8329. Banks of Baltimore (Baltimore, MD)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: September 26, 1857
Location: Baltimore, Maryland (39.290, -76.612)

Metadata

Model: gpt-5-mini
Short Digest: d51c0218

Response Measures

None

Description

Multiple newspapers report that the banks of Baltimore collectively suspended specie payments on/around Sept 26, 1857 and later resumed specie payments in early February 1858. Sources explicitly state there was no run when suspension occurred. Cause is the broad 1857 banking panic/financial pressure (macro news).

Events (4)

1. September 26, 1857 Other

Newspaper Excerpt: At an early hour this morning a meeting of the Presidents of all the banks in the city was called, held at the Union Bank, and, after due consideration, resolutions were unanimously adopted agreeing upon the expediency of suspending specie payment for the present. ... We record the fact with pleasure that no run was made and no extraordinary excitement perceptible.
Source: newspapers

2. September 26, 1857 Suspension

Cause: Macro News
Cause Details: Decision to suspend specie payments made collectively in response to widespread bank suspensions and the 1857 financial panic (Philadelphia, Boston, etc.). No bank-specific failure cited; action taken as protection amid general crisis.
Newspaper Excerpt: Resolved. That the Banks of Philadelphia having suspended specie payments, it is necessary for the protection of the interests of the city of Baltimore and of this State, that our Banks suspend also.
Source: newspapers

3. September 27, 1857 Other

Newspaper Excerpt: WHEREAS.-The Banks of Baltimore, Phila., and Pittsburgh and Reading, have suspended-and whereas a run has to day been made upon our banks by brokers and bankers from abroad: ... Resolved 1st, That the Presidents and Directors of our different city banks be respectfully requested to promptly suspent specie ment; until such time as they can resume with safety to the business interests of the community: Resolved, 2d, That we have the most entire confidence in the solvency of the several banks of our city, ... The resolutions were carried unanimously and the meeting adjourned with cheers and much good feeling.
Source: newspapers

4. February 8, 1858 Reopening

Newspaper Excerpt: The Presidents of the several banks of the city of Baltimore ... met at the Union Bank yesterday morning, and unanimously adopted a resolution declaring that 'the Banks of Baltimore resume the payment of specie on all their liabilities forthwith.' The resolution was immediately carried into effect and coin paid whenever demanded over the counters of all the banks.
Source: newspapers

Newspaper Articles (13)

1. September 27, 1857 Wheeling Daily Intelligencer Wheeling, WV

Article from Wheeling Daily Intelligencer, September 27, 1857

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Our Banking Interests. CITIZENS' MERTING.-On Saturday evening, after considerable ringing of the bell, a large number of citizens convenen at the Court House, brought together by the street suggestions consequent upon the news published in the extras of the Intelligencer and Times during the afternoon relative to the suspensions of banks in different chies. The run from abroad during Saturday upon the banks had contributed no little to the universal demand for some protective action. On motion of Mr. Hamilton, Wharf Master, Mayor Caldwell was called to the chair and Geo. Baird appointed Secretary. The Mayor announced that this meeting had been called for mutual advisement and recommendation as to our banking interests during the coming week and so long as the money pressure should continue. For our banks to continue specie payments to foreign brokers, merely for purposes of speculation, because they had all confidence in their soundness, when all other banks were suspending, was suicidal to their own and our community's interests. On motion of J.B. Bingham, a committee of five was appointed to draft resolutions expressof the sense of the meeting upon the subject: Messrs. Bingham, Alex. Paxton, W. W. Shriver, M. Warren and J. M. Todd were appointed. (While the committee were out conferring, Mr. Wharf Master Hamilton, begged leave to call the attention of the meeting to the fact, that a species of forestalling was in vogue now in the traffic of marketables, and that it was a difficult matter to get a peck of potatoes, tomatoes or onions at a fair, christian price. He therefore recommended that in case the practice was not brought to a discontinuance, that a suspension of the Market House be decreed, through the instrumentality of a fence round about.) The minds of the people being oblivious to all else save money matters, ignored all thought of vegetables and casting about during theirimpatient waiting for the committee, centered upon Col. Wheat as the inan to edify them with some remarks. The Col. arose, and after a few appropriate remarks excused himself as there were other persons present more intimately connected with the banks. Mr. Sweeny being called for remarked that be had nothing to say now as he had said his say to-day, having advised that the demands of foreign brokers should be refused. The Committee having returned reported as follows: WHEREAS.-The Banks of Baltimore, Phila., and Pittsburgh and Reading, have suspended-and whereas a run has to day been made upon our banks by brokers and bankers from abroad: and whereas a continuance of our banks to pay specie under such circumstances would be disastrous to the community in depriving its citizens of the acconimodations necessary to a protitable transaction of the business, therefore. Resoleed 1st, That the Presidents and Directors of our different city banks be respectfully requested to promptly suspent specie ment; until such time as they can resume with safety to the business interests of the community: Resolved, 2d, That we have the most entire confidence in the solvency of the several banks of our city, and that the history of their management in former years, justities the request made in the foregoing resolutions. The resolutions were carried unanimously and the meeting adjourned with cheers and much 25 Tiple They good feeling.

