7624. Consolidated Bank (New Orleans, LA)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
May 31, 1842
Location
New Orleans, Louisiana (29.955, -90.075)

Metadata

Model
gpt-5-mini
Short Digest
57cc593f

Response Measures

Full suspension

Other: Multiple articles describe initial refusal to resume specie payments, a heavy run upon depositors/small holders, and then suspension of the Consolidated Bank (suspension announced around June 1, 1842).

Description

Newspaper accounts (late May–early June 1842) report a heavy run on New Orleans banks after Citizens' and Louisiana State Banks suspended; the Consolidated Bank faced a run and then suspended (around June 1, 1842). Later pieces mention attempts to obtain specie and legal actions, but it is not clearly documented here that the Consolidated fully and permanently reopened — classification is therefore run -> suspension with outcome unsure.

Events (3)
1. May 31, 1842 Run
Cause
Local Banks
Cause Details
A run triggered by loss of confidence after the Citizens' Bank and Louisiana State Bank announced suspension; contagion from other local banks' actions.
Measures
Paid out specie initially (attempted to answer demands); heavier paying tellers and efforts to meet calls mentioned in coverage but no extraordinary new measure recorded specifically for Consolidated.
Newspaper Excerpt
the holders of her notes having lost confidence, owing to the suspension of the Citizens' and State Bank, made a run on her yesterday
Source
newspapers
2. June 1, 1842 Suspension
Cause
Local Banks
Cause Details
Suspension followed the run and the broader panic among New Orleans banks after several institutions (Citizens', State, etc.) suspended, producing contagious withdrawals and loss of confidence in the Consolidated's ability to continue specie payments.
Newspaper Excerpt
June 1. The Consolidated Bank has suspended specie payments.
Source
newspapers
3. September 5, 1842 Other
Newspaper Excerpt
The Consolidated Bank has also obtained specie enough to arrest the operation of the law.
Source
newspapers

Newspaper Articles (10)
1. May 25, 1842 Daily Richmond Whig Richmond, VA
Article from Daily Richmond Whig, May 25, 1842

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, From the N. O. Bee, May 17. : THE CRISIS-THE FIRST DAY. I Yesterday morning. at nine o'c'ock. The Union, City, Louisiana, Carroliton, Commercial, Me I chanics' and Traders' and Canal Bank, opened their , doors under full resumption. The Consolidated , Bank, very unaccountably, withdrew from the arI rangement entered into on the Saturday before, by which it also had agreed to resume, and refused to throw open its vaults, alledging, as a reason for r such conduct, that the Citizens' and Louisiana State Banks had refused to undertake cash ments, would no. the and of that it, therefore, At paymeeting the Bank Presidents, of Saturday, at which resumption was agreed upon, the Citizens' , Bank was not represented, and the President of the ) State Bank refused to sanction the measure, as the Directors had not empowere.i him to decide, either , for or against resumption. The subsequent determination of those Banks, therefore, could scarcely ) be appealed to to justify the course of the Consoli) dated Bank Upon the opening of the Banks, a considerable run was made upon them by the holders of small sums. The excitement was increased materially by the refusal of the Consolidated, Citizens' and State Banks to join in cash payments, and until half past two o'clock. the calls for specie, at the Union, City, and Canal Bank, were constant. At the Mechanics' and Traders', Carrollton and Commercial there was some stir early in the morning; but it was not kept up for more than forty minutes; after which time the demand for coin abated, and to the expiration of banking hours few notes were presented for specie. The Union and City Banks were crowded with note holders until a later period; but before 3 0'clock, the demand for specie upon those institutions slackened off to such an extent, that there was not a man in either of them desirous of obtaining cash for his notes, unsatisfied. So far from any attempt being made to evade the full force and effect of resumption, the payir g tell. ers in the resuming banks were doubled and trebled, in order to detain note holders as little as possible. The banks "stood up to their fodder" like "Georgia majors," and made every exertion to pay out as fast as the notes were produced. The exact amount of coin taken from the vaults, we could not ascertain; but we were happy to remark a feeling of confidence gradually taking possession we noticed several of the under public mind, and persons, who, the previous excitement, had drawn specie, returning it to the banks, being perfectly satisfied to exchange it for the same notes they had so shortly before hurried over their counters for the coin. Had the Consolidated, State and Citizens' bank joined in the measure, there had been nothing left for us to regret; as it is, the resuming banks will, in our opinion, weather the crisis in fine style. The notes of the non resuming Banks are at a discount of course; and will continue to depreciate until they likewise resume. We have been furnished with the following statement of the specie drawn from the various Banks yesterday. The City Bank paid out $80,000 and received on deposite $15,000-loss $65,000. The Union Bank paid out about $50,000-Canal $25,000, Commercial $30,000, Carrotton about 2,000, Mechanics & Traders a trifling amount, and the Bank of Louisiana paid out $3,000 and received upon deposit $14.000-making in all a diminution of about $175,000 in the specie of the resuming banks. P. The Presidents of the resuming Banks have had a consultation, and are determined to go ahead. The best spirit prevailed amongst them, and they are convinced of their ability to sustain cash payments.

