9067. Peninsular Bank (Detroit, MI)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
September 29, 1857
Location
Detroit, Michigan (42.331, -83.046)

Metadata

Model
gpt-5-mini
Short Digest
cb0f9810

Response Measures

Full suspension

Other: Bank was enjoined (injunction filed in chancery by Attorney General); charter dispute over required securities and surrender of circulation notes.

Description

Multiple contemporary papers report a run on the Peninsular Bank (Oct 1, 1857) and other wires state the Peninsular Bank was enjoined on Sept 29, 1857 because it refused to surrender circulating notes after Michigan state stocks fell in value. Sequence: injunction/government action leading to suspension/enjoinment and reported runs/excitement. No clear evidence in these snippets that the bank permanently closed or later reopened, so classified as run -> suspension with outcome unsure.

Events (2)
1. September 29, 1857 Suspension
Cause
Government Action
Cause Details
Injunction obtained by state authorities after the bank refused to surrender circulating notes when Michigan state stocks (securities backing circulation) fell in value; legal action by Attorney General led to injunction/suspension of operations.
Newspaper Excerpt
The Peninsular Bank of Detroit was enjoined on the 29th. ... the State Treasurer required the surrender of $40,000 of the circulating notes, which the bank refused. The Attorney General ... filed a bill in chancery, and obtained an injunction against the bank.
Source
newspapers
2. October 1, 1857 Run
Cause
Bank Specific Adverse Info
Cause Details
Depositor withdrawals and runs following disclosure of the bank's difficulties linked to its circulation/securities (reports of injunction and refusal to surrender notes); represented as a bank-specific liquidity/solvency concern.
Measures
Other Detroit banks redeemed promptly; dispatches note banks redeeming specie and trying to sustain confidence; no explicit remedial measures by Peninsular Bank described in these articles.
Newspaper Excerpt
The run on the Peninsular Bank causes intense excitement. The run on the other banks was severe this morning.
Source
newspapers

Newspaper Articles (12)
1. October 2, 1857 The New York Herald New York, NY
Article from The New York Herald, October 2, 1857