2. September 28, 1857 Daily Iowa State Democrat Davenport, IA

Article from Daily Iowa State Democrat, September 28, 1857

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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.

3. September 30, 1857 The Hillsborough Recorder Hillsboro, NC

Article from The Hillsborough Recorder, September 30, 1857

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The Financial Pressure.-- The pressure in the money market at the North has caused a partial suspension of specie payments in all the Banks of Philadelphia, Baltimore and Washington City. Specie is paid for 5'sand 10'sonly; larger notes and checks are refused. The Banks in New York and Boston, and the New England Banks, as yet appear to be able to withstand the pressure. According to the law of 1850 this action of the Banks in Philadelphia will involve a forfeiture of their charters. It is announced that the Governor of Pennsylvania was about to issue a proclamation calling a special session of the Legislature to assemble on the first Tuesday in October.

4. October 1, 1857 Port Tobacco Times, and Charles County Advertiser Port Tobacco, MD

Article from Port Tobacco Times, and Charles County Advertiser, October 1, 1857

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From the Baltimore Sun of Monday. THE SUSPENSION OF SPECIE PAYMENT BY THE BANKS. The fact that the banks of Philadelphia would suspend specie payments on Saturday, was announced in the Sun of Saturday morning. The effect of this news was anticipated with wonderful promptness by the banks of Baltimore, the principal officers of these institutions having assembled at an early hour on that day, for the purpose of deciding on a uniform course of action. The process of deliberation was brief and decisive, but we have only the following report of proceedings furnished for publication BALTIMORE, Sept. 26, 1857, At a meeting of the Presidents of all the Banks of the city of Baltimore, this day. On motion of Mr. Johns Hopkins, the following resolution was adopted: Resolved. That the Banks of Philadelph a having suspended specie payments, it is necessary for the protection of the interests of the city of Baltimore and of this State, that our Banks suspend also. This decision is made under an absolute conviction of the entire soundness of our Banks, and of their ability to resume at an early day, to which end the business of the Banks will be carefully conducted. Beyond this report We learn that Dr. J. Hanson Thomas President of the Farmers' and Merchants' Bank objected to the resolution and voted and protested against it.One or two others we are informed, though coinciding with the majority, were not originally disposed to advocate it. The meeting had not concluded upon its course until after bank hours, and in the interim considerable amounts of specie had been paid out both to note-holders and depositors. Afterwards in individual instances various small sums, and occasionally to large depositors for convenience or paying hands $50 and $100 were given out, and it is said to be the purpose of the Banks to continue to do this. The Farmers' and Merchants' Bank continued to redeem its notes throughout the day, and certainly is entitled to public esteem for such an effort single-handed to maintain its position. The Chesapeake Bank redeemed the cheeks given to the delegates to the Grand Lodge of Odd Fellows, for their per diem and mileage, after the hour of suspension, partly in coin. The checks ranged from about $50 to $500, and in the latter case the holders received $100 in gold when desired, the others in proportion down to $20. There were in air about one hundred checks. All the other Banks. we believe, redeemed their fives and tens as presented, until they closed at 3 o'clock. There was very naturally, considerable excitement in the community upon the announcement of the suspension, but though the of processing -728 questioned by many and its alleged necessity often freely controverted, the fact caused no alarm. There was confidence in the solvency of our monetary institutions, and the questions provoked by the circumstance referred mainly to the and its effect upon the commerce of the city immediate and remote. The Savings Banks were visited by an unusual number of their customers, at first for the purpose of withdrawing deposits, but upon ascertaining that payment would only be made in bank notes, the demand soon subsided, and some who had withdrawn their funds, restored them. The act of withdrawal, however, it should be understood to forfeit the claim to the extra dividends. We are not disposed at this moment to advert to the evils which have induced the present monetary convulsion, or to examine the validity of any plea for the suspension. It is a calamity to be deplored, but it is incumbent upon all to bear and forbear, to look for a speedy restoration of the usual monetary condition, or something better, hereafter. In this connection we quote some judicious remarks from the Philadelphia Press, as follows "Deeply as we regret that the banks have concluded upon suspension, and steadily as we have labored to produce a better state of things, we have new duties to discharge, to ourselves, our fellow men, and our great city and State. The first of these duties is to see that no harm comes to our great producing classes-to the farmers, mechanics and laborers-and last, not least, to those energetic and public spirited merchants, who have bravely stemmed the torrent which set against our institutions and interests from New York, New England and the West. "The men who are rarely parties to the profits of Banks, but who always bear the burden of a general bankruptcy, demand our utmost solicitude. Rash measures will harm them most. - The Banks are still in a condition to inflict injury upon the community, and while many of those who have enjoyed the favors of these institutions will escape the blow, yet it will fall heavily upon those who have been toiling in their humble avocations, content with the scanty rewards of honest industry. Let us bear this leading fact, in our minds in the course of our action upon the present emergency. "We are glad to know that several of the leading Banks have resolved to take im-

