Evening star. [volume] (Washington, D.C.) 1854-1972, 1857-09-28
The Financial Panic.

residence IN this city, from dropsy.
The Financial Panic.
The monetary furry on Saturday seems to
have extended over large portion Of the Union,
or wherever telegraphic lines furnished the news
Of the panic prevailing in the Atlantic CONNER.
cial cities
The suspensions in Baltimore and Philadelphia
were followed by two of the banks in this city,
and by banking institutions in Pittsburg, Read
ing, Harrisburg. and various other cities and
towns in Pennsylvania. In New York and Bos
ton, however, the banks continue specie pay ment.
1t will not be strange If the Virginia, North Car
olina, Georgia, Kentucky, and Tennessee Banks
should follow. There Is some doubts as to
Charleston, but genuine impression is that the
city of New Orleans win sustain the specie
standard with the city Of New York.
The New Jersey banks have not been heard
from. The Metropolitan and American Exchange
Banks of New York receive their notes, though
with some degree Of caution where the relations
Of the banks are known to he mainly with Penn
sylvania instead of New York. The Delaware
banks will probably follow the example of Penn
syvania and Maryland. From the east, we hear
nothing disastrous. The Suffolk redemption in
Boston was going on usual up to the hour of
Saturday. The redeemin2 banks in New
York, the Metropolitan and American Exchange,
have made no alteration in their terms on New
England bank notes
meeting Of bank presidents was held in Phil
adelphia on Saturday, with view of having
total suspension; but 1t failed, through want Of
concert of action. The suspension was not gen
eral in Philadelphia. some of the banks having
received a supply of specie. The bank presidents
had conference with Governor Pollock, and re-
.toI Il.
ture early in October. No positive answer was
given, as the Governor wished to consult the At
torney General, who was absent. The p<ocIa-
nation will be issued o-day, in all probability.
Only two banks have suspended in New Jersey
The Trenton banks, which had quite run upon
them Saturday, hope to weather the storm The
banks in Pittsburg continue to pay specie In
small sums
The citizens of w heeling held meeting Sat
urday evening, and requested the banks of that
city to suspend until matters would Justify re-
sumption.
The Banks In Boston Were said TO be In bet
ter condition than they were two weeks ago, hav-
Ing increased their specie S4OO,UOO during The
week.
A despatch from Richmond on Saturday says
The banks here feel strong, and declare their
determination to hold out-and the New York
of Philadelphia and Baltimore. and the Ba1ti-
more ana Virginia brokers in hot pursuit of
specie. will be likely to lead to a resolve upon a
general suspension, to save what specie they
have.'
The Philadelphia Bulletin of Saturday after
noon says
''The excitement about the city monetary in
stitutions, which commenced in good earnest
yesterday, and developed itself in general run
on the Banks, continued this morning; hut the
terror sts, this morning, belonged to different
class from that which was prominent on Friday.
The run yesterday took about q mill ion and a half
OF dollars out Of the vaults of the different insi-
tutions, aud the Presidents of the various Banks
met yesterday afternoon and determined to re-
deem their smaller notes, only, to-day. This
determination was generally known last night,
and to-day II was announced in all the newspa-
pers
This morning the people first learned Of the
run, and every individual of this class who had
five dollar bill slowed away for a rainy day, be-
came uneasy for fear Of the consequences, and
they rushed down, bright and early, TO the neigh
borhoOd in which the banks are located
Long before business hours, crowds Of persons
gathered upon the steps Of the principal banks
and leaned up against the doors, as though they
were impressed with the conviction that there
were barely funds inside sufficient to meet their
demands, and. unless they were quick getting
inside, some fortunate individual would obtain
the coveted gold. -
Most of these eager individuals were either
Irish or Germans, aud the latter, particularly APP
peared terrified at the fear Of meeting with loss
Among the thrOng were numerous women, too
who were alarmed at the reports which were iy-
ing about thick and fast. In several cases the
doors Of the banks were opened before their usual
time, and females and inhrm persons were invi-
ted inside by the officers of the institution. %.
When ten O'Clock arrived and the doofs were
opened TO the public, the scene was amusing;
the people described rushed up pell nell to the
paying teller's counter, and impatiently awaited
their turns. AS the great majority of the banks
redeemed their smaller bills. these frightened
note holders were soon relieved of their paper
and their fears and they went upon their way re-
joicing. All this was accom- lished without
much cost, for very few Of these early birds had
more than a single ive-dollar bin to offer, and
very little specie went great way in satisfying
their claims. 80 .rr
All the banks declined to-day to cash deposit
tors checks, but they all marked them 60 good -
and the checks were then used in payment of
bills and taken in deposit by the other banks
Some Of the note holders who had privately as
sured their friends Of their conviction that they
were ruined, were taken aback, on reaching the
counters of the bank, ut being PLEASANTLY asked
BY the Teller show they would have il 2" Those
who wanted gold got 1t, while others who en-.
pressed desire for change received small silver,
much to their qualification. This polite and
cOmmodating course put the poorer class Of note
holders in an immensely good humor.
The course pursued by the majority Of the
banks had the effect Of allaying the excitement
among the eXcitable people who were so clamor-
GUS early in the day. During the forenoon crowds
OF idlers stood gazing at the outside Of the Banks
JUST az th'J "ouiu Sa<u a. All DuilOlnp
where some exciting event had occurred. 4
strong police force was on duty during the day
to prevent the streets being blocked up by the
crowds Of loiterers. % . -.-
The Baltimore Patriot, of Saturday afternoon,
slys: .l-.
80 At an early hour this morning meeting Of the
Presidents of all the Banks in the city was called
and held at Union Bank, and, after due consider
alton, resolutions were unanimously adopted
agreeing upon the expediency Of suspenling
specie payment for the present. The fact of this
determination was soon made known, and be-
tween nine and ten O'Clock all our banks ceased
to pay out specie. The matter was accomplished
with great ease and unaninlitv. We record the
fact with pleasure that no run was made and no
extraordinary excitement perceptible
The Rock ISLAND BRiDsE.-The case Of the
steamer Efae Acton vs.. the Chicago and Rock Is
land Bridge, which has been on trial for two
weeks in the Circuit Court Of the United States,
at Chicago, H., has terminated. The jury failed
to agree and Were discharged The complaint
was that the bridge across the Mississippi was an
obstruction TO navigation go y