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with discounts, and a decidedly better feeling exide Mears. White, Stevens & Oo, and Measure. Lawrence, Bloce & Co, who have a branch house in Boston, suspend ad to-day. The Reading Railroad paid the coupons due today. THE PHILADELPEIA STOCK BOARD. Rill Blocks heavy. Penneylvania fires, 79% Reading read, 17% Long Island Railroad, 81/2; Ponneylvania Rail road, 40. FINANCIAL AFFAIRS IN BOSTON. BOSTON, Oct 1,1857. suspension of Measrs. Lawrence, Stone & Co. caused Mr. the excitement on State e street to-day. considerable Lawrence, senior partner, is in Europe, and Mr. the Samuel financial manager, is seriously III. the firm England Stade, agents for the Bay State, Pemberton, New Worked, and Middlesex Mills. John A Lowell, also connected with the Pemberton Mills, is other reported failures failed. announced are Benjamin Ho card Ken The merchant, Central wharf; Richardson, dall commission & Co., dry goods, Milk street, and Peter O. Jones, paper merchant, Water street The banks did some discounting to day, but not enough in the to case the market The best of paper was done street at 2 per cent a month. Little business was done at the Board of Brokers prices to No quality of stocks could command asking made. day. Bank shares were low down, and no sales were MEATING OF MERCHANTS. BOSTON, Oct. 1,1857. informal meeting of merchants was held to-day in An Board of Trade rooms, preliminary 10 a call for a gene the meeting of the meronatile interests to consider but the moral financial crisis. No definite action was taken, o'clook present meeting is called for to morrow at eleven course a general consider and If possible to decide upon the best to of the banks and business men in the present emergency SUSPENSIONS IN LOUISVILLE. LOUISVILLE, Oct , 1857. Means Hatchings & Co. and John Smidt & Oo., bankers, have suspended payment. There is qui a heavy run upon A. D. Hunt & Go., who far have sustained themselves, and who, is expect thas d, will be able to meet all their liabilities. THE BANK OF PITISBURG. The old Bank of Pittsburg continues to pay specie on all liabilities. RUN ON THE BANKS IN DETROIT. DETROIT. OR 1,1957. interse excite on the Peninsular Bank causes this morn The run run on the other banks was severe The most The The FOD was principally by small bill holders. banks mg. redeem promotiy, and are, to all appearances, strong. THE CRISIS IN ILLINOIS. ETC. FAILURE OF THE BANK OF BELLEVILLE, Sr. Lovia, 03: 1,186: Bank of Belleville, Belleville, Illinois, has failed The The banking house of Moore, Hollenbush & Co., at Quincy, Illinois, has suspendei. Monday, at the same place, there was run upon thomselves. the On banking house of Flagg & Savage, but they sustained THE BANKS OF AUGUSTA, GA. AUGUSTA, Ga Oct. 1857. The banks here are discounting freely, to enable the merchants to purchase gotton. THE CHARLESTON BANKS STAND FIRM. 1857 CHARLESTON, Oct. 1, The Prest tents of our banks held a meeting this morning and reserved not to suspend. FAILURE IN TORONTO, C. W. TOBONTO, C.W. Oct. 1, 1857. Brett, banker, of this city, suspended this morning. in ful. The R. assignees H. report that his creditors will be paid FAILURE OF THE FARMERS' AND CITIZENS' BANK OF WILLIAMSBURG. Farmers' and Oilizens' Bank of Williamsburg, L.L. The its doors yesterday morning, having been the pashed times. closed suspension of business by the pressure of and to a is stated that the bank had $103,000 on deposit and about IS $277,000 discounted paper in its possession, good. that $225,000 of the latter is considered perfectly lose in Depositors have been assured that they will not wait a slightest degree, although they may have to bank the time for their money. The circulation of the the short $100,000, and as this is secured by State stocks bank was holders cannot suffer. It is believed that the bill will very soon redeem all its airce ation, dollar for dollar. OUR TROY CORRESPONDENCE TROY, Oct. 1, 1857. n is gratifying to be able to state, that though the mone strin pressure throughout the whole country is so is not may burdensome, the credit of the city of Troy default of gent and be permitted to outfer in the least by any it the to The train that bears this note earnies with the sum here. of $8,257 60, as the amount of interest due on urey Hailroad the debt. city There issued also in behalf Calla due of to-day $6,760 of Railroad the bonds Company, or which added a total to tate of on TO that the city has provided and in order protect IM good the $16,431 mandably, rest the Troy Union like have bonds remained of $1.474 firm 20, during promptly makes name ability to and weather credit entire com storm panic, Our banks and have given evidence than the one of their just subsiding There an ap has not been, so far, confidence a on the part of depositors; the universal the warnings of the HERALD, to profit in this community to-day is even whose and groach failed influence greater to impaired in time impression single by is spension, here as well that as or they eminent increased even have truth. ten- not in all that relates to the enjoys the fullest oon fulness fold, because of I say its fearlessness that the HERALD present departments, panic. write no one ad visedly adence years of when our to question business its men eatire in all reliability or honesty of purpose. NEW YORK STATESTOCK SECURITY SUPREME COURT, BANKS. DECISION OF THE 1867. IMPORTANT APECIAL THRM, REFTEMBER, ALBANT Syracuse Bank James M Ook Superintendent behalf of the relator to com de This was an application on to transfer certain of The people Bank Department on the relation of of the the Bank the surrender Department securities us. an its of pel posited the with him by the circulating relator upon notes. It appeared under that the organized she relator is a of this State and the in general banking thereto; that the securities relator amount to office of the Bank the circulation of the bank duly $100,800; equal amount amendatory and department that banking laws Department amounts institution by to the the perintendont same deposited several rum. regis for a nots Ap the sered plication at the had been made to of the a portion Bank Sa of the securities of the so Gransferred, re-transfer to and the at relator the same time an equal amount

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

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RUN ON THE BANKS IN DETROIT. DETROIT. OR 1, 1957. The run on the Peninsular Bank canses interse excite. mont. The run on the other banks was severe this morn. mg. The run was principally by small bill holders. The banks redeem promptly, and are, to all appearances, strong.

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

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

4. October 2, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 2, 1857

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THE BANKS IN DETROIT. DETROIT, Thursday, Oct. 1, 1857. The run in the Peninsular Back causes intense excitement. The run on the other banks was severe this morning. The run was principally by small bill holdere. The banks redeem promptly, and are, to all ap pearances, strong.