5. October 1, 1857 Holmes County Republican Millersburg, OH

Article from Holmes County Republican, October 1, 1857

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by the Financial Intelligence From the Philadelphia Bulletin of Satevenime: Aupm As might have been foreseen from the of events of yesterday morning, the Banks this city have been obliged to resolve upon suspension of specie existed payments a general time. The excitement that is for a has subsided very much, be and it yesterday that a resumption may not very hoped distant. Most of the banks forfeit their far by a suspension of specie pay- the charters but there is some talk of urging for ments; Governor to assemble the legislature to sake of getting some special action is the relieve them in this emergency. There particular inconvenience resulting as yet no from the suspension. In most of the Banks specie is given for notes of small denominations, and there is an abundance of coin in circulation. The Bank Presidents have been in consultation this afternoon, and although nothing definite has been done, there is reason to believe that they have ascertained the views of the Governor and are about to take some steps which will have the effect to restore confidence. It will be observed that the suspension of specie payments here has been followed The by a like movement in Baltimore. Farmers' Bank of Reading has also suspended. The only other bank in Reading is the Branch of the Bank of Pennsylvania, which of course sdspended with the principal bank. The Union Bank, chartered by the last legislature, has not yet gone into All operation. the places in the interior of the State from which we have any accounts, are following the example of Philadelphia. From the Reading Gazette Saturday The morning suspension of the Pennsylvania Bank became known here about 11 o'clock yesterday morning, and almost immediatecom-to SUM Bank Farmers's offi uodn uni U 4 menced, which continued until about halfpepuadsns 7! when "W d & ased upon its checks and bills. Up to this time, some $20,000 were drawn out. From the Harrisburg Telegraph SaturSep The suspension of specie payments by the Banks in Philadelphia, is already affect ing the Banks in the country. Large drafts were made on the Harrisburg Bank from the city, and some alarm being exAunu 'Mejet's superscript(s)! 10J streets the uo pessond note holders appeared at the counter this morning for specie in exchange, and a general "run" was inevitable. Under these circumstances the Directors deemed it the most prudent course to suspend temporarily, until the panic had subsided, and accordingly declined paying out specie for the present. All checks are paid in notes of their own or other Banks. HARRISBURG, Sept. 26.-The banks of this place, Lancaster, York and Reading have all suspended specie payments. We have no accounts from other places, but the suspension will undoubtedly be general. NEW YORK, Sept. 26,-Despatches have been sent to the South stating that the banks of this city have suspended or will suspended. They are the work of inischiefmakers,"whose "wish was father to the The thought" idea of suspension has not been entertained for a moment. It is believed that the banks are strong enough to stand a still severer pressure. A circular is about to be issued to assure the public of this. The banks are everywhere spoken of with the greatest confidence. They can't suspend and must either break or stand It erect. is believed here that all the banks at the South, except those of New Orleans, will follow the example of those of Baltimore and suspend. From the Baltimo e American, Saturday afternoon: The additional features of panie impressed upon the existing financial pressure by the occurrence in Philidelphia has led 10 what we hoped would be avoided, but still feared must occur-the suspension specie payments by the banking institutions of Baltimore. A general meeting of the Bank Presidents was held this morning, and the result was soon known by announcement to suspend immediately and entirely specie payment. The determination was at once carried into effect, and the result, though necessarily productive of some excitement and alarm, was as a general thing received with a far grater degree of calmness than could have been expected. The immediate effect of the suspension this morning was to brighten the aspect of commercial affairs and relieve the apprehension so constantly prevailing for the past month. The price of money fell from -tud jo uu puu contral per fI 01 17 ces occurred at the stock board. Among the merchants generally the action of the Banks was approved. Althought the suspension, by the terms of the resolution, is entire, some of the Banks continue to sparingly redeem their $5 notes. This however, was only done in peculiar cases and merely to afford change to their customers. The pravailing opinion among the Bank officers is that the suspension will only be From temporary. the Pbiladelphia Press, vester Saturday:

6. October 2, 1857 The Athens Post Athens, TN

Article from The Athens Post, October 2, 1857

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BANK SUSPENSIONS.-It will be seen by reference to articles in another part of our paper, that the Banks of Philadelphia and Baltimore generally, have deemed it advisable to suspend specie payments.

7. October 3, 1857 Grant County Herald Lancaster, WI

Article from Grant County Herald, October 3, 1857

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10 The week past has been one of general disaster in the great financial centres of the country. Every day has brought reports of the suspension of banks or business firms, involving very heavy losses, and Saturday brought intelligence of the general suspension of specie payments by the Banks of Philadelphia and Baltimore, alluded to elsewhere in our columns. We have already alluded to the closing of the Rock River Bank of Beloit, and the Farmers' Bank of Hudson, and on Friday we noticed the suspension of the Fox River Bank, of Green Bay. On Saturday the People's Bank of this city suspended; circulation by the Comptroller's Report of July 1st, $22,997; securities $20,000 in Missouri 6's, and $3,000 in Virginia 6's. The Badger State Bank of Janesville alSO suspended on Saturday. Circulation $22,370; securities $17,000 Missouri 6's, and $9,000 Tennessee 6's. Prices of wheat were considerably improved during the week, and remained quite steady for the last three days, but the falling off from the highest rates caused a diminution of receipts on Saturday, which alone kept up the prices on that day.-[Milwaukee Sentinel of Tuesday.

