Sunbury American and Shamokin journal. [volume] (Sunbury, Northumberland Co., Pa.) 1840-1848, 1841-02-13
SuSpcusion Of the United States Bank.


gain make its appearance"
Suspension of the United States Bank.
On Thursday the 4th ins the Bank of the
United States was again compelled TO suspend spc-
ric payments. The officers of the bank ~ that
tley have paid out in twenty days, since the
Sumption, nearly six millions Of dollars. The
whole amount paid ou, Ivy three ofthe Phlad. banks,
In oecie is said to exceed nine millions of dollars,
whih is more than oil the banks in the city and
state ofNew York have in their possession. This
unexpected calamity, it is said, has been brought
about lr the New York and Eastern stockholders,
brokers and spectators. The following are the
proceedings of the hank on Thursday evening"
BANK OF THE UNITED STATES.
FEuRuARr 4, ls4l.
AT a special meeting of the Board of Directors of
the Bank of the United States, held at the Banking
House, the following preamble and resolutions were
unanimously adopted:
Whereas, the Bank Of the United Sta,esfin COM
plance with its pledge to the public, has made
fair and bona ide effort to resume and m nain
srccic payment, having since the 18th of January
Last paid out amount little, if at ALL short of six
millions of dollars, in coin oi specie funds Ard
whereas, the effort to maintain specie payments by
this Bank, has been rcndred aborive by the inteno
nal accumulation, and extraordinary enforcement of
its instant liabilities Therefore,
Resolved, That the Bank is under the necessity
for the present. of suspcnding specie payments.
Resolved, That every excriOn will be made by
the Directors, TO collect tie debts, and convert into
cash. the assets of the Bank for the purpose of re-
suming payments in specie the earliest practica>
bic moment.
Resolved, That the foregoing preamble and resolu.
tons be published
Extracted from the minutes.
A. LARDNER, Cashier.
Bichnel's Reporter states, "the next morning,
Friday, the excitement was if possible intense
and crowds of persons assembled in the vicinity
OF all the banks. The run upon them was general.
Tie Bank Of the United States was not particularly
thronsed after O'Clock and throughout the whole
day the Bank paid specie on its s. notes. The 9TH
er Banks, which commenced paying specie on all
their obligations, gave way one by one, that by
three o clock the only institutions that paid specie
in general terms, were Il Farmers and Mechanics
IS .u,hwark-and Commercial Banks. Even
these, we are told, marked a number of checks that
were presented as "gool." All, however, through
out the city and county, freely and promptly paid
their IS bills in specie; and in one or two cases, a.
mounts large os $50, 900 paid in the aggre.
gate before it was thought proper TO violate the res
olution to perseverc in the resumption, which was
passed at the Bank meeting on Thursday night.
The Western Bank paid all demands of every kind.
The general expression of opinion was-thst the
Banks acted very injudicousy in making iruess
attempt TO resume, after the L. States Bank had
been forced to supend. But, perhaps we should
give them credit for the effort, TO comply with what
they deemed public opinion and law, and consider
II as an earnest to sustain specie payments to the ut
most, even when in the judgment of some of the
Directors, such course could be persued ouly to
the injury of the Institutions. Every thing was III
confusion, as relates to money matters throughout
the day most of the brokers refused to purchase
notes; while all borrowing and lending, seemed to
be out of the question for the time
On Saturday affairs not in much better con.
dition. All the Banks paid their fives in specie
int none their obligations IN full. In short, we may
say that the suspension is no'o general throughout
! The city and county. Our citizens ofcourse sad
| ly puzzled for change, market money g., as the
small notes have mostly all been drawn out of cir
culation. The Legislature will. trust take the
matter in hand mmediaty, and endeavor to divisC
/ fairs.