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

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

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

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

7. October 3, 1857 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, October 3, 1857

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Telegraph News. BOSTON, Oct. 1.-The failure of Measrs. Lawrence, Stone & Co., dealers in dry goods here, is announced to-day. The Concord R. R. Bridge at Hooksett, over the Merrimac, was burned last night from sparks igniting the roof. It was insured for $150,000. It will be immediately rebuilt. The suspension of Messrs. Lawrence, Stone & Co., caused some considerable excitement on State street to-day. Mr. Saml. Lawrence, sen. partner, is in Europe, and Mr. Slade, financial manager, is seriously ill. The firm are agents for the Bay State, Pemberton, New England, Worcester and Middlesex mills. Ira A. Lowel, also consected with the Pemberton Mills, is also reported as having failed. The other failures announced are B. Howard, Commission Merchant, Central Wharf Richardson, Kendall & Co., Dry Goods, Milk street and Peter C. Jones, Paper dealer, Water street. The Banks did some discounting to-day, but not enough to case the market. The best of paper was done in the street for 2 per cent. a month. Little business was done at the Board of Brokers to-day no quality of stocks command asking prices.The Bank shares were low down and no sales were made. A general meeting of merchants was called for te-moarow at 11 o'clock, to consider and if possible decide upon the course of the Banks and business men in the financial emergency. LOUISVILLE, Oct. 1.-Hutchins & Co., Jno. Snidt & Co., Bankers, have suspended.Quite a heavy run is made on A. D. Hunt & Co., who thus far sustain themselves, and it is expected will meet their liabilities. DAYTON, Oct. I.-Reported that a Cincinnati banker went into the Branch Bank at Piqua, to-day, with a carpet bag of bank notes to demand specie. A mob of citizens, not connected with the bank, followed him, and requested him to leave town or take lynching. The broker accordingly left without accomplishing his object. His name is not ascertained. PITTSBURGH, Oct. 1.-The old Bank of Pittsburgh continues to pay specie on all its liabilities. NEW YORK, Oct. 1.-Somebody got up a heartless hoax announcing the safety of Captain Herndon and sixteen of the passengers and crew of the Central America-consider able excitement was caused thereby. The Annual Convention of the Episcopal Charch of the Diosese of New York, commenced yesterday. To-day Bishop Potter delivered the Annual Address. Philadelphia, Sept. 27.-Gov. Pollock reached here on Saturday, having been summoned to a conference on the condition of the banks. A proclamation will be issued on Tuesday, convening the Legislature on the 5th of October. The old Legislature expires immediately after a new election, 80 that the extra session will be limited to one week. Whatever relief can be afforded is needed immediately or this call would be delayed. It is probable that the Legislature will put all banks on the same footing *including the Bank of Pennsylvania, against which adverse efforts will be made here. Its future business cannot be affected by this legislation, since it must depend on the con fidence of the community. Boston, Sept. 30.-The proposition to discount 10 per cent. of the capital of the Boston banks has been signed by all the rest of the banks, and the movement has given a brighter aspect to financial affairs. The failure of Butler, Hill & Co., was announced to-day. COLUMBUS, Ohio, Oct. 1.-The Board of Control, of the State Rank of Ohio, at a meeting held here to-day, adopted the following resolution Resolved, That the branches of the State Bank of Ohio, have the ability and will continue specie payment, regardless of whatever course taken by the Banks of other States. Philadelphia, Oct. 1.-White, Stevens & Co., and Lawrence, Stone & Co., who have a Branch House in Boston, suspended today. The Reading Railroad Company paid the coupons to-day. LOUISVILLE, Oct. 1.-A dispatch to the Bulletin says :-Exchange, Shelbyville, Lawrenceburg, and Trenton Banks, Tenn., suspended. A run on Hunt & Co., this city, ceased before closing business. They are considered strong. WASHINGTON, Oct. 1.-Two million dollars worth of U. S. stocks came in this morning for redemption. CHARLESTON, Oct. 1.-Reported forgeries on Jno. Frazer & Co., are unfounded. The Presidents of our Banks held a meeting this morning and resolved not to suspend. New YORK, Oct. 1.-The Farmers' and Artizans' Bank of Long Island at Williamsburg, suspended to-day. The I. C. R. R. pays its coupons to-day. The Mil. & Miss. R. R. pay theirs on first mortgage bond, but defaults on its income. The Lemos Slave Case was argued before the Superior Court to day. The dormitory of Wilbraham Wesleyan Academy, was destroyed by fire on Tuesday night-loss $70,000-insured for 20,000. TORONTO, Oct. 1.-R. H. Brett, Private Banker, of this city, suspended this morning. The assignees report that the creditors will be paid in full. DETROIT, Oct. 1.-The suspension of the Peninsular Bank causes intense excitement. The run on other banks this morning is severe; principally by small bill holders. They redeem promptiv and to all appearance