8. October 3, 1857 Sunbury American Sunbury, PA

Article from Sunbury American, October 3, 1857

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[From the Baltimore Patriot, Saturday evening.] # The Banks of Baltimore Suspended. At an early hour this morning. a meeting of the Presidents of all the banks in the city was called, held at the Union Bank, and, af- ter due consideration, resolutions were unani- mously adopted agreeing upon the expedien- cy of suspending specie payment for the pre- sent. The fact of this determination was soon made known, and between nine and ten o'clock all our banks ceased to pay out specie. The matter was accomplished with great ease and unanimity. We record the fact with pleasure that no run was made and no extra- ordinary excitement perceptible So decided and unshaken was the confidence of the en- tire community in the perfect solvency of our banks, their judicious management and abili- ty to pay, that each person seemed to feel that it was not only a protection to them- selves individually, to the mercantile and bu- siness community generally, but to the banks and to our future financial prosperity, that all cheerfully acquiesced in the movement. Scarcely had the fact become known before a more cheerful aspect could be observed, up- on every countenance, evidently approbating the move, whilst a general sentiment prevail- ed that the crisis was past.

9. October 8, 1857 Holmes County Republican Millersburg, OH

Article from Holmes County Republican, October 8, 1857

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Monetary Affairs. We had 1 oped that money matters had ceased to be the leading feature of daily news, and that financial affairs had settled down into their usual quiet spot under "monetary" head. But the unexpected suspension in Philadelphia, Baltimore, Washington and Pittsburg have again thrown this subject to the surface of daily talk. We believe that the storm which has burst upon the cities named above, is the same storm that passed over New England and the West immediately after the failure of the Ohio Life and Trust Company. If that be so, we see no reason why its disastrous effects should re-visit the North, East and West. The determination in New York is to pay out specie let come what may. Such was a private dispatch of Saturday. The last month has enabled the New York Banks, and the Western Banks, to fortify themselves against any contingency, and we believe they will go through. The great feature of New York and Ohio Banks, distinguishing them from Pennsylvania, District of CoJumbia and Maryland money, is the immcdiate security to the bill holder, and this feature has kept down excitement, and kept up confidence, and we predict will continue to do so, and finally, carry us through the storm. So far as many of the Pennsylvania Banks are concerned they have been improperly extended, but on the contrary Ohio Banks have been, for months, curtaiiing. The New York Times says: The laws of Pennsylvania forbid the circulation of the bank bills of other States, and all denominations below five dollars of their own. She has, therefore, no claim on foreign banks to press to liquidation, and so far she may be considered as somewhat isolated from the general banking system of the country. The Pittsburgh Gazette of Saturday says: One word with regard to the Banks of Pennsylvania generally. Those of them that are organised under the law of 1850 are so hedged about with restrictions and securities that note holders are safe in almost any contingency. Whatever temporary inconvenience may result from the suspension of any one or more of them, the interests of note-holders are so amply cared for that the ultimate loss cannot fall upon them. It is worthy of notice, that the pressure in New York first reached the Banks; they fortified themselves, and the business men, to some degree, were compelled to suffer. In Philadelphia the reverse was the case. There the business men first felt the pressure and yielded to it. Then the blow fell on the Banks, but the business back bone being gone, the Banks could not gather up. Any one can see the distinction, and hence there is no valid reason why a suspension in Philadelphia should be followed by one in New York. If New Youk goes through, Ohio and the West can. The latest dispatches show that Boston, too, stands firm, and we hope and expect to be able, in a few days, to chronicle the gratifying fact that New England, New York, Ohio and the West have braved the storm, and with the reappearance of a blue sky will be prepared to continue a voyage of prosperity which these financial gales may, for a time, retard, but in no event can entirely check. Cleveland Herald. Whatare You going to do about It? Last fall the Democratic presses of the Country teemed with articles endeavoring to prove that; John C. Freemont, (because he planted a cross on the summit of the Rocky Mountains, and was guilty of other acts equally conclusive of hisreligious faith) was a Catholic. They circulated this species of trash against him, for and wide, and endeavored to make political capital of it in every section where it was suppos-