2. May 27, 1842 The Daily Madisonian Washington, DC
Article from The Daily Madisonian, May 27, 1842

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From the New Orleans Advertiser. RESUMPTION TRIUMPHANT All opposition knocked down -Resignation of President Lavergne:-Public opinion stamps with approbation the seven resuming Banks! Yesterday, the glory of the day before was consummated. The city saw the sun of specie-payments shed its beneficent light over her vast extent, and confidence sprang up, like a new grown plant, in every man's bosom. The seven Banks did not lose over twenty thousand In the over thousand. of unwary dollars. Many aggregate, the they who received had drawn sixty coin the day previous, deposited their precious treasure in the vaults whence they had taken it in alarm, and hundreds of new accounts were opened by men, who, for months past, looked very properly with suspicion on all Banks which did not pay their debts. So completely has all opposition to resumption been knocked down, that they who presumed to offer any on Monday, were among the absentees from their usual haunts. When they were seen, here and there, flitting to and fro, the shout of laughter at their folly was sent after them by the rejoicing people. President Lavergne, of the Consolidated Bank, seeing that public opinion so triumphantly sustained him (for he went for resumption) and the resuming Banks, and reflecting that he occupied a false position, sent in his resignation to the Directors, yesterday. They refused, we learn, to accept it. He told them that he would not take it back, unless they agreed to resume at once. It was a sine qua non with him. What the Board decided in the matter we do not know, but this we know,-M L. acted in a most praiseworthy manner. It is rumored that the State and Consolidated intend to pay coin to-day. We do not see how they can do therwise. If they do not they will be guity of treachery to the State and the stockholders, and will inflict an injury upon the note holders that ought to be punished with the utmost severity of law, and met, far and near, with the most decided reprobation. As to the Citizens' Bank, a variety of reports are fl at about her. One is, that she has $800,000 in her vaults. If she has, she ought to be punished for not opening them and making her paper equal to coin. Another is, that the 12th section of the Bank Law is to be put in force against her for violating it, by paying out municipal shin-plasters. There is great curiosity to know how she came by that trash. The géneral impression seems to be that the State and Consolidated will be forced into resumption, and that the Citizens will persevere in her blundering course until a premature death overtakes her. Confidence in her ultimate ability to pay, S. beginning to be disturbed, and all too by her own foolish policy. She will, we hope, take the alarm, before it is too late, and return to the path of honesty. Taken all in all we have cause to rejoice. There is now no United States Bank to terrify State Banks, and drive them from their propriety, no "better currency" to buy for circulation, no Nicholas Biddle to look up to as a Neckar, but our leading men have be. come convinced, by the discussion of the subject, that suspension is a dire evil, is worse than a hundred wars, that no Bank has any right to refuse to pay its debts, that nothing is money but specie, and that paper is only useful when convertible at all times into coin, and hence the prompt return to cash payments, sought so eagerly by men of all pursuits, as the only means of escaping from utter ruin. A better state of feeling exists now than has existed in this city for ten years past. Suspension can never take place again. The people will never permit the Bank that shall dare it to stand, but it will be consigned over to the tender mercies of the laws.

