The Sun.
London, England, 1841-03-05 00:00:00

RESOLUTION OF 7 HE CITY BANKS.

" At a meeting of delegates from the banks of the city and
county of Philadelphia, held Feb. 4, 1841, convened upon offi-
cial notice of the suspension of specie payments by the United
States Bank, present delegates from the following banks :
Pennsylvania, Girard, Philadelphia, North America, Farmers'
and Mechanics, Commercial, Mechanics' Western, Penn
Township, Southwark, Kensington, Manufacturers' and Me-
chanics' Moyamensing and Northern► Liberties—
" John White, Esq., was called to the Chair, and F. A.
Raybold appointed Secretary.
" The following resolution was unanimously adopted:—
" Resolved—That the banks represented in this meeting
will continue the payment of specie for all their liabilities,
" JOHN WHITE, Chairman."

" F. A. Raybold, Secretary."
(Correspondence of the Journal of Conmerce.)
PIIILADELPHIA, FEB. 5

The burst up of the United States Bank yesterday gave rise
to an excitement, which has continued through to-day, such
as was never before witnessed in this city on any similar oc-
casion. The fact of the failure of the Bank to meet the two or
three draughts of large amount on Thursday was not under-
stood until after the cars left for your city to be an absolute
failure. . . . .

Early this morning the streets were crowded with citizens,
and before the opening of the doors of the banks there were
crowds of greater or less extent in front of them all, and par-
ticularly so before the United States, Girard, and Farmers' and
Mechanics'. On the opening of the doors there was a rush
for specie by depositors and note-holders. All paid, including
the United States for its $5 notes, for an hour or two, when
the Girard began to wince, and finally "resigned trumps,"
standing its hand no further than to pay its $5 notes. Thus
has gone on the first day of trial.
The greatest confusion prevails, and the banks were all busily
emrlo3ed in paying out specie from the opening to the close—
some with two or three clerks. A much larger amount must
have been drawn from the banks to-day than on January 15.
'1 ho Bank of the United States has been cited before Judge
King, to show cause of refusal to pay her $lO notes. She is
allowed ten days to file her answer or to pay the money.
All the banks before three o'clock ceased to pay anything but
their $5 bills, except five—the Western, the Southwark, the
Commercial, the Philadelphia, and the Bank of North America.
We shall in all human probability have a general suspension
to-morrow. The banks, I think, cannot stand another day's
run like this.

the " shorts" coming into market to-day kept the price of
United States Bank pretty well up. It is believed that it will
fall to about 25, when they shall have supplied themselves.
Girard Bank fell to 28.

(From the National Gazette.)
FURTHER SUSPENSION.—P.S. One o'Clock.—All the
banks of the city, with two or three exceptions, have just sus-
pended specie payments, except for five dollar notes. The ap-
prehension expressed above is thus already realized.
SUSPENSION IN DELAWARE.—The Philadelphia United
States Gazette of Saturday says—" We understand that the
Directors of the several banks in Wilmington, Delaware, held
a meeting yesterday morning, and r, solved to suspend specie
payments in comequence of information received from this
city."

(Correspondence of the Journal of Commerce.)
PHILADELPHIA, FEB. 6.—The banks held an informal
meeting last night, at which, however, no conclusion as to the
future course to be pursued by them was agreed upon. There
sill exists considerable excitement here on the subject, although
the "run" to-day in no respect equals that of yesterday ; pro-
bably more owing to the exhausted means of bill holders to
press them, than from any increased confidence of the public
or abatement of the panic.. The notes of many of the banks
are almost wholly redeemed.
The banks still continue pretty much the same course as
that pursued yesterday ; all of them redeem their live dollar
bills, some their tens, and some meet all their circulation with
specie. Some mark cheeks, and others pay them by the notes
of their own and other banks.