10. January 22, 1858 Evening Star Washington, DC

Article from Evening Star, January 22, 1858

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Exchange on New York... 1/2 a x Do. Philadelphia Do. Baltimore This indicates but little difference in exchange between the cities, and looks to an early resumption of specie payments by the three cities yet suspended. The banks, having this fact in view, are doing but little to accommodate their customers. Money, however, is more abundant, and persons with known ability to make prompt payment find no difficulty in getting what money they want, of private bankers, at 6 a 8 per cent. Second-class rates. paper is hard to be negotiated at any Treasury notes are refused to be ta ken in New York by the banks, and arequoted at 99 and 99½ The same rates will govern here. We hear of but few sales of Corporation stock. No Inquiry for Bank stocks, and, as usual, we omit quotations. Land Warrants are in active demand, and have advanced 4 cents per acre since our last report. The General Land Office has advertised to be restored to market, in Juneand July next, the land on the railroads in Iowa within the six miles, and offer for sale a large quantity iu the same State, aot heretofore subject te entry. APPOINTMENTS BY THE PRESIDENT-By and with the advice and consent of the Senate.Beverly L. Clarke, of Kentucky, appointed Minister Resident of the United States to the Republic of Guatemala; to be also Minister Resident of the United States to the Republic of Honduras, pursuant to the 9thsection of the act of Congress of the 18th of August, 1856, entitled "An act to regulate the diplomatic and

