks will receive on deposit and in payment of debts due them, the notes of the Confederate States of America, and pay them out at their counters. 4. The usual weekly statements must be made through the Board of Currency, and all balances paid in Confederate Notes or coin. By order: se18 t.f EUG. ROUSSEAU, Cashier.

10. September 25, 1861 New Orleans Daily Crescent New Orleans, LA

Article from New Orleans Daily Crescent, September 25, 1861

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CITIZENS' BANK OF LOUISIANA, New Orleans, Sept. 16. 1861. NET At a called meeting of the Board of Directors of this Bank. held this day at 9 o clock A. M., the President laid before the Board a Proclamation of the Governor of this S. ate. dated this day, recommending the banks of New Orleans to suspend specie payments, with the object and under regulations therein set forth. Said Proclamation was read whereapon it was unanimously Resol ved, That the Citizens' Bank of Louisiana hereby RCceeds to the recommendation of the Governor to suspend specie paymentsforthwith on all its liabilities, and that the four regulations proposed by his Exceliency in his Proclamation of this day for the government of the several banks during the sts. pension. be and they are hereby adopted, as follows, to wit1. The circulation of the chartered banks-that is, the Canal, Gitizens, Bank of Louisiana, and the Louisians State Bank shall not exceed the amount of coin held by them respectively, and the circulation of the Free Banks shall be restricted to the amount of bonds at present deposited with the Auditor of the State, and in accordance with existing laws. 2. The suspension of specie payments will not interfere with the weekly and monthly returns to the Board of Currency, nor with the fundamestal rules governing the Banks, nor in opposition to the recommendation herein made. 3. The Banks will receive on deposit and in payment of debts due them, the notes of the Confederate States of America, and pay them out at their counters, 4. The us al weekly statements must be made through the Board of Currency, and all balances paid in Confederate Notes or coin. By order : sel8 tf EUG. ROUSSEAU, Cashier.

11. April 24, 1862 New Orleans Daily Crescent New Orleans, LA

Article from New Orleans Daily Crescent, April 24, 1862

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DEP ARTMENT COLUMNS Acto Orleans Monep Market. CRESCENT OFFICE. No. 70 Camp street, Wednesday Evening, April 1862 The most important feature in financial circles to-day was the reception of a decree by some of the banks from the highest authority, forbidding the paying out of specie or coin. It was received early in the day by some of the banks, but up to 12 o'clock it had not been received by other banks. The Mechanics' and Traders' Bank was paying out silver up to 1 o'clock, but in very small sums. In fact, the holders of circulation of the banks have run out, completely prostrated; they have no more promises to pay or circulation of the banks. At an early hour in the day the State Bank received notice to suspend the paying of coin. The State has a heavy interest in this bank, and the mandate was promptly obeyed; so at the Citizens' Bank, it had to follow the instructions. It was, however, very late in the day before all the banks received the order. The calls for coin by bill-holders were very light through the day. We do not recognize that he.general mass of depositors have the least claim on the banks for their balances. These balances Saturday last were $28,681,029 against $14,710,668 on the 14th of September last. Is it not absurd for depositors since the 14th of September to suppose they have any claim on the coin now held by the banks? Of the $14,710,658 deposits on the 16th September, how much of them, or what proportion may be considered to-day a cash demand? Very trifing. The amount due distant banks on the 14th September was $503,871. This amount only can be considered a specie claim out of the $2,881,741 due on Saturday last. In obedience to the mandate from the authorities the paying out of coin was generally suspended before 2 o'clock. We reiterate our opinion that the scarcity of coin change will continue, 80 long as the issues of small notes on the part of individuals is countenanced. There is an abundance of silver coin in nooks, hide-and-seek places and old stockings. During the campaign of 1814 and 1815 parties buried their precious metals, yet the enemy never were permitted to trespass on the depositories so at this present time. We are sanguine that the Yankees will not reach New Orleans for the coming six months, which renders it unnecessary for parties to be hoarding. There was nothing doing in paper to-day. True, there was skirmishing on the part of some wouldbe sellers of first-class mortgages. But we may ask, what are to be considered first-class mortgages if this good city of ours should have to succumb to the invaders or Yankees? A question easily propounded but not readily answered. If the moneyed men of our city had last fall and early in the winter followed our suggestions, independent of the action of our legislators, that is, had the people at once taken the war question by the horns, we should not now have been under the present humiliation in political, commercial and financial affairs. True, there is daylight and favorable prospects arising every hour. There was nothing done in exchange to-day. It was bruited about that one of the banks was pay ing its depositors (16th September last depositors) in sterling exchange at rates ranging from 109 to 115 and 125. Domestic exchange is not inquired for, that is, bills on Richmond, Charleston and Savannah are unsaleable. If produce cannot be transported with celerity and promptness, exchange dealings must, of course, suffer from the want of faith of railroad management. There have been numerous complaints of the inadequacy of faith and honor on the part of many of the interior railroads connecting with the Jackson Railroad Company. The stock market was quiet to-day. Confederate currency was in much better feeling than last week. There are some banterings going on in bank shares; also in bonds. We did not, however, learn of any negotiations reaching contracts up to the close of business.

