The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1857-09-28
DAILY DISPATCH.
MONDAY MORNING. ...-..- SEPTEMBER Is, 1885,
THE MONEY CRISIS.
Suspension of the Banks In Ph,Ia-
deIp;ata, Baltimore and Washing
ton.
INTENSE EXCITEMENT IN THE NONEY
Ma 2AET, &c, &c, dc.

A great deal OF excitement was caused in com.
merciaI circles here Saturday. by the announce
mant that the banks in phlladelphia and Baltimore
had suspended specie payment; and that in Wash
n,8ton one or two institutions had followed the
example. The bulletin board Of the Dispatch was
the centre of attraction frr large crowd durin;.
the entire day of Saturday, and exclamations of
who goes next!" were invariably heard after the
posting of fresh dispatch announcing some new
failure or suspension. From the Northern papers
OF Saturday morning and afternoon We make up
| the following:
THE SUSPENSION IN PHILADELPHIA.
The Bulletin of Friday afternoon has the follow
/ ng:
The runlors which have been in circulation for u
lew days concerning some Of our city banks have
had the effect OF creating such feeling Of uneas
ness that a run" was commenced this morning on
mostof the institutions. Note holders were desi-
fohs OF obtaining specie for their paper, and some
OF the depositors became scared and Withdrew their
deposits At several of the banks, including the
BANK OF Pennsylvania, crowds commenced gather
ing as soon as the doors opened and the tel
| iers had their hands full exchanging gold and sill
Yer Tor paper. The banks redeemed their notes as
t@s, rs lhey were offered, but throngs of curious
lockers on occupied the sidewalks and earnestly
discussed the extraordinary position of affairs du-
ring the forenoon
The Bank of Pennsylvania opened In the morn
ihE, put the doors were soon closed again This
! persona he
| street was thronged during the morning The ont
side gates on Second and Lodge streets were closed
except to persons who had business at the institu
Iion' and the following notice pinned upon the
railing:
BANK OF PENNSYLVANIA
Resolved, That the bank suspend specie payments
| until further action of the Board.
During the day, up to the time we 80 to press as
| though half the male population Of the town were
| in tho vicinity of the banks, the streets were
| thronged and policemen we're scattered along to
keep the crowd moving in the gangways. Among
| those who were busy discussing money matters
| were numerous individuals whose pockets were
probably innocent of "a red,' bnt who, neverths- =
less, Canyassed the ability of the banks to meet
their demands with as much earnestness though
they had Thousands at stake, and their favorite
stitutisn on the eve of all explosion.
In passing along Chestnut and Third streets, not
q little saton in various tones might be
heard, on the subject of the 'run," some persons
viewing the matter in the 'buIl" and others in the
shear" light. Friends as they meet exclaim "Well,
has your bank brokei" or Have you suspended
yeti, in tones indicative of amusement at the idea
The crowd generally were very good tempered
and the majority were disposed to consider the
affair sort Of serious joke Some Of those who
had Joined in the rush for specie, came out of the
doors iingling their "shiuers," but seemingly at
| 81 loss what 10 do with their cumbrous piles" Al
several Of the banks there many who repaired to
the receiving tellers desk with new deposits, and
We have no doubt that some Of the specie drawn on
tne spur of the moment found its way back again
through ths hands of the receiving telers.
Along Gold, Dock and Second streets hundreds
of people were passing about II O'Clock, having
come down (or up TO the Bank Of Pennsylvania t.
read she notice posted at the gates, and see the dis
appointed crowd of wouldbe drawers of coin.
In front of the Farmer. and Nc b lnics Bank, I
| Chestnut street above Fourth, We an overjoveu
individual, who appeared from the rural dis
tricts" who had two bags OF gold with him. which
in his joy at having secursd his funds from the
general wresf~ he houri.bing--one in one
| hand and one IN 6ks other.
At all OF the ssnss which there WAS anything
Of run the ehSeks provided for the of Gus
toners vanished with rapldity at which the pom
pous runners stared.
