The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1854-11-18
ra,l Panic In Cbic,yo.

HIS Win hioiS VI iN'o 'A'isiiee IA NM-
Cleveland, Pittsburgh, and other
places ever stree, finally broke out on Mon
day at Chicago, and threatened to carry all
her banks and business men before it. The
Merchants and Mechanics bank was the
first to give way under the pressure, and
with it went the Cherokee Insurance Com
pany, of Dalton, Georgia, which was
shinplast,r concern owned by the same
bank. rs soon rs the fact became known,
the excitement grew intense about the
streets, and all sorts Of rumors were ahoat
Dcpositors and bill holders of other banks
became uneasy, and general rush to the
banks followed. The ''City bank next clio.
sed its doors, and with it went down the
bank of Milledgevllc, Georgia, ashinplaster
concern owned by that bank. The "Union
bank" of Forest, Brothers & Co., next expc-
rienced the effects of run, and in a few
hours was forced to close its doors. Other
banks Showed signs of weakness, and closed
for a few hours, but we believe these are MI
the banks that have not yet resumed opera
tons.
With the closing of these banks came the
general throwing out of the bills of the
country banks with which they had conncc-
lions by agency or otherwise and thus the
rumor was at once spread that those country
banks had also failed or suspended, Among
banks at which the finger was thus pointed
were the bank of Napcrvile, the bank of
EIsn, the Beyidcrc bank, Dupage Co.
bank, Ottawa bank, Rock Island bank. and
several others, none of which, however, so
lar as we are advised, has failed to meet all
1t Liabilities as presented, and the bills of
which, being amply secured by state stocks,
are still current as any rapcrin the country,
and received by all the bankers and business
men in or out of Chicago, with few unm.
portant exceptions, indeed, card is pub.
liahed by nearly all the wholesale. dealers in
Chicago, in which they state that seeing no
just cause for the present panic in reference
TO the stock secured banks Of the city and
this state, they will continue to receive their
bills as heretofore, and the same course s
again generally adopted by the bankers.
After diligent enquiry we cannot find that a
single country bank has yet suspended, and.
indeed no serious run has yet been threat,
cncd on any except in a few places immedi.
ately contiguous to Chicago, and there.
doubtless, the brokers and money shayers
were at the bottom of it.
The storm, however, appears to have
nearly spent itself in Chicago, and there is n
ialr prospect of calm and speedy rcsump-
ton by the suspended banks. The Pres Of
Thursday says:
Yesterday, we are happy to say, orr
streets were quiet So far as we could learn
The run on the Banks is over. and unless
some new cause VI alarm should arise. we
have reason to hope the crisis is passed
business is moving along as usual, and
seems to have returned TO its original chan
nels
1t gives us great pleasure to saw that we
were assured last evening by one Of the PRO.
prictors Of the City Bank, that they expect
to resume business on tuesday next. We
also heard, but not officially, that the Union
Bank VIII resume in a few days.
The directors Of the Merchants and Me.
chanic's Bank also publish a card this morn
ING, which looks To- the carly resumption of
business. These facts will tend to strength
en- public confidence.
with the resumption Of these banks, OF
course the Georgia money, for which they
are responsible, with uguin become good, so
that persons holding Alllcdgcyillc, Chero.
kce, &C., should by no means dispose of it
at present at the loss of cent 1t will
doubtless be all current again in a week, and
the samc patience which i, most profitable
to exercise in reference to our own banks
will be found most profitable in reference to
the Georgia banks. But when this foreign
stuff does again become good, it will un.
doubtedly be the wiscst course to exchange
it as fast as possible for our own state cur.
rcncy, which we know to be safe