57bfa295None
Click image to open full size in new tab
BANK PANIC.-From a telegraphic dispatch received on Saturday evening we learn that the bank panic is raging in Boston, Philadelphia, Baltimore and Washington. We also learn that the banks of the above places have suspended specie payments. This, however, will not effect bill holders, nor hinder the currency issued by those banks from being received by our banks on deposit. The banks of Hopkinton, Rhode Island, and Monson Bank, Maine, thrown out. Don't take eastern exchange.
Click image to open full size in new tab
SECOND DISPATCH. BOSTON, Oct. 14, noon.-The Massachusetts Bank continues to pay specie.A meeting to consult upon the propriety of redeeming small notes with 'specie takes place at 1 o'clock. Bank Suspensions. NEW YORK, October 14.-In pursuance of the resolution adopted yesterday, our Banks have all suspended, and steps have been taken to procure relief through the Legislature. TRENTON, N. J., Oct. 14.-The Banks here have all suspended. There is no excitement. ALBANY, Oct. 14.-The Banks of this city have all resolved on an immediate suspension. They will take the notes of all the country banks at par. BOSTON, Oct. 14.-The banks of this city have voted a general suspension of specie payments.
Click image to open full size in new tab
Financial Matters. NEW YORK, Oct. 14. Our banks have resolved on a qualified suspension. They have determined to suspend the payment of specie over their counters for the time being, but otherwise to continue their regular business operations, including such mutual advances of specie from bank to bank, as may be required to meet the laws of the Clearing House, and to escape the constitutional interdict against an absolute suspension. The suspension has calmed down the feel ings of the community; and the tone of the banks, bankers, merchants, and indeed all classes, is decidedly more cheerful. A notice was posted to-day at the various Banks which are enabled to continue business, stating that business will be continued as heretofore, excepting the paying of specio. Checks will be received on deposit, and in the payments of notes and bank notes, will be paid and received as usual. Many of the Banks have still a large amount of specie on hand. Gold is selling by the brokers at 4 or 5 per cent. premium. BOSTON, Oct. 14. The Pacific Mills Corporation at Lawrence, J. Wiley Edmands, Treasurer, reported suspended to-day. Also, Little, Alden & Co., large dry goods importers. The announcement of the decision of the Boston banks to suspend specie payment, was well received on 'Change to-day, the measure, in view of the circumistances, being deemed most advisable. The news spread with great rapidity throughout the city, but did not cause 80 much excitement as was anticipated. Lower prices ruled at the Stock Board and the market quite unsettled. It is probable suspension will extend throughout New England, with few exceptions. The Banks of New Bedford, Fairhaven, Worcester, and other principal towns, have suspended. At Nantucket and Lowell, the Banks continued to pay specie throughout the day. The crisis appears to have been met everywhere this way with entire philosophy, and no exhibition of excitement. The Boston Banks will pay their balances at the Clearing House in specie, as usual, 80 that the suspension merely amounts to the suspension of paying gold at their counters. DETROIT. Oct. 14. In consequence of the suspensions in the east, the Michigan Insurance Companys' Bank in this city, discontinued specie pay. ment this morning-otherwise its business will go on as usual. The action of the Bank is almost unanimously approved. A meeting of the citizens to consider monetary affairs will be held this afternoon in the City Hall. CONCORD, N. H., Oct. 14. The Banks of Concord have not yet suspended. The Banks in Manchester, N. H., and in Lawrence and also in Methuen, Mass., suspended to-day, and the Pacific Corporation of Lawrence, was unable to pay off its hands in consequence. TROY, Oct. 14. Under advices from New York this morning, all our City Banks, eleven in number, suspended specie payment. They are open, however, and are doing business as usual. PETERSBURG, Oct. 14. The Branch Farmers' Bank of Petersburg, suspended specie payment to-day. The Virginia and Exchange Banks are still paying specie. TRENTON, N. J., Oct. 14. The suspensions of the banks here produced no excitement, and there is a favorable feeling towards the banks. They accommodate the public with specie for change. There is some talk about convening the Legislature to repeal or modify the stringent law against bank suspensions. BATH, Oct. 14. The Presidentsand Directorsofour Banks, at a meeting this evening, resolved to suspend specie payments for the present. BANGOR, Oct. I4. At a meeting of the Directors of the sev. eral Banks in this city, held this afternoon, it was unanimously agreed to suspend specie payments during the present crisis. The following resolutions were adopted, together with one expressing contidence in the Suffolk system, and refusing to take bills of Banks not redeeming in Boston Resolved, that it is expedient for the banks of Bangor to be governed by and act with the New England Banks during the present crisis, and continue to redeem in Boston as usual. There has been no run upon any of the Banks, and the greatest confidence is felt by the community 80 much 80, that the Banks have increased the amount of specie in their vaults during the past week. The measure has created no excitement, and it was adopted simply as a measure of protection, in view of the suspension in New York and Boston.