8. October 3, 1857 Evening Star Washington, DC
Article from Evening Star, October 3, 1857

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TELEGRAPHIC NEWS. FROM THE ASSOCIATED PRESS. The Financial Crisis, &c. NEW York, Oct. 2-The following failures are announced to-day: Messrs. Brummel & Reysters, a southern produce house; Pierre Choteau, a branch of the St. Louis house of that name, and Hutchinson, Tiffany & Co., dry goods. Messrs. Swift, Ransom & Co., bankers, and Powell, Ramsdell & Co., forwarders, Newburgh, have also suspended. The cashier of the Agricultural Bank at Herkimer, perjury. has been held to bail for embezzlement and The market closed feverish and unsettled this afternoon. There was a heavy demand for money to-day to meet the payments of to-morrow, and there is much misgiving in regard to the result. The British Bank of North America has ordered two and a half millions of gold per month from England, in preference to selling its bills at the present low rates. BOSTON, Oct. 2.-The meeting of merchants here to-day to discuss the financial prospect was the largest gathering of the mercantile classes ever held in this city. The sentiment of the meeting was three to one against a bank suspension. It is understood the same feeling pervades all the banks of the State. The result of the meeting, it is believed. will have a salutary and soothing influence. The failure of Messrs. Parsons, Cutler & Co , dry goods dealers, and of Messrs. Pond & Co , stove manufacturers, is announced to-day. ALBANY, Oct. 1.-Bank Superintendent Cook accepts Judge Harris' recent decision confirming the right of banking associations to reduce their securities deposited in the Bank Department below $100,000 by returning circulating notes. As the decision was concurred in by Judges Gould and Wright, it was equal to an appeal to the full bench. In consequence of this decision the Bank Department has been busy for the last three days until a late hour in the evening receiving circulating notes, which are returned in very large amounts, and surrendering stocks. DETROIT, Oct. 1.-The run on the Peninsular Bank causes intense excitement. The run on the other banks was severe this morning. The run was principally by small bill holders. The banks strong. redeem promptly, and are, to all appearances, PHILADELPHIA, Oct. 2.-It was reported on the street this afternoon, and generally credited among the brokers, that the Reading Railroad Company failed to meet a note which fell due to. day, and that it was protested. TORONTO, C. W, Oct. 1.-Messrs. R. H. Brett, bankers, have failed. [SECOND DISPATCH PHILADELPHIA, Oct. 3.-It is a blue day in stocks. There has been no sales of Reading's, and but 10 has been bid. The Pennsylvania Bank will not go into line until Monday. NEW YORK, Oct. 3.-Clarke, Dodge & Co., dcmestic exchange brokers, have falled. E. W. Clark & Co. announce that the suspension of Clark, Dodge & Co. will not interfere usual. with their business. Their house is going on as Propeller Burnt.

9. October 5, 1857 The Day Book Norfolk, VA
Article from The Day Book, October 5, 1857

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Run on the Detroit Banks. DETROIT, Oct. 1.-The run on the Peninsular Bank causes intense excitement. The run on the other banks was severe this morning-principally by small bill holderrs. The banks redecm promptly, and are to all appearances strong.