12. April 26, 1862 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN

Article from Memphis Daily Appeal, April 26, 1862

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On Phaage-Business News. We have nothing new to report of doings on 'Change. The receipts were: 23 sacks bran, 6 kegs but ter, 10 easks bacon, 736 sacks corn, 6 head cattle, sacks dried fruit, 95 sacks flour, 50 bales hay, 2 kegs and 1 bar rel lard, 103 sacks oats, 11 casks pork, 14 sacks potatoes, 91 sacks wheat The New Orleans banks, after a meeting at which no agreement was come to, have been paying out more or less gold. This act created much consternation, as it was believed to be done from an expectation that the enemay would be victorious in his attempts against the city. The New Orleans Crescent of Wednesday says: The press at the counter of the M. chanica' and Traders' Bank was largely beyond that of any other bank, yet the cails or presensation of notes were very small, ranging from five and ten dollars up to one hundred dollars, which were paid. At the Bank of Louisiana there were some calls, but all in small amma; and some parties, on being offered silver, refused, wanting gold only. These parties who are 80 very tenacious and desire gold because it is more susceptible for placing in out-of the way nooks, may be somewhat surprised if within a few days, or a few hours, an order may be received from the highest authority, commanding the banks to retain all coin in vaults, and decline at once the paying out, either in circulation or deposits. The greatest press to-day was in and around the Me. chanies' and Traders' Bank. Its circulation is only $245,000 against $663,000 in coin. It will not be many days before our banks will be asked by those who were most clamorous for coin to receive bags of silver and tin boxes containing gold on special deposits. We at once urge on our bank mandators to decline all special de posits of this character The same paper of Thursday states: The most important feature in financial circles to-day was the reception of a decree by some of the banks from the highest authority forbidding the paying out of specie or CO n. It was received early in the day by some of the banks, but up to 12 o'clock it had not been received by other banks. The Mechanics and Traders' Bank was paying out silver up to I bleck, but in very small sums. In fact, the holders of circulation of the banks have run out, completely prostrated; they have no more promises to pay or circulation of the banks. At an early hour in the day the State Bank received notice to suspend the payment of coin. The State has a heavy interest in this bank, and the mandate was promptly obeyed; so at the Citizens' Bank, it had to follow the instructions. It was, however, very late in the day before all the banks received the order. In obedienee to the mandate from the authorities the paying out of coin was generally suspended before 2 o'clock.