Click image to open full size in new tab
BANKS ALL SUSPENDED.-The Banks of New York and Boston have all suspended, according to a private despatch received at Burlington. The indications in the despatches published in our columns tend strongly in that direction, and we presume by this time all the banks of the country have suspended.
Click image to open full size in new tab
# Bank Suspensions. PETERSBURG, Oct. 14th. -The branch of the Farmers' Bank of Virginia, at this place, has suspended. The branches of the Virginia and Exchange banks are still paying specie. DETROIT, Oct. 14. - The Michigan Insurance Company has suspended specie payment. BOSTON, Oct. 14. P. M. - The suspension of our banks has caused but little excitement. They have resolved to continue the exchange house and to resume specie payment as soon as possible. The banks of New Bedford, Fair Haven, Worcester and other principal places have suspende. The Nantucket and Lowell bank have paid specie throughout to-day, but the suspension will be general in New England.
Click image to open full size in new tab
The Banks of New York and Boston have followed the lead of those in Philadelphia and Baltimore and suspended specie payments. The Legislature of Pennsylvania has legalized the suspension of the banks of that state up to the second Monday of April next.
Click image to open full size in new tab
The New York and Boston Banks. The Banks of New York and Boston after being greatly weakened by the continued run to which they were subjected yielded to the pressure early this week, and announced their determination to sub pend specie payment. The banks of these cities held on as long as there was the slightest hope of keeping up their credit through the panie, but when they saw a set purpose and determination on the part of the people to drive them to suspension, they reluctantly adopted that measure as their only course. The suspension of specie payment, will now, no doubt, become general and extend to every bank in the country. A system, radically and inherently bad is fast working its downfall and must soen give place to something less corrupt and treacherous. A writer in the Philadelphia Press in a very elaborate and forcible article on the rottenness of banks and the dishonest trickery of Banking Associations says "We protest that we have no interest in this matter beyond our relations as a citizen to the general good. We throw all party considerations to the winds. The great object we have in view is that all men, bowever rated in the political vocabulary, should feel that, as, in this mighty question of finance, they have common intesests, 80 too have they a common call to act together in the future. "It is high time that the business of secret, partial and corrupt banking should cease. "It is time that the losses to labor in the midst of universal prosperity, plenty, and peace, as a result of failing banks should be ended. "The practice of plundoring industry by making men work for a paper dollar one day, which the next is worth only fifty cents, must stop. The practice of making the merchant sacrifice his property and credit to make his note 'good at a bank which refuses to do the same thing for its creditors, must be forever abandoned. "The favoritism of the banks must be given up. "Every paper dollar should be represented by a silver dollar, and every man who wants to open a Bank should do so just as he now opens a store-his OWL means, credit and character being his capital, and the law being his restraint. "If there must be paper money, let us have it OR these terms. They would no be regarded as harsh among men of business. They should not be regarded a hard upon the banks; and especially now that for fifty years, the banks have had their full share of the people's money.Let us consider these notions at any rate They cannot be worse than those which have failed. "The country never was in a better con dition, as to all natural advantages tha now. If the banks fail, crops do not fai If suspensions of specie payments occu there are no Bussensions of the rewards the seasons. Our State credits are intac Our United States securities are soug after in all the marketsof the earth. The is no epidemic desolating the land. TI banks alone have filled the country wit lamentation and WGB, This is the time consider whether they can be amended left to die out entirely."