At the Phi;adelphia Bank notes of.tirti and )110 were paid in
specie:—those of a larger denomination were received in ex-
change fur other notes, and in payment of debts. Demands
on its deposits were met by the notes of other institutions and
by marking checks good.
At the United States Bank there was still to-day a large
number of persons, and, though it paid its fives as yesterday,
there was not a very serious draught upon its funds, from the
fact, we imagine, that there are not at this time many out-
standing. Its checks were met by its own notes, or were
marked ' good.' The latter alternhtive was not desired, as we
believe they are not at any of the banks received on deposit.
At the Farmers' and Mechanics' Bank there was also a
considerable crowd of persons. All demands of ten dollars and
le's were met in specie, and on larger amounts a portion of
specie was given when desired. Checks were either marked
good' or paid in the notes of other banks, at the option of the
holders. The great object seemed to be accommodating as far
as was consistent with its means.
The Mechanics' Bank pays its notes of ss.' The demands
of depositors are discharged by its own notes of $lO and up-
wards by the notes of other banks, and by marking cheeks
good.' There were but few persons at the Mechanics' Bank,
and everything like a ' run' upon it seemed to have subsided.
At the Moyamensing Bank there were a number of per-
sons claiming specie, which was met so far as related to 5 dol-
lar notes. Bils-a a denomination above that were not touched,
and checks were either marked good,' or paid in its own and
notes of other banks.

At the Pennsylvania Bank there were also a goodly num-
ber of claimants, which were met and disposed of precisely as
at the Moyamensing Bank.
At the Southwark Bank very little was doing, and specie
for five dollar bills was paid. Checks were paid in the notes
of other institutions. Lpto one o'clock none had been marked
good,' except by request.
At the Girard Bank there was nothing like the crowd of
yesterday; yet there were more persons about it to-day than
at any of• the other banks, except the United States. All its
five dollar notes that were presented were promptly paid.
Checks upon it were marked good.' When the bank
closed yesterday, at three o'clock, there was a heavy press
about the counter, clamorous for specie. These were all de-
tained in the building, their demands satisfied, and let out at the
back door.
At the Western Bank all its notes were paid, of whatever
denomination, except when presented by individuals in a large
amount. Depositors were paid in the notes of other institu-
tions, or by marking checks ' good.'
7he bank .of Penn township redeems its fives, and pays
depositors in its own paper above that denomination, and in
the paper of other banks. It has avoided the practice of
marking checks 'good.'
The Manufacturers' and Mechanics' Bank pays its five
dollar notes, pays to depositors other bills, and marks checks
good.'
The Bank of the Northern Liberties pursues a similar
Course. _

The Kensington Bank does the same.
The Commercial Bank redeems all its notes in specie.
Checks upon it are paid in other notes, or are marked good.'
There is a strong feeling'of'disapprobation entertained by
most of the city banks towards the United States Bank, for
her recent suspension, and all of them have refused her paper,
as they have that of almost all the country banks.
It will be seen, by what is stated above, that all the banks
but two or three are engaged in the old practice of marking
checks.

When it was known on Thursday evening that the United
States Bank had suspended, it was resolved to cut loose from
that institution, discard its paper, and proceed in the payment
of specie as before ; it was also unan►mously agreed that all
balances between the banks be settled up iii specie before nine
o'clock on Friday morning. This was faithfully complied with
by most of the banks, and by the small Western Bank in par-
ticular, which paid to various institutions some $40,000 or
$50,000; but when its demands were made on the Moya-
mensixig Bank, the Manufacturers' and Mechanics' Bank, and
perhaps another, the pt omise was as faithlessly violated and the
amount due withheld. Yet, in the face of these failures, the
Western Bank continues the same.

cent.
Foreignthe
banks
has
The notes of the United States' Bank are selling at a dis-
count to-day for specie of 15 per cent.
A man of the name of Sheets, a labourer, committed suicide
last night in the upper part of the city by shooting himself
through the heart.. Want of business was the cause.
(Correspondence of the Courier and Inquirer.)
PHILADELPHIA, FEB. 7.—The transactions in stocks on
Saturday were to a very small amount, with the exception of
United States Bank, which fell off in price somewhat from the
closing rates of the previous day ; a little rising 500 shares
changed hands, at and after the first board of brokers, at 38
37, and on time at 36 to 35. About 75 shares Girard at 29 ;
$5OO Pennsylvania Fives, 1870, at t 33. Very few engagements
are entered upon however, unless it was to meet contract.
Matters continue quite unsettled.
NEW YORE, SUNDAY NIGHT, FEE, 7.—The Money Market
very little done in State Stocks on Sa-
turday. $5,000 Indiana Bonds sold at 65i to 65i. In the
exchanges were in demand; a fair amount of busi-
ness dweasiphqivai.te yisXtelewdas, in consequence of the suspension in Phila-
usual descriptions of fancies the transactions were heavy ;
1,910 shares United States Bank sold at 39 to 36, a decline of
4:oluthtoernfunds.
cfoa.upsoe2rdr:eciegnnt. ; 810 shares Delaware and Hudson were sold at 94
40%; Hamburg h, 361
was transacted on London, at 9i to 9. France, 5L h
2lc.
to
ordnaemin,
a to
and Bremen, 74 to 77%.
The excitement
brokers here to be very shy of their pap caused all the
abfyalitihneg osfus3ppeenrsi
can be given correctly beyond Baltimore Atpaper, no quota,ion
sold on Baltimore at 97, and $..),000 on p the board $5OO
Nbf e. ry2ocl i'ttleAwmasstde
9.54. The bi,ls of the United States Bank hiladelphia at 96 to
yesterday by the brokers at from 10 to 15 were discounted
The cotton-market has become per cent. discount.
about 600 bales were made on rather inactive ; sales of
Flour is dull and rather drooping;Saturday at Friday's rates.
made at 4 87 1/2, and of fancy
grainhave been made worth brands, 494t0 5. No sales of
lu not' .' ng. Clean flaxseed at lac.,