11. February 8, 1858 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, February 8, 1858

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# RESUMPTION OF SPECIE PAYMENTS IN BALTIMORE The Baltimore American, of Saturday, announces the resumption of specie payments by the banks of that city as follows: The Presidents of the several banks of the city of Baltimore, empowered by the Directors of the institutions they represented, met at the Union Bank yesterday morning, and unanimously adopted a resolution declaring that "the Banks of Baltimore resume the payment of specie on all their liabilities forthwith." The resolution was immediately carried into effect and coin paid whenever demanded over the counters of all the banks. Though the measure was an important one, and necessary to place our exchanges on a par with the cities North and West of us, whose banks had already resumed, its effect here was scarcely noticeable. Our banks have for some time past met all the local demand for specie, and therefore no urgency was exhibited upon the part of any one yesterday to obtain gold or silver for their notes. The suspension of our Banks, following immediately upon that of the Philadelphia institutions occurred in the latter part of September and has lasted therefore about four months, a shorter period than any previous suspension, and proving that though the crisis was severe the recovery has been proportionably rapid. The example of the Baltimore banks will no doubt be shortly followed by those of Maryland, Virginia and North Carolina, and these indications of returning confidence will give vigor in time to the slowly progressing revival of trade. We also learn that the banks of Baltimore, through their Cashiers, have under consideration the expediency of establishing a "Clearing House." # OUTLAWRY IN BALTIMORE The Baltimore American gives the following account of the state of society in that city: About seven o'clock Friday morning a half dozen lawless characters caused some excitement in the vicinity of South street and Lovely lane by their ruffianism. After visiting several bar rooms and partaking quite freely of liquor, they proceeded along until near South street, and attacked a young man named Myers, who had just left the residence of his mother for the purpose of going to work. They attacked him without having received the slightest provocation, and after knocking him down gave him a merciless beating. Mrs. Myers hearing the noise, instantly ran to the street, and perceiving the party, promptly interfered for her son, but was compelled to flee into the house, as they cowardly turned upon her. Not satisfied with their conduct, they discharged several pistols through the windows of the second story. Their next exploit was in the tobacconist establishment at the corner of Gay and Fayette streets. They all entered the store and demanded money, stating that they were determined to have some anyhow. The proprietor told them that he had no money in the store, and by way of appeasing their wrath, gave them a number of cigars. They then seized several boxes and strewed them over the floor, and afterwards knocked the proprietor down and gave him a very severe beating. # DAMAGES RECOVERED An Important suit has just been decided in the United States Circuit Court at New York. It was a suit of Franklin Benson and others against the Mayor, &c., of New York city, to recover $60,000 damages for an infringement of the plaintiff's patent right for improvement in the interior works of fire engines. The case was tried several months ago, and the jury found a verdict for the plaintiff for $20,000. # PHOTOGRAPHY Queen Victoria, who has devoted much attention to photography, has lately sent the Empress Eugenie, as a New Year's present, an album full af photographs taken by herself. It contains portraits of the royal children, and of Prince Albert, together with views of Windsor Castle, Balmoral, Osborne House, &c. # ANOTHER CAVE IN KENTUCKY A party lately made a partial exploration of what is known as Spring Cave, near Point Pleasant, Ky., on Green river. An entrance to the cave was effected through a Larrow passage about thirty feet long, which opened into an egg-shaped room, some thirty feet long and fifteen high. The exploring party visited, through various passages, five other rooms, in one of which was a small set-off as if made by man, and on it were three books and several