Click image to open full size in new tab
Suspensions. NEW YORK, Oct. 14.-In conformity with the determination of the Board of Bank Presidents, last evening, the banks of this city have suspended specie payment. BOSTON, Oct. 14.-The Banks of this city have susponded specie payment, The Presidents met this morning and unan: imously agreed to do so. The banks of Hartford have adopted the same course. ALBANY. Oct. 14.-The banks of this city, have this morning suspendod specie payment.
Click image to open full size in new tab
Commercial. COURIER OFFICE, WEDNESDAY, P. M. Oct. 21, 1857 The money panie continues to be the all-absorbing question for consideration, both with the press and the people. All other subjects are either lost sight of, for the present, or are entirely ignored. The great questions of Reform and morals give place to the discussion of financial subjects. Religion, "the great concern" is almost lost sight of and we fear christians are found consulting their "Detectors" far oftener than their Bibles and Prayer books. If they are "under concern of mind," It is because of the passible suspension of some of the "friends of the mammon of unrighteousness"-now-adays called Bankers, whose certificates of Deposite they hold. Even the Politician, has lost all interest in the great questions of political ecenomy, and self government, and is quite indifferent to the result of the late election,-so that the little oblong bills of paper he holds in his hand are "good." That old soul-stirring enquiry-"Have you heard from Pennsylvania!!"-falls to wake the slumbering energies of his political nature. He only consults the list of suspended Banks in the last COURIER. The merchant, also, eager as ever to sell you a bill of goods, looks suspiciously at the currency you offer him, and politely informs you that he would prefer you would get it "broke" elsewhere, as if it were not already "broke" to your own sorrow. The honest old Farmer, too, the world's most useful man, comes to town with his produce, and bluntly informs you that he wont touch a rag of paper money. The rich, the poor; the business man, the laborer; the professional man, the bar-room loafer; the Dandy, the snob; all clases alike, the printer only excepted, are, for once in their useful and useless lives, considering the tightness of the money market. The Printer, lucky dog, has nary red, to trouble him. What's it to him whether Banks and Bankers are suffering a "run" or have snspended, when he has neither certificate nor check,-and expects none. He is simply a chronicler of passing events, and when the Bulls and Bears, and other animals of the financial menagerie, git "Knocked into pi"-he is the only man who can set them up, and restore confidence and credit among the outside spectators of the show. On Sunday of last week, eighteen New York city Banks were forced to suspend. The outside pressure was intense. A scene of wild excitement and clamor followed, disgraceful in the extreme. Subsequently every Bank in the city closed. The Banks of Philadelphia, Boston, Portland and all other eastern cities have done thesame. The Banks of Ky., Ohio and Indian are striving to sustain themselves, but fears are entertained that they will not be able to do so. The Jeffersonville Branch of the State Bank of Indiana has already refused to pay specie for their paper. Indeed we are on the eve of universal Bank suspension. We have a thing about this matter that we may "promulgate" next week. In the meantime "we shall see what we shall see." But our "Devil" is at our elbow clamorous for "copy" and we have only time to say that "times are getting no better very fast"-and that we have only a promise of "a good time coming.
Click image to open full size in new tab
IT A dispatch from New Orleans announces that the banks of that city, which suspended during the panic, have again resumed. The banks of Boston, it is said, are prepared to resume. Spesie is rapidly pouring in New York, and a letter from that city, dated Tuesday evening, says: Our city banks are now so strong in their specie reserves $20,000,000) that they are abundantly able to resume specie payments.
