Cooper's Clarksburg register. [volume] (Clarksburg, Va. [W. Va.]) 1851-1861, 1857-10-02
From the Baltimore Sun,
Financial psnics

Financial panicsA
The excitement in financial circles OF
Saturday last throughout the country vii
reader the day memorable. The none
tafy storm which for weeks had been i'm
pending reached its crisis on that day. !
had long been anticipated by many whose
interests were likely to be seriously affect
ed, and Preparations to meet it had beer
s1sde as :ar as i. was possible to do so
bat The turn which affairs have since
taken through the suspension OF the banks
has wsrded of the calamities to mercan
tile-and mechanisal interests which~ 9th
wise might have ensued ere long. The
banks OF Philadelphia, as agreed upon al
the meeting of the several officers held or
Friday evening. suspended specie pay,
nnsnt on Saturday morning. This Ma.
followed on the same morning by the
several banks Of Baltimore-not because
81 any extraordinary run on them or ex'
Gitement in the community. but purely
from motives of self defense, as the occur.
rsnces at Philadelphia tho previous day
had already influenced q simultaneous
movement from the East and the West
and TO some extent from the South, for
Withdrawing specie from Baltimore. A
very large amount of drafts, it is under
stood, were there from New York and
Philadel phia on Saturday morning. in the
hands of parties with the instruction to
obtain coin. while the western balance
still here was being called for in the same
way through the aid Of the telegraph as
we'll as by letter.
The suspensions here and in Philadel-
dslphia were soon followed by banking
institutions in Washington city, and
Pittsburg, Reading. Harrisburg. and va
rious other cities aud towns in Pennsyl-
vania. In New York and Boston, how
ever. the banks continue specie payment,
The Philadelphia Bulletin, of Saturday
afternoon. has the following account oil
the "doings" 10 that city on Saturday:
The excitement about the city moneta.
~ institutions continued this morning
but the terrotists belonged to a different
class from that which was prominent on
Friday. The run yesterdy took about O
million and half of dollars out OF the
vaults Of the different institutions, and
the presidents ofthe various banks mel
yesterday afternoon and determined TO re-
deem their smaller notes only day
This determination was generally known
last night. and to-day it was announced
through all the newspapers.
This morning the people who do no
read the afternoon papers first learned o
the run. and every individual Of this class
who bad five dollar bill slowed away
Tor rainy day became uneasy for fear o
the consequences, and they rushed domr
bright and early to the neighborhood il
0hich the hanks are located
TIE SCENE ABOUT TIE BANK DOORS.
Long before business hours crowds o
persons gathered upon the steps Of tn
principal banks, and leaned up agains
the doors as though they were impressed
with the conviction that there were bare
~ funds inside sufficient to meet thei
demands, and unless they were quicl
getting inside some fortunate individual
would obtain the coveted gold. Amon
the throng were numerous women, toe
who were alarmed at the reports whic
we're flying about thick and fast. In sew
eral cases the doors of the banks wer
males and in6rm persons were invited in
eide by the officers Of the institution.
When 10 o'clock arrived the doors wer
opened to the public, the scene wa
smusing the people described rushe
mp pell-meli TO the teller's paying counte
and impatiently awaited their turns. A
The great majority Of the banks redeeme
thsir smaller bills, these frightened not
holders we're soon relieved Of their pspe
Gnd of their fears, and they went upo
ihsir way rejoicing. All this was accom-
plished without much cost, for very fe'
of these early birds had more than q sin
gle Eve dollar bill to offer, ana very Iii
ale specie went great way in sa!lSfyic
tbeir claims.
WHAT THR BANKS ARE DOING.
AL the banks decline to-day to cas-
depositors' checks. but they all marke
them good" and their checks were use
i payment Of bills and taken in deposi
by other banks. The Mechanics Ban
paid all its notes in specie. and there wa
Iitsie or no rushing to the teller's desl
Al the door Of this institution the follow
notice was posted
MECHANICS BANK,
Philadelphia, Sept. e6. 1857.
This bank will pay all its circulation.
Depositors' checks will not be paid
but will all be marked "good." an
checks SO marked by other banks will b
received in Payment of debts due this in
stitution.