letters, none of which the gentlemen could make out. They also found in this room silvery-looking metal that had been run into lumps. In another room they found human bones. # FIRES IN ESSEX COUNTY On the night of the 2d inst., the dwelling house of Dr. Alfred Garnett, near Loretto, in Essex county, was destroyed by fire, and nearly all the contents burned. Dr. G. had no insurance. The dwelling of Mr. B. Pitts, near Lloyds, was burned recently. The family and neighbors succeeded in saving one room, and all the furniture. Mr. Pitts was insured for $2,500 in the Southern Protection Insurance Company, of Alexandria. # CINCINNATI PORK TRADE The number of hogs received at Cincinnati this season is 423,483, against 344,512 for the same time last year. The indications now are that the business this season will exceed 450,000. The weather is very favorable, and it is quite probable hogs will be cut for three weeks to come. Prices are firm at $5 50 a $5 62½ per 100 lbs. # DEATH OF AN OFFICER Major Henry B. Brevoort died at Detroit, on Sunday last, aged 83 years. The deceased was connected with the United States ---

12. February 17, 1858 Weekly North Carolina Standard Raleigh, NC

Article from Weekly North Carolina Standard, February 17, 1858

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1858. NORTH-CAROLINA. WED NESDAY. FEBRUARY 17, Nat e RESUMPTION OF SPECIE PAYMENTS.- The Banks of The late Fight in the House. The following let We have seen several accounts of the late unfor. New York, Philadelphia, and Baltimore have resumsentative, the Hon ed specie payments; but those of Richmond and tunate difficulty in the House of Representatives beD attention of the fr Petersburg have not yet done so. We presume that tween Mr. Keitt, of South-Carolina, and Mr. Grow, e tional Foundry on 1 of Pennsylvania, and in which other members were the Banks of this State are awaiting resumption by h involved before it was terminated. Mr. Keitt was the Richmond and Petersburg Banks. The Baltimore American of Saturday last says, clearly in the wrong. Mr. Grow had a right to any b SIR: Since the p part of the hall, at least to make a motion and but "though the measure was an important one, and nec1 called for by His ] e essary to place our exchange on a par with the cities for the rude remark made to him by Mr. Keitt, the peeting the advanta e for the site of a Na scene would not have occurred. We say this as north and west of us, whose Banks had already rea been directed more journalists aiming to be truthful and just, though we sumed, its effects here were scarcely noticable. Our had been to an int detest Mr. Grow's principles and associations, and banks have for some time past met all the local deh occurs at the Tyser can have no sympathy with him. mand for specie, and therefore no urgency was exAs I deem the re As the danger increases-and it is increasing-it hibited upon the part of any one yesterday to obimportance, I have cate them to you f becomes the representatives of the Southern people tain gold or silver for their notes. The suspension , tached to the repor in both houses of Congress to address themselves to of our Banks, following immediately upon that of The ore is of a d their duties with more than ordinary calmness and the Philadelphia institutions, occurred in the latter 5 respect it closely r dignity. Our cause is too momentous-it involves part of September, and has lasted therefore about but it is distinctly , e The powder is an too many great and vital interests to be put to hazfour months, a shorter period than any previous both from the haem ard, or to be injuriously affected by the mere passuspension, and proving that though the crisis was n as from the commo sions or resentments of individual members. Let severe the recovery has been proportionably rapid. d black. But, like t The example of the Baltimore banks will no doubt us meet the aggressions of our enemies with firm. and hence it is pro be shortly followed by those of Maryland, Virginia ness, but the halls of Congress are not the places for tion is not very unl from the common : and North-Carolina; and these indications of returnthe exhibition or the exertion of physical force. erous system, in th ing confidence will give vigor in time to the slowly The Washington Correspondent of the New York n several other partio progressing revival of trade." Times gives a somewhat amusing account of the the Blackband ore