3. May 28, 1842 The Madisonian Washington, DC
Article from The Madisonian, May 28, 1842

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From the New Orleans Advertiser. RESUMPTION TRIUMPHANT. All opposition knocked down Resignation of President Lavergne -Public opinion stamps with approbation the seven resuming Banks ! Yesterday, the glory of the day before was consummated. The city saw the sun of specie-payments shed its beneficent light over her vast extent, and confidence sprang up, like a new grown plant, in every man's bosom. The seven Banks did not lose over twenty thousand dollars. In the aggregate, they received over sixty thousand. Many of the unwary who had drawn coin the day previous, deposited their precious treasure in the vaults whence they had taken it in alarm, and hundreds of new accounts were opened by men, who, for months past, looked very properly with suspicion on all Banks which did not pay their debts. So completely has all opposition to resumption been knocked down, that they who presumed to offer any on Monday, were among the absentees from their usual haunts. When they were seen, here and there, flitting to and fro, the shout of laughter at their folly was sent after them by the rejoicing people. President Lavergne, of the Consolidated Bank, seeing that public opinion so triumphantly sustained him (for he went for resumption) and the resuming Banks, and reflecting that he occupied a false position, sent in his resignation to the Directors, yesterday. They refused, we learn, to accept it. He told them that he would not take it back, unless they agreed to resume at once. It was a sine qua non with him. What the Board decided in the matter we do not know, but this we know,-Mr. L. acted in a most praiseworthy manner. It is rumored that the State and Consolidated intend to pay coin to-day. We do not see how they can do otherwise. If they do not, they will be guity of treachery to the State and the tockholders, and will inflict an injury upon the note-holders that ought to be punished with the utmost severity of law, and met, far and near, with the most decided reprobation. As to the Citizens' Bank, a variety of reports are float about her. One is, that she has $800,000 in her vaults. If she has, she ought to be punished for not opening them and making her paper equal to coin. Another is, that the 12th section of the Bank Law is to be put in force against her for violating it, by paying out municipal shin-plasters. There is great curiosity to know how she came by that trash. The general impression seems to be that the State and Consolidated will be forced into resumption, and that the Citizens will persevere in her blundering course until a premature death overtakes her. Confidence in her ultimate ability to pay, is beginning to be disturbed, and all too by her own foolish policy. She will, we hope, take the alarm, before it is too late, and return to the path of honesty. Taken all in all we have cause to rejoice. There is now no United States Bank to terrify State Banks, and drive them from their propriety, no "better currency" to buy for circulation, no Nicholas Biddle to look up to as a Neckar, but our leading men have become convinced, by the discussion of the subject, that suspension is a dire evil, is worse than a hundred wars, that no Bank has any right to refuse to pay its is pais useful when at debts, per only that nothing money convertible but specie, cash all and times that into coin, and hence the prompt return to payments, sought so eagerly by men of all pursuits, as the only means of escaping from utter ruin. A better state of feeling exists now than has existed in this city for ten Suspension can never take place again. The will never years people past. permit the Bank that shall dare it to stand, but it will be consigned over to the tender mercies of the laws.