Click image to open full size in new tab
RESUMPTION OF SPECIE PAYMENTS.-A dispatch from New Orleans, says the Baltimore Sun, announces that the banks in that city, which suspended specie payments during the late panic, have again resumed. This is agreeable intelligence, and we hope to see our own and other suspended banks adopt the same course at an early day. The Banks of Boston, it is said, are prepared to resume. Specie is rapidly pouring into New York, and a letter from that city, dated Tuesday evening, says: " Our city banks are now 80 strong in their specie reserves ($20,000,000) that they are abundantly able to resume specie payments. Some of the prominent bank men in the street to-day said they are willing to take that step as soon as the country banks are ready to 'second the motion.' In point of fact, specie payments at the counters of the principal banks are already resumed. Gold is 80 plenty that the suspension is only nominal. " While these cheering signs are visible in financial circles, there is much to encourage a hope of better times elsewhere. Many of the up-town shops that were panic-struck a few weeks since are taking back some of their discharged hands, and preparing to resume business. The grading of the Central Park is going to give work to 1,000 laborers nearly all winter, and it is expected that by the 1st of January 500 more will find something to do on the new Post Office, to be built at the lower end of the Park." The New York Journal of Commerce estimates that the specie in the banks of that city next week will equal $22,000,000-a larger amount by several millions than was ever in the banks before.
Click image to open full size in new tab
FAYETTEVILLE, TENN: Thursday Morning, December 10,1857 Resumption of Specie Payments. A dispatch from New Orleans, says the Baltimore Sun, announces that the banks in that city, which sus. pended specie payments during the late panic, have again resumed. This is agreeable intelligence, and We hope to see our own and other supended banks adopt the same course at an early day. The Banks of Boston, it is said, are prepared to resume. Specie is rapidly pouring into New York, and a letter from that city, dated Tuesday evening, says: 'Our city banks are now S0 strong in their specie reserves ($20,000,000) that they are abundantly able to resume specie payments. Some of the prominent bank men in the street to-day said they are willing to take that step as soon as the country banks are ready to 'second the motion.' In point of fact, specie payments at the counters of the principal banks are already resumed.Gold is S0 plenty that the suspension is only nominal, "While these cheering signs are visible in financial circles, there is much to encourage a hope of better times elsewhere. Many of the up-town shops that were panic-struck a few weeks since are taking back some of their discharged hands, and preparing to resume business. The grading of the Central Park is going to give work to 1,000 laborers Dearly all winter, and it is expected that by the 1st of January 500 more will find something to do on the new Post Office, to be built at the lower end of the Park." The New York Journal of Commerce estimates that the specie in the banks of that city next week will equal $22,000,000 - a larger amount by several millions than was ever in the banks before.
Click image to open full size in new tab
Money continues easy for good collateral loans and undoubted paper. or this last there is as unusual scarcity, and as this becomes more and more apparent, lenders manifest less hesitation in negotiating, and there is decidedly less severity in the serutiny of paper. The figures for very choice names range from 7 to 12 per cent, but there is still very fair paper to be had at from 15 to 18. The great feature of the week in money matters is the rather sudden resumption of specie payments by our City Banks, followed by those of Boston, Albany and New-Haven. The movement has been for some time in contemplation, and as specie has accumu'ated and 88 the session of the Legislature drew nearer, the desire to resume became stronger, until at last the institutions opposed to the movement gave in together, and even anticipated the step by one day. Opinions are very much divided in regard to the effect of this important measure. Many of our leading merchants and bank mausgers regard it as premature, while others look upon it with indifference, anticipating RO essential change in the general course of monetary affairs. In one day's experience no satisfactory teet is afforded, but there is something in the total lack of disturbance or excitement which justifies the anticipation of & quiet and easy return to the specie basis. It must be taken into consideration that since the suspension of specie psyments our back loans have undergone no expaision- standing in point of fact, in the weekly returne, nearly $1,000,000 less, in a comparison of the figures of Oct. 17, a few days after the suspension, with those of Dec 5, the date of our last returns. During the same time the specie reserve has rue up from $7,848,230 to $26,069 852, an increase of $18,221,602, and the deposits from $52,894,623 to $78,492,065, a gain of $25,597 442. Thus, while in loans the position of our Banks has not materially changed, their resources have been strengthened to an enormous amount within a very brief space of time. Now the question arises as to the necessity of contraction, and upon this hangs the solution of the whole matter. It is quite probable, nay almost certain, that the first movements of the banks will be those of caution and restriction, to guard against any possible