at laic. Very little wa) . narein. Epprs,
nglish linseed oil are advancing their rates, and -4
...
now asked. •
Lipc-ars that on the (lay the United States Bank sus-
rd, the City Council and Ell the other banks agrced to, re •
aces of the United States Bank. A Zir. Millar has
. a suit against the United States Bank for a refusal to
Pay ten dollar notes in specie. An applic tioß vas made
an Friday morning for a citation against the President and
Dire9ars of the United States Bank, to show cause why the
charter f the Bank should not be forfeited in consequence of
the Bank resusing to pay specie to the holders of ten dot.lar
bips. 'I he citation was awarded, and made returnable on the
15th instant.

I have no longer any doubt thatW
(Correspondence of the Courier and Enquirer.)
A sthHelN O
completed his Cabinet. He had difficulties to contend with,
arising out of geographical divisions ; these, it is believed, have
IG3Tr esNi (le n FtE-eßlec Iti has
been happily arranged in such a manner as to give general
satisfaction to our Whig friends. In :he selecticns which have
been the President has consulted the feelings and wi-lies
of his friends in different district: of the country Indeed,
even their projurtices have Lecn considered. In doing this
General Harrison has evinced a sound judrncnt, mingled with
sagacity and discretion. Nor has he been warning in prompti-
tude. I have reason to believe that the following gentlemen
will constitute General Harrison's Cabinet. This statement is
not made on slight grounds.
Dan'el Webster, of Massachusetts, Secretary of Stale.
Thomas Ewing, of Ohio, Secretary of th.r Treasury.
John Bell, if Tennessee, Secretary of War.
George E. Badger, of North Carolina, Secretary of Navy.
John J. Crittenden, cf Kentucky. Attorney-General.
Francis Granger, of New York, Postmaster-Gem ral.
This Cabinet is one of the most able that has been formed
since the organization of the Federal Government in 1789.
The gentlemen comprising it, with the exception of Mr. Pater,
have been long in public life, have great experience, and are
favourably known to the country.
RATE OF SALES AT THE STOCK EXCHANGE,

... 39
... 38
... 791
... 94

FEB. 6 :-
50. Shares United States Bank
150 do. Ditto •••
20 do. Phoenix Bank ..•
40 do. Delaware and Hudson Canal
25 do. -Ditto ... ••• •••
5 do. Bank of Commerce Scrip
10 do. North Anierican Trust ...
40 do. Mechanics' Banking Association...
75 do. Vicksburg ...
365 do. Ditto ... •••
30 do. 'Dry-Docl•
10 do. Illinois Bank
10 do. Equit able ...
25 do. .Manhattan Gas ..
35 do. Canton
25 do: Stoninaton...
$l,OOO Exchange on Philadelphia
500 Ditto Paltimrre
$l,OOO Indiana Bonds ...
SALES AT TIIE SECOND BOARD.
50 Shares United States Bank b: 3 ds. 36
100 Ditto ... b. 10 ds. 37
10 Ditto North American Trust ... 281
25 Ditto s. 10 ds. 28*
50 ditto Vicksburg ...
... 8*
25 ditto Haarlem, Railroad ..., s. 3 ds. 33

...b. 60 d. 94

... 97i
... 281
.. 78
... 8a

s. 12 months &

... 28i
... 32i
... 96

... 65}