4. May 29, 1842 The New York Herald New York, NY
Article from The New York Herald, May 29, 1842

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# BY THE SOUTHERN MAIL. New Orleans, [Correspondence of the Herald.] J. G. BENNETT, Esq.- SIR-Our newspapers have, of course, already in-formed you of the resumption of specie payments by our ten remaining banks-the four "weak" sisters have gone to the devil, and their mortal remains having been quietly consigned to mother Earth several moons ago. The effect of the resumption it is even yet impossible to foretell, although I believe I can venture to say that there is a sincere disposition on the part of the people to sustain the banks, and to give them every chance for their lives; so that if there be any health they will live and thrive, and every thing will go well. The great curse of this city is the deep-seated jealousy, frequently amounting to ferocity, which displays itself on every occasion, social, financial or political, between the descendants of the Gaul and their Anglo Saxon innovators. Canal street which divides the upper and lower municipalities, is a perfect barrier to all sympathy and good feeling, and separates the second or American municipality from the Creoles of the first and third as effectually as the straits of Dover divide England and France. The ridiculous and absurd Bank bill passed at the last session of the Legislature was supposed to have originated amongst the "down town" financiers, and to have been passed into a law for the special benefit of some half dozen public functionaries, who were largely indebted to the "down town" banks, (The State, Citizens, and Consolidated,) and were extremely anxious to place their "liabilities" on the "dead weight" list. The resumption is the offspring of S. J. Peters, Esq. the talented and clear headed President of the City Bank, and the leading financier of the second municipality. It took the Frenchmen completely by surprise; and for a time they were utterly dismayed. The democratic Courier, which has for years been preaching up the blessings of a sound currency and the evils of suspension, suddenly bolted off on a new track, and commenced edifying the town with a series of learned essays on the evils of resumption! The reason of this you will understand, whrn I tell you that the down town banks on Monday morning, (or such of them as had agreed to resume,) got frightened at the prospect, or else fell in love with the jingle of the "better currency" as it was shovelled up from its long sleep in their vaults and actually backed out! Hinc illæ lachrymæ! But I am seriously rejoiced to be able to add that the wiley Frenchmen, seeing how kindly their rascally uptown neighbors bore the resumption, plucked up a spirit, and came boldly into the measure yesterday-so that New Orleans bank paper and coin are [is] now one and the same thing. Exchange on your city can be had in plenty for 1¼ a 1½; and the only serious evil at present, is the depreciation of our municipality shin plasters and dimes, which have heretofore constituted our small circulation. This is an unavoidable consequence, however, of a return to a healthy state of things, and will shortly rugulate itself. Our literary depot is again flourishing in all its glory and usefulness; and what with your sparkling and interesting Herald-which is snatched at as if it were gold-and the beautiful magazines from your city, and her "fair sister" on the Delaware, we hope to spend the summer very agreeably. Messrs. Kellogg and Morgan, the new proprietors of the depot, are gentlemen well known and highly respected here; and, (although I presume they don't ask it,) you can trust them with perfect safety. Absquatulation is, as usual, very prevalent "about these days"-although the can't-go-aways are monstrous numerous. The spring has been charming, and no apprehensions of the epidemic are entertained. I see a foolish report in some of the northern papers that Fanny Elssler has been here, and that the "Hungarian Brothers" were murdered in Cuba. All flam. "La Deesse" has not favored us with the flutter of her ambrosial petticoats, and the "Hungarian Brothers" were squalling and growling at the American, a few evenings ago. The town were delighted this morning by the news of the arrival of Kendall from Mexico. He came in the U. S. Cutter Woodbury, and was accompanied by all the other American prisoners, and Mr. ex-minister Ellis. I see that all chance of a disturbance with Santa Ana is over for the present. Yours respectfully, PUCK.

5. June 10, 1842 Holly Springs Gazette Holly Springs, MS
Article from Holly Springs Gazette, June 10, 1842

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NE 10, 1842. VOLUME 1---NUMBER 46. From the Kennebeck Journal. THE Banks.-On Sunday morning we announced the PASS ROUND unanimous opinion of the Banks, with one solitary exception, to resume specie payments yesterday, and even that bank had The true Whig, published at Washington, reminds its not given a direct negative to the question of recumption-she readers and the public that in the two years previous to Gen. was merely not represented at the meeting, at which it was Jackson's war on our currency system, the number of tanks agreed ou. We hailed the announcement as le commencecreated was 22, with a capital of $8,000,0000: that in the ment of a new and a better era; we thought it would be the next two years the number of banks created was 268, with signal for the restoration of confidence--the prelude to the $368,000,000; that the former banks were generally sound, the that improveme of business-the harbinger of Leaer trade and and the latter have generally better times. Bu: what was our astonishmen: to find, yesterLoco Focos are now breaking down the very currency they day morning, that of the nine banks which had resolved to regave us, bad as it is, and are fast reducing us to the condition sume the payment of specie, two of them, the Consolidated of no currency at all. Bank and the Louisiana State Bank, withdrew from their reAnd pass it round, we add, that by the reports of the Secresolve, and in common with the Citizens Bank refused to pay tary of the Treasury, it appears that the bank bills in circuspecie on the opening of their doors yesterday morning. lation in the whole Union. in 1816, amounts to This circumstance, and the reports so industriously circu$68,000,000. lated by interested individuals, of the solvent condition of this This was before the charter of the second U. S. Bank, and institution and the bankrupt condition of that, created quite a when we had been without a National Bank for four years. panic among our community, and every one, from the holder The charter of that Bank wasthen granted, with a capital of of a V to him who had thousands placed to his credit in certain of the banks, seemed eager to convert it into the precious thirty five millions of dollars. Did expension follow? Oh metal. The consequence of this feeling was, tha: the seven no-very far from it. Fourteen years afterwards, or in banks that commenced the good work of resumption, had 1830, the whole amount of bank paper in circulation, from what is called in technical phrase, a run on them all day. all the banks, was They withstood it nobly. All hands were called to attend $61,323 898, to the desires of claimants; indeed, the wish seemed to be with being a decrease in fourteen years, while the U. S. Bank was them, not how little, but how much they could reekon and in operation, of nearly seven millions. pay out. As sheer justice to them, we will here give their Well, what next? The President vetoed a bill to re-charter names. They are-The Bank of Louisiana, The Union the Bank in 1832, and then what followed! In 1837, the Bank, The Canal Bank, The Mechanics and Traders Bank, bank paper in circulation had increased to The Carrolton Bank, The City Bank, The Commercial $149,185,890. Bank -N. O. Picayune of 24th May, 1842.