contingency; but with the present business stagnation, the limited warts of business men, the general deadness in matters of enterprise, it is not reasonable to anticipate a continuance of this policy, or even its practice to any important extent. Between this resumption and that which followed the suspension of 1837, the differonce in the position of the banks is very marked. Then a large expansion had followed close upon the heels of the suspension, and at the period of resumption business had revived greatly, and the demand for discounts was of course active. The consequence was a contraction, which was felt severe. ly. It would seem in the present case that the change, though important enough to require the watchful attention of business men, cannot be attended by any decidedly adverse results; and we are rather inclined to adopt the views of those who regard the movement as one not to be regarded with alarm or useasiness. In foreign Exchanges a decline of perhaps I P cent is the immediate result, while in domestic Exchange an advance of 1@} P cent, varying according to the distance of the points upon which bills are drawn, is already established. As to Specie Exports, it is not apparent that 8 large increase must follow of necessity, unless discount facilities are more freely extended to im porters, and when we bring in to this part of the consideration the fact of a very large decrease in our imports for several months to come, there is nothing to excite apprehension on this point. Nor can we expect much demand for specie to pay for daties in the withdrawal of goods from warehouse, so long as trade remains in its present insctive condition. The banks are not, therefore, likely to be subjected to any pressing calls for coin, and are well prepared to furnish all that will naturally be required. Whatever the results of this new movement may be, however, whether for good or evil, the responsibility of the measure must rest upon the broad shoulders of the Bank of Commerce, which not only took the lead throughout, but bas been most urgent and pressing in its persuasions and in fluences. So determined has this bank been to carry the matter, that if necessary it would have been alone in resumption at once. The banks of Philadelphia and Baltimere have signified by telegraph their inability to follow the movement at present-but we trust it may not be long before they, also, come into line with the rest, for there is much of difficulty and embarrasement in conducting business in the present state of exchanges between those cities and New-York. A large sale of Sovereigns was madeto-day 99. Small lots bring $4 88@$4 89. Some considerable purchases of gold have been made for foreign shipment next week. We annex & comperative statement of the Foreign Imports at New-York for the week and since Jan. 1:
Click image to open full size in new tab
Monetary and Commercial. The banks of New York city, Albany, Bostonand New Haven resumed specie payments on Monday, the 14th inst. The New York Tribune of that date says: The banks of our city and State have fully resumend specie payments. They have done this in the face of our still heavy indebtedness to Europe, and of a prospect that specie will continue for some time to be drawn from their vaults to discharge a portion of that indebtedness. For, though our im ports are, and must for months continue to be light, the amount of grain and flour to go forward is in considerable, while cotton, tobacco, pork, and almost every thing else we have to sell, are 80 depressed in price as seriously to impede their movement as well as diminish their productiveness. Farmers naturally hold back, hoping for better prices; while the charges for transportation which were tolerable on the prices of last year, nearly eat up the proceeds this year. We must continue to export specie, there fore, and the strain of such export is felt primarily by the Banks of our City. Their resolve, therefore, to take the lead in anearly resumption, evinces courage and a consciousness of enduring Opinions are very much divided in regard to the effect of his important measure. Many of our leading merchants and bank managers regard it as premature, while others look upon it with indifference, anticipating no essentialchangeit the generalcours of monetary affairs. In one day's experience no satisfactory test is afforded, but there is something in the total lack of dist urbance or excitement which justifies the anticipation of a quiet and easy return to the specie basis. It must be taken into considerations that since the suspension of specie payments our bank loans have undergone no expansionstanding in point of fact, in the weekly returns, nearly $1,000,0001ess, in a comparison of the figures of Oct. 17, a few days"after the suspension, with those of Dec. 5, the date of our last returns. During the same time the specie reserve has run up from $7,848,230 to $26,069,852, an increase of $18,221,602, and the deposits from $52,894,723 to $78,492,065, again of $25,596, 442 Thus, while in loans, theposition of our Banks has not materially changed, their resources have been strengthened to an enormous amount within a very brief space of time. The Louisville Courier of the 17th inst., says: The hog packing season is progressing slowly, and the market is of a quiet character just now, though hogs may be quoted from 5}a5}e net, cash and time. The total number killed around the Falls, up to this evening, is littleover 100,000 head, with but few left over in pens. The season is very backward, and it is some three weeks later than the last, which closed before the 1st of January, with the slaughter of 216 838 