13. May 23, 1862 Vermont Watchman and State Journal Montpelier, VT

Article from Vermont Watchman and State Journal, May 23, 1862

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FROM THE SOUTH, The New Orleans Delta says that 15,000 bales of cotton were burnt in that city on the approach of our gunboats to the city.The tobacco, being all held by foreign residents on foreign account, was not destroyed. The specie of the banks, to the amount of twelve or fifteen millions, was removed from the city and deposited in a secure place. The Memphis Appeal says the Government wants and must have all the tin on the roofs of the common sheds in that city. The Baton Rouge Advocate has closed its doors and suspended publication on account of the approach of the Federal gunboats. Col. Voseen, commanding the post at Memphis, published a special order of Gen. Beauregard, requiring all the banks, persons and corporations to take Confederate money at par and all persons will distinctly understand nothing in the least degree tending to discredit the operations of the Government, will be tolerated or treated as anything but disloyalty. The Memphis Appeal of the 15th contains the following dispatch, addressed to the rebel Secretary of State: Camp Moore, May 11. -Gen. Butler yesterday took forcible possession of the office of the Consul of the Netherlands, searched the person of the Consul, and took from him the key of a bank vault in which were $800,000, transferred by the Citizens Bank to Hope Bank of Amsterdam, intended for the payment of the interest of the Confederate bonds. Gen. Butler also took possession of the offices of the French and Spanish Consulates, in the old Canal Bank and placed a guard there. He also seized the Canal Bank and the Smith Bank, and he has issued inflammatory proclamation to incite the poor, promising to distribute to the poor 1000 bbls. New The of He beef is recruiting and sugar in captured New Orleans. in Orleans. poor will soon be starved. The enemy have sent up a force to Bonnecarre, which marched through the swamps and destroyed the Railroad bridge." The Richmond papers of the 16th have been received. They contain a correspondence between the Virginia Legislature and Jeff. Davis, in relation to the recent movements of the rebel army. Davis states that he has never entertained the thought of withdrawing the army from the course the that State if, of in Virginia, the and abandoning of events, capital State should fall, the necessity of which he did not see or anticipate, that would be no reason for withdrawing the army from Virginia The war could still be successfully carried on and maintained on Virginia soil, and for 20 years