The official notice Of the suspension Of the Bank
OF Pennsylvania Is as follows:
BANK OF PENNSYLVANIA,
PHILADELPHIA, Sept. IS, 1857.
| "This bank. having been compelled to Temporal
riiy suspend specie payments, the Board of Direc
tors assure ali persons having claims against the
bank, whether of circulation deposit otherw Use
that no Lo3S CAN POSSIBLY OcCCR
: By order and on behalf Of the Board of Direc
. tors TI03. ALLIBoNB, President"
The Ledger Of Saturday morning adds:
!; In the neighborhood of the Girayd Bank groups
Of persons discussing the aile1eiting topic were
gathered from the time Of the opening to the close
1t WAS officially announced, in the of the
morning. that checks would not Qe paid uuiil after
= ! clock. We learn that they were not paid thou (.
the notes redeelucd mp to the time OF Closing
9 in the course Of the day there more or less V
a upon ali OF the city baukS, though IN many
instances il was made by the holders Of one
i've dollar notes. In the morning, and up to ono
(. o'clock, tha run upon the Farmers aud and Mocha
, MICS was very heavy. There a continual stream
{ going into the bank, and in the banking room 4
long line was formed TO the paying telers desk
comp ysed Of from fifty to seventy-iive persons Be
: fore two o'clock tie excitement had abated, and
bat few persons were in the room,
At the Philadelphia and the estern Bank ,almos
, adjoining there was considerable rush through
out the day, as also at the Commercial aud Bank O
: Conmsrce. 1t understood that all of these re
: deemed their notes and paid depositors. The rur
upon the City Bank was probably greater than upon
) any others. All day there line reaching
from the paying teliers desk into the street, which
: at two o'clock Was from fifteen to twenty yard'
;. long. Policemen were stationed on the steps o
the Bank to prevent persons from entering, all be
ing compelled to take their places in line
: While We were at the Bank, an old lady came VI
q with check. and was about to push her way i'll
when she was ordered back, and was told she mus
do as the others had doRe. The rush was consider
, able, but not so heavy, at the Northern Liberties
/ Manufacturers and Mechanics and Penn Town
:, ship. The Southwark and Iradesmen5 had very
! little more than the ordinary demand Tor specie
: The panic and the run upon the banks were every
: where the subject of conVersatIon-ln the stores
# | counting rooms, workshops aud market places
/ In all the crowds about the banks, laboring men
s and others in humble circumstances, could be seen
h who were there evidently for the purpose of oh
/ tanning specie for single note or two The pani
: seemed however, to have affected other classes
: | Throughout the day, notes of the banks held il
: bad repute were refused by shopkeepers, and tn
! specie insisted upon in payment ofpurchases made
" In summing up the disasters of Friday, the Led
0 ger says the Exeter, the Girard and Commercial
banks, which ceased paying deposits at II O'Clock
but intend paying, continued the redemption c
]. their bills up to oclock-all the banks paid thei
= circulation and deposits up to clss16g hour.
It adds
i Tue demand was principally on depQ@ts, the cir
u culation Of no one of our banks bszS6 large. In
deed, it is quite small One of the banks that W
heard of paid GU about 3250000 in coin two 9th
ers, about S2oOu00 each; arother $s00OO, and
= fourth about $4,000 In ali, about $l5o0,Uo0 wa
|, paid out The run seemed t. be very equally dis
= tributed Last evening there was another heetln
| of Bank Presidents, at which, after thoroug
2 consideration Of the question to stop or TO go o
3 to-day, it was decided unanimously to suspend. s.
that We are now reduced to an exclusively pape
4 currency. 1t is greatly to be hoped that the sus
= pension may be but temporary. and those CONTROL
:, ing the banks are very sanguine that t1e moheh
| the excitement occasioned by the recent heav.
| mercantile failures shall have iulled little tn
banks will be able to resume. Confidence, now
ever at present, il so much shattered, that II /
L utterly useless to attempt it, The banks them
selves, to some extent partake OF the general uls
u trust, though we glad to say that the omcer
of several of the country banks were i'll town. an'
freely offered every aid in their power to sustain
| the city banks in the run.
% 1t WAS a remarkable and highly creditable Tea
ture of the extraordinary excitement yesterday
% that there was not the least expression OF angr
feeling 1t is true, all seemed bent getting coil
y for their bills and checks, but all expressed sym
pathy for the banks. and a wish for such return
of confidence would enable them TO go on
The Bank ofPennsylvania dsrstood to be large
ly debtor to the other banks but should be remem
bered that it has paid up capital Of over one mllio
eight hundred thousand dollars, and holds NOR
= than double that amount lin bills receivable. III
a circulation ID comparatively very sInail,and the dt
p0sits within the last two three weeks have bee
r drawn down very low-about three hundred thous
l. and dollars having been paid out in coin since Mon
day So that there seems reason TO dsabt the YER
positive assertion Of the Directors, that the ban
/ will pay all its liabilities principal and interest,