hogs. It is anticipated'by many, that the present season will fully equal the past in numbers, while it will exceedit in weight. At Cincinnati, the market early in the week wasbuoyant, but it rapidly declined. The advices from New Orleans produced a dull and heavy market both for the hogs and product; and at the close there were several anxious sellers, but no buyers. The number of Hogs which arrived from Ohio and Indiana during the week, is quite small. In fact the Ohio, Indiana and Illinois Hogs have not yet commenced to arrive fully, and it is clear now that a large business will be done in January. The receipts at Cincinnati are vastly behind those of last or any previous year, but but this, taken in the abstract, is u usually backward, farmers being anxious to feed their hogs as long as possible, and this is both logical and prudent, because even $3 50 net for pork, would better than to sell the corn at 10a15c per bushel in the field. The slaughter at that point, upto yesterday had amounted to 162 hogs, against 250,213 the previous year at the same date. We learn that the corn crop has been very seriously damaged throughout the West, in consequence of early frosts and wet weather. Through a large portion of Indiana, we learn that farmers are very alarmed. The corn that has been put in cribs is heating. and purchasers refuse to buy it for any purpose except where it can be used immediately in feeding hogs. In many places it is said to be difficult to find sound corn to answer for seed. We are aware of the general tendency to exagerate reports of this character, but are satisfied that the corn crop has suffered very serious injury in Ohio, Indiana and South Illinois. The present erop, however, is far greater than that of any previous year, and the damages will have to be immense to bring it below the usual average. Nashville Market, Dec. 19. Corron.-The market still continues depressed under the unfavorable advices from Southern ports and Europe. To-day sales were madeat though G. fraction higher might be obtained for a very supemior article. We quote the market at 9@9fe, though holders, unwilling. submit to the decline, resulting in but few transactions. TOBACCO.- heard of the sale yesterday, of one hogshead of new crop, the first of the season, of second quality. at the warehouse of A. Hamilton. The price obtained was $6.05. Loose is selling at 3@5c. WHEAT.-The market continues quite brisk, our millers paying 70@75c for Red, and 80@85e for White. These prices being considered fair by farmers, receipts during the past week, have been quite liberal. FLOUR. We hear of no change in prices, and continue to quote superfine at $4@4.25, and extra and family at $5 per barrel. GROCERIES- market presented a more animated appearance to-day than for some time. We quote New Orleans, Sugar at 7@9c. in bbls. and hhds; Molasses 30@32, and Coffee 11}@12c. The stock on the market is ample to meet the demand. are offering 4c gross and 5c. net for Hogs. New Bacon is selling at 9c., and Lard at 10c. New Orleans Market, Dec 12 SUGAR.-We remarked in our semi-weekly re port that the weather for several days previous had been of the most unfavorable character possible for the crop. being warm and wet, codsing the cane to sour, and it is now estimated that the damage to the crop will be fully 75,000 to 100,000 hhds. The money pressure however, prevents speculativ movement, and prices gave way in the early part of the week. though they inverecovered slightly since. We noticed sales of about 2500 hhds. in the first three days of the week. but on Wednesday, only a limited business was done, cwing to the rain, which fell heavily nearly the whole Since then, with a return of fair weather, a renewal of demand and less free receipts, the advantage in prices has been on the side of sellers, who have obtained a slight advance in the Fair and Prime grades upon the rates current in the early part of the week. The sales of the past three days sums up about 3000
Click image to open full size in new tab
NEW YORK CITY BANKS. A year ago, say December 13, 1856, the New York City Banks stated their condition, as follows: Loans and discounts, $108,336,586 Specie, 10,832,543 Circulation, 8,516,854 Deposites, $89,590,680 Soon after the suspension of specie payments, October 17, 1857, the same items were given, as follows: Loans and discounts, $97,245,826 Specie, 7,843,230 Circulation, 8,087,441 Deposites, 52,894,623 The last statement which has reached us-that for December 12, 1857-is as follows: Loans and discounts, $96,526,037 Specie, 26,058,877 Circulation, 68,348,494 Deposites, 75,365,134 The noticeable feature in this statement, is the great increase in specie, not only over the amount held at the time of suspension, but over the amount of the quiet and flush times of a year ago. At no time during the year before suspension did the specie in the New York City Banks come within twelve millions of the amount now held by them. The Banks of New York resumed specie payments on Saturday, the 12th, in pursuance of a resolution unanimously adopted by thirty-eight of their number, on Friday afternoon. Eight of the Banks were not represented. The Banks of Albany resumed on Saturday also, and those of Boston the following Tuesday. It would be a, source of sincere satisfac tion, could we announce a like determination on the part of our Banks. They are believed to be abundantly able, but as yet no movement has taken place looking to S0 desirable a result, and we shall, in all likelihood, be compelled to submit to all the injuries of a state of entire suspension for some time. The results upon our trade will be exceedingly disastrous.