13. February 17, 1858 Edgefield Advertiser Edgefield, SC

Article from Edgefield Advertiser, February 17, 1858

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"THE REACTION." The reader's attention is pointed to the following very cheering paragraph from the Charleston Ecening News, of the 8th instant: "The times are improving. The prices of American produce are advancing. Cotton has again reached a paying point, and assumed steadiness at all points. It has also commenced to come forward freely, and planters, with a certainty of remunerating rates, can now powerfully aid in effecting and sustaining a monetary reaction. The banks of Philadelphia, Baltimore and Washington have just resumed specie payments, following the previous action of those of New York, whose money plethora begins to find relief in even low rates of interest-less than G per cent. on first class paper. A similar condition and process exhibit themselves in England. France still earlier recovered her equilibrium, and the return of confidence throughout Europe is marked in its progress. Consols have gone up to over 95, showing that capitalists, where they can have confidence, are assenting to the most moderate rates of interest. The advices from Manchester are favorable, and trade indicates revived activity and steadiness. The receipts of gold from California and Australia continue full, and the flow of a re-swelling credit is everywhere felt. Our cotemporary has watched the moneyed crisis with constant concern, and from his position, is enabled to estimate shrewdly its probable duration and results. That he has reckoned aright in his present observations, is most earnestly to be hoped. With him, we think the indications decidedly good for a happy clearing-up of the financial 'spell,' which has hung so gloomily over the people for the last six months. In the country, as in the cities, matters are becoming easier every day. The rise in the cotton market will at once throw a large amount of bank bills into circulation. The crop will be no longer held back. Every planter will sell, and ought to sell. If he has no debts to pay on his own account, he probably has friends who have. To these he might lend his funds on good security, at 10 per cent if he will not do so for less. The moneyed troubles of '57 and '58 may end in a happy jubilee, if every one will thus act. Such in point of fact is the course now being adopted by the planters. On our side of the State there has not been, after all the threats to creditors, anything like the sueing that was anticipated. Return-day, for Edgefield at loast, is passed, and no great harm done. almost hundreds of thousands,-of indebtedness, will be liquidated amongst us by the proceeds of the large remaining portion of our cotton crop. At 121 cents per pound, there is enough of the staple yet unsold to make money abundant. The cotton-buyers in Hamburg are up to the mark, as usual the Hamburg Bank too is liberal in furnishing them the ineans of paying full prices. And Hamburg money, suspension or no suspension, is as good as Mr. Dorn's gold in these parts. Treasury Notes could be no better. Only let there be enough of it, and all will be well. We warmly congratulate our readers upon the promising appearances of the hour, and wish them a happy issue out of their monetary afflictions.