14. May 30, 1862 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, May 30, 1862

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alone, we dare to raise the velce of condemnation against the second spoliation meditated by these corrupt and unprincipled corporations. On the memorable day of Bank dishonesty, the 16th of September, 1861, when the banking concerns of this place with the exception alluded to, declared their doors oclosed against the just claims of bill-holders, and with an effrontory without precedent, undertook to paste in the pass books of their cepositors a notice to the effect that the deposite them due would be paid to each and all on the resumption of specie payments, provided that the same had not been previously drawn for, we implored them to pense in the flagitious work, and not ruin this community by their insane infidelity to every honorable duty. We pointed out the heinousness of the pase-book notice, which claimed the use of depositors' money at the pleasure of the banks without interest, and we protested acainst an act which only the ples of national necessity and national relief could possibly or reasonably justify. Had the money of which this people was thus defranded been taken for the support of the revolution, the conduct of the banks would not, as we maintained at the time, have been justifisule, although the people would doubtless have approved it; but they pre-cipitated bankruptcy for no object conceivable to educated or opright minde, and now they avail themselves of the order of Gen. Butler to consummate their wickedness. The banks were even in advance of the popular disposition in the revolutionary cause; but we have yet to hear of sny unusual sacrifices their directors have made out of their own pockets for the support of the cause. It is a remark bie fact, too, that on the morning of their suspension they all seemed to possess an unlimited supply of that Confederate paper they then forced the public to receive, and of which they now set the first example of repudiation. We neither approved their first operation nor this of repudiation, their last; nor their la-termediate endeavors to put their property by every species of contrivance, beyond the resca of its legitimate owners. There are principles of right and justice so incontrovertibly obvious and supreme that no law or code, civil or military, can ignore or deny them; and such principles are now in-volved in the monetary affairs of this people. If one military power can absolve banking institutions from the redemption of their obligations solemnly guarantied, and another eaables them to complete the iniquitous work in the way most con-ducive to their own interests, any country under Heaven would be a paradise of justice compared to such a place. But we have no apprehension of any such resuit. and we would advise the banks not to presame too far upon the pe-tienae, good nature and forbearance af this public. If the po-sition they assume be sustained, revolution will be the chronia condition of every American commonwealth. If banks aud bankites are to be the only parties in social conflicts who are surete make a profitable business of such work the key te their boisterous patriotism is furnished. And that this view of their prospects is the one entertained by the public the following published statement of a sale of some ne of their stocks on Saturday last, will indisputably confirm. The sale is publiated as that of Palfrey & Co. Bank of New-Orleans.... $107 Crescent City Bank $00 Mechanics Bank. 121 Union Bank 110 Louisiana Bank.. 221 Citaens' Bank 209 Merchants' Bank.. 102 Baok of Americs... 198 This result will surprise no one who has watched the course of these institutions. They first procure the suspectsion of specie payment, under a patriotic pretext wholly beyond any human being's perceptions of its necessity. Then, avaiting themselves of the public necessities, they cause the price of foreign exchange, of which they have a monopoly, to advance two or three hundred per cent; seil bonds bought under ex-trenfe depression, or below par in every instance, for two or three times their nominal value; place their specie in hiding places unknown and insccessible except to themselves and their agents, and now undertake to close in a grand finale of cheatery by paying off in a currency they themselves com-pelied the people to accept, both the old cash deposits of the latter and all their accretions since the memorable epoch of suspension! They first force Confederate paper into circulation, and proit enormously by the operation, and then depreciate it by repudiation after it has been made to serve their sordid and dishonest purposes. In these proceedings the people will see the clue to the motive of these bank men in pusning this State into the issuance of war bouds in such toordinate amounte They wanted to make of the State credit a sponge for the ab-sorption of the surplus Confederate paper in their hands, and so nicely have they made their calculations, that at this mo-ment every device is in requisition to obtain even the Confed-erate bills necessary to meet the demand of resens depositors! We have no concealments to make in presence of Federal or Confederate authority; our record has no stains upon it; is enallenges examination We never hesitated, during the pe-riod to which we are referring, in proclaiming our opicion that, if the Richmond Government