Click image to open full size in new tab
SPECIE PAYMENTS. The Banks of New York, Boston, Albany and New Haven have resumed specie payments. The amount of specie on hand induced them to resume. If they do not have to suspend again, the move will have a good effect; but if they should be compelled to stop again it would have been far better to have remained in suspension a while longer.
Click image to open full size in new tab
From the Toledo Blade. The panic of 1819, caused by the inflation of the currency during and the war succeeding the of 1st 1812, of began, properly. about April, 1819, when the Bank of the States set about putting its in and affairs United order, uncovered the rottenness of the New York, Philadelphia, W and Boston banks. By of that year the of was the August country prostrated. business In the small city of Philadelphia 20, 000 persons thronged the streets employment. trades in that 9. 672 persons, their to about seeking employed force city, which 2,000. reduced usually Thirty The same ratio prevailed in New York, and Boston. lasted 1819 sion Baltimore, through The and depres- 1820. In June, 1821, a revival of business seemed evident. By October there unmistakable movement that which was an direction, continued in to develop until December, 1822, when a reaction took place in manwhich reduced in cotton sharply--amounting ufactures, prices goods to as much as 50 per recovered from Business cent. this and went on was very prosperity improving marked rapidly. in 1824 The and the year opened very auspiEngland, which had also been from had recovered, and ions, ciously. suffering trade everything depresswas going swimmingly. In 1825, a reaction took with July, STUDENT is 'till's 'ubumury, firms obver went down like card houses. The panic culminated in December and the depression lasted through the 1826. In year 1827 the revival came, and and the was again prosperous, with but country business increased rapidly, until temporary stringencies, has few the greatest crisis this country it known was precipited upon 1837. ever the beginning of the year in in brunt of the crash occurred The York in March, and in April whole country was New succombed. throughthe The depression continued opened 1837, but the next year out travel revived rapidly, the banks generally The and favorably, August. resumed in payments in crash specie 1839 brought about a which year defective banking system of 350 our out of existence 343 This cripwiped then in existence. of the banks the industrial interests the next pled country somewhat, were comparetively bnt place pros two years A revolution took whole perous. which lasted the the recovery was and 1845 was still better, in year. complete In 1843 1844 apparently nearly went on, each year so it prosperous than the preceding was a more until 1851, when there however one cheeffects of which, year, panie, disappeared by the following and 1855 and 1856 were very prosperous The bad seasons. outlook for crops, in and 1857, a decline in stocks and early apprensieas caused uneasiness finally came on of trouble which August, when the Ohio Lite the 24th and of Trust company, millions of Cincin- of nati, tailed, The with seven infection spread liabilities. 12th and 13th of September Washon the banks of Philadelphia, other the Baltimore and many 13th of ington, suspended. On the with cities the New York banks, a few October exception, suspended, and did the one days later the Boston banks same. marked the elimax of New the This December 12, the after trouble. banks followed one business York The revival of spring another. wonderfully raoid. By and conit was was well established,