Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1842-03-29
MONEY ArTAlRs in PHrLADELF

More bank failures. ResumbIiOn. RE
SUMPTION his fairly commeced in Phila-
doI,hia. At a meeting Of the Officers OF
The different B INKS on Thursday evening
4 resolution was paased TO commence in.
full yesterday some Of them paid out
spsciie on Thursday The failure Of the
Bank Of Penn Township caused a run
ON Thursday on several others. which en-
ded in the siopptge Of tie Mechanics
Bank, the Manufactures and Mechanics
Blnk, a,d a considerable pressure on The
Moyame nsiug Bmk. We copy the fol-
loving account of the state Of affiils from
the money article Of the Ledger:
Yesterday was day Of great busiie
and excitement with the people and two
or three Of our banks. The run on We'd
nesday against the Penn Township B INK,
rhonyh il cused at the usual hour that
dav, with lhe ssurenco of IFS officers that
i, wmId open aud me- all its demands
the folio wing mnrnins trenched So deeply
on its means that II f,'led to fulfil this
promise, aud, instead Of meeting lis de
mands, il remained closed.
The announceme Ofthe failure Of the
above Blnk soon spread throughout the
city, and tlIe cOrs sequence was general
distrust of the Mechanics Bank, tbs MN
ulac,ursrs and M clanics Bank and MOy.
amensing. A run commenced ON all
these soon aftnr opening, by their note
holders and depos Ors. The M 'chanIc
Welded to this run a few minutes before
one o'clock, aud CLOSED its doors
T1onpn two m three hundred persons
were present atthe time OF this occur
renee, thuse who were inside as we'll al
those who we're 10 fr"nt Of The building
quietly dispersed. The run here was 81
snort that unless the demands were tOI
d .posiis, The Institution must have stop
ned full handed or else was very poorly
supplied with means.
Al lhs M rnuiaclures' and Mechanics
B,nk the deniud WIS almost entirely
f,om note holders, aud il WIS kepel ur
unceasin1 pressure at all sides vt the
counter, from the opening Of the bank
until snme lims after usual hour OF clos
inv. 1, the evening the D rectors met
aud came to the conclusion not TO open
10 bank, for "the PRESENT"
Al the Moyamensng B'nk the run was
later commen,iig, It creadilors being lOl
or ,bly uuie. unlll about the time of the
sfnppage Of the Mechanics From thai
tina until about o'clock there WIS \
Leayy press about its doors, and ihOngf
the demands were numerous. the amounts
appeared To be generally ligh', aud a
most IN rely from note holders. Scar
I " deposilor drew out anv money :
Here. al the manufactures and MAchah
lc's B NIX payments we're made in fund
that h F., brokers' have been dealing IN Z"
some weeks, at q discount Of from III II
twenty per cent. This kind Of currenc.
tended considerably to check the demAn'
as hummer refused it altogether. hw'i
a profitable operation for the bank, anC
its officers seemed disposed to mHke The
m 9, Of /: instead Of discuuraging tn!
run, they r2iher cOurled il, and clOs"d Ih'
d nrs Uuly when there was no further de
munl.i
Although there we're collections arOunC
al these institutions, aud many held note
ON which they expected to be losers, 'her'
was no where visible i'll feeling or nOis!
ID satisfaction. All seemed to look up
on these failures as in sumo measure ne
cess lry TO reach purer aud more whole
some state ofthings. Around the brokeT
offices there were clusters OfpeOplr, hn
these gentlemen pretty generally REFUSED
IN do much business. They, tOo, evinc
ed much dsrust aud several Ofthem
having been losers recently To consldera
hls amounts, chose 10 lOregO seeming
rnf to incurring the risk Of furIhe
luss,
The reSuming hanks are the PhlSdel
phia, Commerclal, North Am-rica. Farm
ers and Mech mes, Southwark, Nnrlher
, lIheaties, Western, Kensinglon, German
town.