deemed the specie in the banks of this city absolutely indispensable to the revolution-ary cause, to which the country had committed itself, it was competent to it to take it. This we admitted, qualifying t however, er, with the opinion that to take unduly from one por-tion of the people, or to burden one class of citizens dispropor-tionately in this or any similar or dissimilar mauner, was an act of oppression for which extreme necessity only, which overrules all law, could be a justification. THURSDAY May 29, 1862. Markets-CAREFULLY REPORTED FOR THEN. Y. TRISCES ASHES are in improved demand, and the market is firm; antes of 50 bbis. Pots at $5 75, and 60 do. Posris at $6. COTTON-The advices from New Orleans to-day have been rather unfavorable to the prospects of speculators, and as thه manufacturers who were in the market have, in a great meas-ure, supplied themselves, the business has been less scrive, and at the close prices are heavy-31c. for Middling Uplands is quoted, though one or two lots sold a trifle below this figure. Sales of 900 bales. COFFEE-We hear of no sales in any description, and prices are nominally unchanged. FLOUR AND MEAL-The demand for Western and State Flour is less active, owing partly to the absence of a good as-sortment of Extra State, which is preferred to Western by shippers. The medium grades are insctive and quite irregu-lar: Trade" brauds aro quiet yet steady; the sa es are 12, 100 bbis, at $4 250 $4 40 for Superline State and Western; 455 @$480 for the low grades of Westera Extra; $45506465 for Extra State; $470@$480 for fancy do.; $500/520 for shipping brands of round-hoop Extra Ohio, and 35 36 66 25 for trade brands do. Canadian Flour is less abundant dand is quiet; the arrivals are moderate and consist mainly of the better grades; sales of 850 bbls. at $4 552 $4 75 for ship-ping brands of Spring Wheat Extras, and $4 802 $6 25 top Extras Southera Floar is in fair demand, especially good and choice Extras, but the low grades are dull yet steady ta price; sales of 1,630 bbls. at $5 100 +5 70 for wixed to go Superfine Baltimore, &c, and $5 75256 75 for trade brands ado. Rye Flour is steady and in fair request; sales of 260 bbia. at $2 152 64 05 for Superfine and Extra. Corn Meal is in moderate request and steady; sales of 400 bols. at $290 for Jersey, and 63 15 for Brandywine. GRAIN-The Wheat market is less active, and though the receipts are less liberal, prices of most kinds are 122e bush. lower, except prime, which is scarce and wanted; the inquiry is mainly for export, and notwithstanding the decline in the rates of freight, prices favor the buyer at the close; the trans-actions include 191.000 bush.. consisting of 46,000 do. Chicage Spring at 850.@$1; 60,700 do. Milwaukee Cub 90.@+1; 36.300 do. Amber lows at $102@$1 04: 12.400 do. North-Western Club at 870.@$1; 17.6% do. Red Western at $108@$1124, the inside rate for foul, and 17,700 do. Amber Michigan at $1 15@$118. Barley and Barley Mait are less active, but prices are unchanged. Onts are scarce and a shade firmer: salemof Canadian and Western as 3422440, and State at 44@44jc. Rye is in fair demand, and is of firmer; sales of 6,700 bush. at 6320ije, for Wes eru and 70e. for State. Corn is less active, and a shade easier, the demand alis mainly for the East; sales of 73,000 bush. at @4io. for new Mixed Western, and 4712 48te. for old do. HOPS are steady and in moderate request; sales of 100 bales e New at 14 @18c., as to quality. HAY-The supply is larger, and the market is heavy; sales e of 900 bales at 602650 100 1b. MOLASSES-There has been a moderate inquiry for home nee, and prices are maintained; sales of 45 hids Porto Rico eat 372 127 do. Cuba Mu covado at 272., and 60 do, at 3 je. NAVAL STORES generally are quiet, but prices are well maintained, sales of 100 bols. Common Rosin at $7 15, and e 100 do. No, 2 at 8252$350 280 10. OILS The market is inactive for most kinds, and prices are without essential change. PROVISIONS There has been only a moderate inquiry for Pork, and with continued large receipts the market is heavy sles of 700 bbls., at $12 25 for less, $12 for Unta-espected Mess, and $9 621@$975 for Prime Beef is inse motive, and priors are beavy; sales of 175 bbla, at $1225@$19 50 for Fisin Mesr, and $14@$14 87 for Extra do. Bacon is doll, and we have only to notice sales of 36 boxes Short-ribbed Western, at 44c. Cut Meats are in good request, at about me former rates: sales of 900 boxes, tes, aod hhds, at 31 @ijo. for ar Shoulders, and 44@5jc. for Hams. Lard seils only to a mod-erate extent, without material change, in prices; sales of 500 bois, and tes, at 7428jc, the inside rate for quite dark. RICE-Carolina is quiet, but holders stil demand full for at mer rates; East sells moderately at steady rates; 300 bags Rangoon were taken at 50ője. SUGARS-The sales of itaw to-day are very fair, being chiefly to refiners and city grocers, and prices are still main-dtained. The transactions embrace some 200 ahds. Porto Rico at 70810.700 Cuba at 747jc.; 37 bxs. Havana at The, and 13.500 bags Mantila at 70. SEEDS-Rough Flax Seed is in fair demand, and the mar-ket is firm at $2 1002 30 bush. Clover Seed is quiet at y 6. @ite. Timothy Seed is in fair request at $1750$ bush. TALLOW is in good demand, and holders are firm; sales of 520,000 15 Prime City at Dc., cash. Rough Fat is in fair request at 6c., essh WHISKY-A. very fair demand prevails, and prices are a