6. June 12, 1842 The New York Herald New York, NY
Article from The New York Herald, June 12, 1842

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COMMERCIAL BANK OF NEW ORLEANS, NEW ORLEANS, June 1st, 1842. public is hereby notified that this not Bank resume has until susThe its payments in specie, and will fixed by law. pended the 5th of December next, the GEO. peried O. HALL, Cashier. following are further extracts from New that Orleans The papers, describing the state of feeling in pleasant capital NEW ORLEANS, June 1 SpeANOTHER BANK CRISIS-MORE throughout SUSPENSION.-The the whole of vestercie excitement abatement. continued The crowd at the Consolidated gave way day without was so dense and eager that the of counters the police became before Bank the pressure, and the presence Several persons in urging necessary to to the preserve paying order. teller, fainted from with exhaustion, a compact betheir way the heat and wrestling confusion some ing overcome multitude. by In the midst of the profitable munutuary fingered gentry cerried on Banks. a more By the bye, of the light the bill holders of the that class of this business run upon than the Banks is facilities, furnishing which, if there best our be population with rumours, uncommon they are improving to the that set truth advantage. in current Notwithstanding Association, the strong current she stood her in against the Consolidated and was paying specie to the alose pub- of ground manfully, hours. From the statement there of her should affairs, be no lished doubt business 01 in the the Courier ility of the of yesterday, institution corporations. to sustain resumpwas tion Against equally the with Canal her Bank hours sister a run was commenced prosecuted with early vigor, in the day, towards and for the at several afternoon the City Bank, abated but considerably. the supposition was carried There is, off.- that some nearly stir as too much specie was said, deposited that the as run upon the banks On the whole it failure. may be The attack may be renewed The towas but decided certainly with poor prospects confined of success. chiefly to the feeling, day, we are glad to classes percieve, of our is population. Among poorer and informed transcient and truly patriotic a and resolution public spirited, not to sa- a the strong well confidence is cherished the community and for the gratification if crifice the avarice interests or of a selfish cupidity. Very of the little, pending any of a blind expressed of the result world table of doubt, need be institutions publish to the a receive struggle. Our to their liabilities, and if deserve, they there assets, equivalent generally the support they specie pay from the citizens uncertainty as to the continuance Bulletin. of 2. can ments be by no the banks of New Orleans. JUNE The run upon consequence, the Banks continued three institutions, yesterday the without Con- are solidated abatement. Association, In the Commercial, ments. and The the remaining Canal, forced into a cessation viz. of the specie City, pay the Union, the Louisiana, Mechanics' and seem resolved to hold on, the five corporations, and Traders' and the Carrolton, of their still to hold out manfully, can be little, if any doubt, unthe ability end. to maintain There their resumption ground. The commenced, circumstances were cerder which the recent and ill-advised, and to this, more We alluded than any to tamly untoward be ascribed the failure. Banks themother want cause, of confidence is to existing jealousy among so the openly and frethe selves, and the hostility There and can be no question and sustained but that, each if quently displayed. had acted in concert have been very our institutions of the experiment might excited a similar other, the result As is, their mutual The distrust inevitable consequence was, a run ableto stand.- [bid. different. feeling in the opon public the banks, mind. which none but the strongest if was greater, of them BANKS. is excitement yesterday day. The stoppage jourTHE than upon any previous announced in the public the possible, Consolidated Bank, and as the subsequent the withdrawal number of of nais of the morning, and Canal Banks from unsettled the the Commercial institutions, so of cempletely one or two of the paying publicimind, specia-paying that the counters suffocation until the distrust expiration o spread banks were hours. crowded The to contagion became of popular fidgety, uneasy drain- and banking itself to the depositors, considerable who extent assisted The in amounts suspicious, vanits already and to beset a with the multitude. ing abstracted were enormous. that we acquaint the public It s with no little chagrin which had borne the brunt determined of the that the City such Bank, fortitude and resolution, There has could be no to discontinue crisis with cash payments of to day. her depositors had been dedisguising their the fact faith that or some constancy : and her assistance directory of shaken in evening, rather than accept the suspend at other cided last banks in sustaining specie payments, to once. now four banks that continue specie Carroll- payThere are Louisiana, Mechanics' and Traders', of Peru, they ments-the too, and Union-and had we the mines should be at now their reaping service. the blessings of will Locofoco follow tamper- experiWe are Experiment until the pubing with the currency. tread upon expedient, resource for ment, and expedient satisfied that there is a but national one currency lic sound will become circulation, and the that nation is passed through the same preTwenty a five years ago in finances endured Governcisely the and same rash fluctuations legislation-unt by creating the General a circulation uawise ment put an end to experiments Sooner or later a like remedy will are for the whole Union. When the inventions to of the quackery old remedy be resorted the to. people will been go found back a specific against the end the exhausted, which. in times past, now has afflicts us. All others, in JONE very will prove disease dead that weights."-[Beean The cashier of the Union Bank called statement, last eve that all inas the drew our had attention suspended, to yesterday's which continued he deemed all an day error, to pay w o Banks the Union Bank had if error it be. When would much demand. as We correct the error, idea the Union Bank It i ma the statement we had But no it did- we saw it done. pay specie that yesterday. the Bank paid out about the Board $200,000. of Currency rumored According to the this last Bank report had of of circulation $536,000. meet th an dated 23th 4710.000-making May, $1,255,000, and to One half depositos quarter $400,000 in specie only. out yesterday million and a is supposed to have than been a million, drawn have a right and is amount creditors laiming more not call? And can the Union will Ban to call to-day. Will they call? That enough of them ma cai can doubt pay take them away if they the do remaining $200,000, no reasonable