10. October 5, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 5, 1857

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The Hartford Courant says that the Bank Commissioners of Connecticut are faithfully attending to the trust committed to them. They are vigilant to protect the bill-holder and the depositors, and not unmindful of other interests. The Peninsular Bank of Detroit was enjoined on the 29th. The charter requires that its securities, which are United States and State stocks, shall be kept in market valuation at & certain rate with the issue of bills. Michigan State stocks having fallen to 75 cents, the State Treasurer required the surrender of $10,000 of the circulating notes, which the bank refused. The Attorney General, as authorized by the Revised Statutes, filed & bill in chancery, and obtained an injunction against the bank. From Vienna, under date of Sept. 14, we learn that Mr. Moller, who was in negotiation with the Austrian Government last year for the construction of vessels of war, is at present again in the Austrian capital, and that it has been definitely decided that the vessels sball be built in American ship-yards, the only point remaining to be settled being whether to build frigates or ships- of the-line. The Baltimore Patriot of last (evening says: Capitalists are not much disposed to invest, and even good notes find little favor on the street. We quote the nominal rates to- day of fair to good paper @2@2} & cent & month. Nothing doing in second class. Money on call, 11@2 P cent. Exchange on the North has advanced to 4@5 ₽ cent premium. Virginia notes, old banks, are selling at 21 @3 ₽ cent discount. Other banks, 4@5 & cent. No sales for North Carolina and Western bank notes. Specie has advanced, and being in greater demand, commands 4@5 & cent with an tenon is at dency. Exchange premium, England selling upward 7@8 cent preminm in Baltimore bank notes, equal to 3@4 P cent in gold. The Richmond Whig of yesterday morning rmarks: We have nothing additional to report this morning in regard to the condition and course of our city banks They still redeem their issues with the utmost promptdo nees, without and will, it is confidently of affirmed, continue From to wha so, any thought suspension. we hear from reliable sources, we have no doubt of the perfect ability of our banks to hold out to the last The Newark Advertiser of Oct. 3, says: A large number of the banks in this State have been thrown out in New-York, including not only the West Jersey Banks which have suspended specie payments, but others which are only suspected. A vast deal of ignorance prevails concerning the banking system of this State, and some of the writersin New. York underrate the security of our currency. Just at the present time our banking policy is in & confused. but not unsafe condition. There are two classes of banking institutions existing in this Statethe Free Banks and the Chartered Institutions-and the security of nearly every one in both these classes be to the may pronounced perfectly the good. different In addition classes confusion arising from two of banks, there is an additional reason for it, on account of the recent reorganization of some of the free banks under charters, and the different features of these charters from those which were formerly granted by the Legislature. If we do not mistake, however, the banks of this State may be classified as follows: 1. FREE BANKS, whose circulation is secured by stocks, &c., in the State Treasury: Hudson County Bank, Mechanica an Tradere' Bank and the Bank of Jersey City at Jereey City: the Passaic County Bank and the Cataract City Bank at Paterson, America Bank at Trenten Iron Bank at Rockaway, Bergen County Bank at Hackensack, Union Bank at Frencht wn, and Chicon Bank at Clinton. 2. CHARTERED BANKS, formerly Free Banks, now organized under charters, which contain provisions rendering stockhelders and directors personally liable: Berdentown Banking Company, Bordentown: Contral Bank at Hightstew c, Newark City Bank Hanterdon County Bank at Themington, Bank of New Jersey at New-Breakwidb, and Princeton Bank, Princeton

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

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

12. October 13, 1857 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, October 13, 1857

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Bank Items. The N. Y. Tribune of the 6th says: The Bank of Lima and the Thompson (Ct) Bank are again received. The Banks thrown out to-day are the Bank of Central New York, Utica; the Oneida Central Bank, Rome; and the Worthington Bank-all this State. The report originating with the New Jersey Sentinel, that the State Bank at New Brunswick, N. J., had suspended, is untrue. This is one of the oldest banks in the State, has already redeemed its bills in this city, and, we are assured, is as sound as any bank in the country. The Exchange Bank of Lockport has not suspended, and the Traveler says that the notes of the Bass River Bank are redeemed at the Suffolk Bank. The Jersey City Sentinel of Oct. 20, says: "There is not a single New Jersey bank at present in a state of suspension. The State Bank at New Brunswick, and the Bergen County Bank, the only two which suspended, resumed almost immediately, and none others are now likely to go down." The following is a list of the Virginia independent banks which have suspended: Monticello Bank, Charlottesville; Bank of Commerce, Fredericksburg; Valiey Bank, Charlestown: all in Winchester, Staunton and Alexandria, and Manufacturers' & Mechanics' Bank in Wheeling; Bank of Berkely, Martinsburg; the Bank at Howardsville, and Bank at Rockingham, Harrisonburg. The Peninsular Bank of Detroit was enjoined on the 29th. The charter requires that its securities, which are United States and State stocks, shall be kept in market valuation at a certain rate with the issue of the bills. Michigan State stocks having fallen to 75 cents, the State Treasurer required the surrender of $40,000 of the circulating notes, which the bank refused. The Attorney General, as authorized by the Revised Statutes, filed a bill in chancery, and obtained an injunction against the bank. VIRGINIA POLITICS. The Richmond Enquirer states that Gov. Wise is not a candidate for the United States Senate in opposition to Senator Hunter. It sustains this assertion by submitting sundry reasons why Gov. Wise should not enter upon such a canvass. He is a condidate for the Presidency in 1860, and a contest with Senator Hunter, whether successful or not, could not fail to weaken his prospects by arraying against him strength which he will need in his support. Mr. Hunter's re-election, it is urged, with Gov. Wise's co-operation, will "by no means injure the Presidential prospects of the latter."