15. August 11, 1862 The New York Herald New York, NY

Article from The New York Herald, August 11, 1862

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der the existing depression of finance and trade. There is no real money in circulation. There is representative money of a local character, which, it is presumed answers all necessary purposes. There are some United States Treasury notes; but they are, like the gold and sil ver, considerably above par, or the standard of surrency. There were advices received to-day from New York quoting gold on the 15th inst. in that market at 116 a 117, and sterling exchange at 128 1/2 a 129 1/6. Money in the open market was quoted at 5c. a 6c. on first class securities. We have nothing to remark on our local market. In and about the banks it is quiet; a few deposits are made and some transactions in sugar going on. There are a few deposits made daily, with renewals on maturing obligations acceding. We have nothing to quote in regard to gold and silver. Gold commands 125 a 130, United States demand Treasury notes 120 a 125, legal tender notes 108 a 111, exchange on New York at sight, 7 1/2 a 10 per cent premium; time bills, sixty days sight, DO demand. They might be forced off ut par to three per cent premium for the highest grade of signatures, though there have been transactions in bills of lading drafts; but we are not advised of the rates. Our banks say they are doing nothing in time bills, nor are they doing much in demand bills. We are informed that our banks which held balances in favor of the Confederate States, or to the credit of the Confederate Treasury, have paid the amount-it being remitted to Mr. Cisco, United States Treasurer at New York, a few days since. It amounted to $258,000. We do not learn of any movements in foreign exchange. There is a small supply of francs on the market at from 4.20, 4.10 a 4-the latter for bank drafts. As for sterling, it is difficult to raise a quotation-we might quote 135 140, as covering small sums for remittance. The produce now going forward to England has been paid for long since, and, of course, the shipments furnish nothing for a basis for exchange transactions. The most important sale which has transpired for months past was the sale of real estate belonging to the succession of the late Philip Avegno. The amount of the property sold, as per bids, was $370,000, on the usual terms-say one-third cash, the balance at one and two years' credit, with interest at the rate of six per cent from date. We append below the statement of the banks. as made on the 21st inst., and also the statement of the 19th of last, the last previous to the change of government. The specie reported by the several banks covers the amount sent away during the weeks ending the 19th and 26th of April. There are only two banks-the Citizens' Bank and the Bank of America-which have the amount reported actually in vault. The Southern Bank, never having suspended coin payments, has no debts to liquidate beyond its circulation, which, we learn, will be paid on presentation in specte. It will be observed that within the short space of ninety days the deposits of the several banks have been reduced from $28,692,872 to $10,132,268. To carry out this very great reduction the circulation has only been increased $2,877,907. The statements before us are made up to the 21st inst., and our banks W old be, If the specie represented was in vault, or within control, in the very strongest position. The payment to depositors of $18.560,000 within ninety days ofiers room for many remarks. for which we have not space, at this time, to comment on. The True elia of the same date says:Financial movements have been of a very restricted character since the close of our last review, and the mus ket still presents an exceedingly langund and monotonous appearance. There is no business progressing in other commercial or mortgage securities, and operations in all olasses of stocks and bonds appear to have come to a complete stand-still, while transactions in uncurrent bank notes are confined to unimportant exchanges of the issues of other Southern States, and all descriptions are still subjected to a reduction of 25 a 40 and 50 per cent discount. Commercial News. The Delta of the 26th ult. has the following commercial intelligence:RECEIPTS FROM THE INTERIOR. Baton Rouge-Per steamer Morning Light-73 bales cotton. to order. Vicksburg-Persteamer Iberville-229 bales cotton, 150 hbds. sugar, to order. Vicksburg-Per steamer Ceres-158 hhds. sugar, to order. Baton Rouge-Per steamer Bee-7 bales cotton, 4 bags do., 7 boxes merchandise, to order. RECEIPTS FROM THE COAST. Per schooner Renaissance-64 bbls. molasses, to order. Per schooner Sister Kate-100 hhds. sugar, to R Brugier. Per schooner Adeline-102 sugar, to order. Per sloop Ellen-66 bbin rum, to T Lanoux. Per schooner Tiger-73 bbls. molasses, to Lapene & Ferre. Per sloop Balona-30 hhds. sugar, to J. Labatat. Per Russell's boat hhds sugar, 20 bbls. cistern sugar, to order.