7. June 13, 1842 The New York Herald New York, NY
Article from The New York Herald, June 13, 1842

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BY THE SOUTHERN MAIL. OCT The Southern Mail had not arrived at the time of our going to press. LATEST FROM NEW ORLEANS-PROGRESS OF THE REVULSION.-Our accounts last evening came down to the 4th inst. The confusion, paralysis, and com mercial fright, was beyond all precedent. The following are extracts:NEW ORLEANS, JUNE 1.-The specie paying banks sustained themselves well yesterday-indeed there was no run upon any but the Union, and that was a slight one. Our citizens seem to have become convinced that the banks that have held out thus far are sound, and no depositors were disposed to draw out specie further than their business wants required. The consequence was, that no run was made yesterday, and the five specie banks remained sound and undisturbed. Should these five institutions prove themselves able to maintain their specie paying stand, our city would be able to boast that pecie was the standard of some of her banks, even if the same banks had no promises to pay affoat? The Union Bank is now believed to be established in her specie-paying position. For the honor of our city it is hoped that she and the other four banks will hold out the hard money flag-though we the people must suffer greatly from being driven to the use of a currency (the only one obtainable for daily use) greatly below par.-Bulletin. REMARKS ON THE MARKET FOR THE LAST THREE DAYS.-Once again is our currency thrown into chaos, and trade may be said to be almost completely paralysed in consequence. In our last Wednesday's report we noticed the suspension of specie payments by the Citizen's and Louisiana State Banks, but strong hopes were entertained that all the others would maintain their position. These hopes, however, have been disappointed. A panic seemed to have seized upon both billholders and depositors, and on Wednesday and Thursday four others, viz : the Consolidated, Canal, Commercial, and City, declared another suspension. The banks which still maintain their payments in specie are the Union, Mechanics and Traders, Bank of Louisiana and Carrollton. We have thus emphatically and literally a "mixed currency," and prices of merchandize partake so much of a similar variety that we find it almost impossible to arrive at correct quotations until matters become more settled. -N. O. Price Current. GEORGIA GOLD MINES.-The Milledgeville Journal states that persons who follow the pursuit of digging for gold in that vicinity, have of late been much stimulated in their labor in consequence of the handsome profits they have in many instances realized. It is said that in the neighborhood of Dahlonga, there are from fifteen hundred to two thousand pennyweights found daily. At one mine, on Battle Branch, there was lately found one lump worth, it is said, one hundred and twenty-eight dollars. It is supposed, from present prospects, that there will be at least from $300,000 to $400,000 realized in that section from the pursuit within the present year. The late success in this business is drawing the attention of many others to it.

