Delaware weekly Republican. [volume] (Wilmington, Del.) 1841-188?, 1857-10-01

THE MONEY PANIc-Rus UPON THE BANKS.
The city was in lever of excitement OH Fri
day, owing to the suspension OF specie pay
ments by the Bank of Pennsylvania, and TO the
very general apprehension that other Banks
would do likewise. At an early hour in the
morning, crowds gathered in tho vicinity OF
many of these institutions, and their doors
were not long open before it became apparent
that there would be run upon them. The
announcement OF the suspension Of specie pay
ments by the Bank of Pennsylvania was early
made, and policemen were stationed at the
gates to prevent the entrance of all who had
not business with the officers. The following,
signed by the Cashier, was conspcnously dis.
played at different points along the railing sur
rounding the building:
"Resolved, That this Bank suspend specie
payments until further order of the Board"
The crowd that gathered about the Pennsyl-
vania Bank soon dispersed, and there was little
or no excitement there during the rest of the
day. In the neighborhuod of the Girard Bank,
however, il was different. Groups Of persons
discussing the all-exciting topic, were gather
ed there from the time of the opening to the
close. II was officially announced, in the
course OF the morning, that checks would not
be paid until after O'Clock. We learn that
they were not paid, though the notes were re-
deemed up TO the time of closing. In the
course Of the day there was more or less of
instances it was made by tho holders OF one or
more five dollar notes. In the morning, and
up to one O'Clock, the run upon the Farmers
and Mechanics was very heavy. There was
continual stream going into the bank, and ia
the banking room long lins was formed to
the paying teller's desk, composed of from fifty
to seventy five persons. Before two O'Clock
the excitement had abated, and hut few per-
sons were in the room.
At the Philadelphia and the Western Bank,
almost adjoining, there was a considerable rush
throughout the day, as also at the Commercial
and Bank of Commerce. 1t was understood
that all Of these redeemed their notes ant
paid depositors. The run upon the City Banl
was probably greater than upon any of tn
others. All day there was a linereaching iron
the paying tellers' desk into the str ct, whic
at two O'Clock was from fifteen to twent
yards long. Policemen were stationed on III
steps of the Bank to prevent persons from en-
tering, all being compelled TO take their pla
ces in line. While we were at the Bank, an oil
lady came up with check, and was about Z
push her way in, when she was ordered bacl;
and told that she must do as the others hat
done. The rush was considerable, but not 81
heavy, at the Northern Liberties, Manulactur
ers' and Mechanics and Penn Township. Thu
Southwark and Tradesmsn's had very little
more than the ordinary demand for specie
The panic and the run upon the banks wert
everywhere the subject of conversation, in the
stoie s, counting-rooms, workshops and marlSe
places. In all the crowds about the banks, Ia
boring men, and Others in humble circumstan
ces, could be seen, who were there eyidentl,
for the purpose Of obtaining specie for 4 singl,
note or two. The panic seemed however /,
have effected other classes. Throughout tn
day, notes of the banks held in bad reput
were refused by shopkeepers, and the speci
insisted upon in payment Of purchases made
Ledger.