8. June 16, 1842 Lynchburg Virginian Lynchburg, VA
Article from Lynchburg Virginian, June 16, 1842

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NEW ORLEANS BANK SUSPENSIONS. There has been a panic created in New Orleans, in consequence of some disagreement in matters of policy among the Banks of that city, and a heavy run was made upon them. followed by the suspension of specie payments on the part of several of the Banks. On the 31st May, the Citizens' Bank and the Louisi ana State Bank announced their intention to suspend specie payments until the 5th of December next. On the 1st instant the Commercial Bank, the Canal Bank and the Consolidated Association Bank also sus pended. The suspension of the City Bank was announced on the 2d instant. The New Orleans Bulletin of the 2d instant, speaking of the suspension of the City Bank, says-"This fact, we feel warranted in saying, settles the question of specie payments in New Orleans for the present. No Bank in the city, that issues notes will redeem them in specie before autumn at least." The Picayune of the 3d instant says "The present specie paying banks are the Mechanics' and Traders," the Carrollton, the Union, and the Bank of Louisiana. All these banks, except the Union, have but a nominal existence. They are neither issuing their own notes, nor discounting those of others; so that their position is a matter of little consequence to the public.Their liabilities are but small, and they are known to have means to meet them: there is, therefore, no anxiety-no excitement regarding them. It was not so yesterday with the Union Bank. There was a brisk run on her in the morning, but she promptly aswered all demands with silver.--Thiscreated confidence in her behalf, and long before the time for closing her doors the "run" declined to a very easy "walk," her counter in the meantime being filled with specie." It is said that two persons had died from injuries received in the crowd at one of the Banks. The New Orleans Courier of the 1st says "More than six hundred thousand dollars, !in specie, it is said. will have been exported from New Orleans during the fortnight ending Jane 4." The following are extracts from letters. New Orleans, May 31. "There was a run made on the Citizens' Bank yesterday. About 12 o'clock the crowd increased and commenced drawing specie from the State Bank and the Consolidated Bank. This morning the Cashiers of the Citizens' and State Banks have announced that they have suspended until the 5th December next. the time given by the Legislature. It is said that the Citizens' Bank has $500,000 in sterling exchange, which she has not been able to sell. No person appears to know what caused the run on the Banks. The Consolidated Bank has not suspended." "June 1. "The Consolidated Bank has suspended specie payments. The holders of her notes having lost confidence, owing to the suspension of the Citizens' and State Bank, made a run on her yesterday. The crowd was great, and the day being very warm. several persons fainted. and were carried cut of the Bank apparently lifeless.The run continued from 9 until 2 o'clock, and amounted almost to an impossibility to reach the paying teller's counter. Men were seen coming cutas wet from pers.

9. August 26, 1842 The Yazoo Whig and Political Register Yazoo City, MS
Article from The Yazoo Whig and Political Register, August 26, 1842

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Bank Note Table, Corrected Weekly, NEW-ORLEANS MONEY MARKET. Adapted for Yasoo City Market. Gas Light and Banking Company, par. Bank of Louisiana, par. SUSPENDED BANKS. 25 dis. City Bank of New Orleans, 8 Mechanics and Traders', " Union Bank, 12 " 18 State Bank, " 30 Canal Bank, " 20 Commercial Bank, " Consolidated Bank 35 u 25 Carrollton Bank, " 45 Citizens' Bank, REPUDIATED BANKS, Exchange Bank, 25 c per dol. 30 c dob Improvement do. 25 c Bank of Orleans, 15 c do. Atchafalaya, Blue Backs, 60 to 55 pr d. MUNICIPALITY NOTES. Municipality No. 1, 8 pr ct. dis. " 8 No. 2, sb No. 3 50 40 Alabama, n 8 Tennessee, South Carolina, par. Kentucky, par.

10. September 5, 1842 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, September 5, 1842

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MONEY MARKET. Sales at the Stock Exchange, Sapt. 3. 19 b60d 25 Del. & Hud $30d 843 100 Farmers' Loan 75 do $30d 85 s30 39 100 Mohawk R 50 do cash 86 -40d 382 25 do 58 cas 51 25 Mechanics Bank 100 L. Island $60d 16 75 60 Bk of State NY 50 Stonington R 60 50 do 161 90 Mechanics' BKg Asso. 85 60 15 Amer Ex Bk 50 Firemen's Ins. Co 611 50 Manhattan Gas cash 19 45 Farmers' Loan 10 183 do SECOND BOARD. 15 19 150 Harlem 60 Farmers' Loan 143 100 do 50 Harlem 14 b3d 15 15 50 da 50 do Commercial and Money Managers. SATURDAY P, M. The transactions at the Stock Board were not to any great extent, but generally at advanced rates. The advices per Caledonia were considered favorable and calculated to prcduce this effect. Del. and Hudson improved + per cent, Mechanics Bank 1, Mechanics Banking Association a further advance of 2 per cent, Farmers' Loan 1, Stonington 1, Harlem 1. State Stecks were firm. City 7's sold at 102, and after the board considerable amounts of both State and City 7's sold at 2 per cent arem. For Ohio 6's 1869, 74 offered: Kentucky 5's 60 offered; State 6's 1862,91 offered; 5's 1858, 33 offered; Arkansas 20 offered Alabama 50 offered ; Michigan 18 offere Pennsylvania 20 offered. 182 241 $1,000 Illinois 63, 1870 $12,000 N.Y 51, 1861 78 21 $5,000 Indiana cs $5,000 K'ky Sixes, 560d 19 $5,000 III 6s, 1879 No change in Foreign or Inland bills- and very little doing. We learn from a private letter from London, that Mr. Robinson our financial agent, who went out to negotiate the 12 million loan, had left London for Antwerp on his way to Amsterdam. English capitalists would have nothing to say to him, and no better prospect existed for the negotiation on the continent. The amount of Treasury Notes outstanding on the 1st inst. was $8,771,999,99, being about $132,000 less than last month. At a meeting of the Directors of the Merchants' Ex. change Bank, James Van Nostrand, Esq., was this morning o elected President, vice Peter Stagg, deceased. Some surprise having been felt at a discrepancy between the dates and numbers of the Banks of the State of Kentucky, that is that bonds of 2 certain date should be numbered higher than bonds of a later date, the Secretary of Kentucky has published a statement He explains that some bonds regularly numbered but not dated, were deposited in the Northern Bank: one of there bonds were paid cut and dated at the time of payment by the Cashier. This has created the discrepancy. From 2 communication in the Albany Argus the Safety Fund appears to be in better condition than was anticipated. Twenty-two banks have availed themselves of the law allowing them to pay in six years contributions in one sum. in broken bank notes at par. They have paid in $200,060 and other large banks are preparing to do the same. It also appears that the Fund will get material lief from amounts to be repaid by the Commercial Bank, ($181,781) the Lafayette, Clinton, Watervliet, Lewis County, Commercial Bank, Oswego, &c. Holders of sespended bank notes, it is supposed, may look for a much earlier redemption than was supposed six months ago. All the banks of Lancaster, including that of the Columbia Bridge, resumed payment of specie for all their notes and deposites, on the first instant, agreeably to their previous arrangements. The approach of resumption in Virginia, (15th inst.) has reduced the rates of discount between Baltimore and Richmond, to 1 percent on drafts and 11 on bank notes. Wheeling notes 41 a 5. At Wheeling exchange OR the East was S per cent prem. At Charleston there was very little doing in exchange, and sight checks OR New-York were very scarce. 60 day bills were selling at cent discount. A mutual Insurance Company is being formed at Charleston. Specie continues to flow to New-Orleans from all quar ters. In addition to $200,000 to $800,000 from New-York, Vera Cruz, Cincinnati, Sc. $16,000 have been received from Martinique. The suit of the State of Louisiana against the Commermercial, Canal, Citizens' and Consolidated Banks for a forfeiture of their charters came on on the 26th ult. before the District Court. The counsel of the two first banks produced evidence to show that they had placed themselves within the limits of the Bank Law, by having in their vaults an amount of specie equal to one-third of their cir culation. The suitagainst them was consequently dropped. The case of the Citizens' Bank will be argued on the 2d September, and that of the Consolidated Bank on the Monday following. The rates of suspended bank notes at New-Orleans were in some few instances getting better. Exchange was scarce and rates tending upward. Sterling 4 prem. Francs 5,50; sight New-York, par to 3 per cent discount; 50 days 2 a 21 discount. American gold plenty and dull. Treasury Notes scarce, selling at 1/4 1 discount. The Canal Bank received $70,000 in specie on the 26th. The Consolidated Bank has also obtained specie enough to arrest the operation of the law.