The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1857-10-03
The Financial Storm.

and healthy, anu Want up q" "
find the whole populace IN terror win the
pestilence at their doors. After carefully
looking over the newspaper reports and tele-
eraph dispatches for the last week, we pre-
sent the following general view of the pro-
gress of the epidemic
Nfr York aud Ne,c EHgIaHd.-The fever
which broke out in Wall street having spent
its rage, and nearly all the New York City
Ranks having survived the assault, confidence
was rapidly gaining ground. and a meeting
Of the Bank Presidents on the 2sth deter
mined to extend their line of discounts to
the amount Of three millions during the
week. which would greatly relieve the busl-
ness community. The new outbreak IN
PHILADELPHIA and in the South may neutral
ize all the good anticipated from this step.
In Boston resolution was adopted to extend
discounts to like extent. The Banks OF
Providence. r. l., have suspended, but the
Hartford and New England Banks generally,
(such IS have not gone under,) continue to
pay specie. Comparatively few of the New
York country Banks have yet gone under,
and in general the New York and New Eng
land banks expect to weather the Storm
philadelphia, Pennsylvania and South
While confidence in New York and New
England was thus returning, however, the
epidemic broke out with renewed violence
in PhiIadel phia and all over Pennsylvania,
creating a new CONSERVATION and alarm.
The trouble in Philadelphia commenced with
the Bank Of Pennsylvania which suspended
about the 18th. Other Banks soon followed
in the same direction, until all had either
entirely suspended or redeemed only lives.
Since Tuesday the dispatches run in this
wise:
PHILADELPHIA, Sept. 2S.-Thcre is still no
concert of action among the banks They
commenced paying five dollar bills but at
ii o'clock the North American Bank, which
previously redeemed all notes, suspended
specie payments, and the same course will
now become universal The philadelphia
Bank suspended specie payments, but re-
deemed checks with notes of other banks
following this course.
PHILADELPHIA, Sept. 29-Bank affairs are
banks are preparing TO issue small notes.
The Pennsylvania Bank notes are to be re.
ceived at the other banks tomorrow.
PHILADELPHIA, Sept. 29.-The City and
Southwark banks are paying specie - their
small notes notwithstanding their agreement
of yesterday They are receiving the notes
of other banks on deposit excepting the
Pennsylvania.
PHILADELPHIA, Sept 3O.-Thc Banks are
still pursuing an unharmoniZing course,
causing trouble and vexatiOn to the business
men. The Pennsylvania Bank refuses, fol
the present, to come into arrangement with
the banks, fearing that her largest dcpositor:
will remove their balances to other banks
creating a large Indebtedness to them, which
could not at once be settled without diff
Guilty. Arrangements are making to place
her on 4 firm basis. TIE other banks are a
variance. refusing to receive the certified
checks of each other. There Is confusion II
all the arrangements of parties having notes
due while the banks are locked up. The
people feel outraged at the want OF system
and the necessity for a clearing house Is be
coming daily more imperative
From Philadelphia the pest;lence has
spread over Pennsylvania, and half the coun
try banks probably have by this time sus
pended, and in Pittsburg all the banks ex
cept the Pittsburg and Allegheny Bank hav
suspended. r. view of this condition OF al
fairs, the Governor has issued proclamation
converting an extra session of the Pennsyl
vania legislature.
From Pennsylvania, the epidemic natural
- IL
sion (failure) of the Burlington, CHAMBERLAIN
and Salem N. j Banks is announced.
Southwark next the fever spread. Tn
Baltimore and Washington City banks hav
suspended At Richmond and Norfolk tn
banks continued firm, but some of the \
c. country banks have succumbed. hea
W run on the Wheeling banks has also pro
baby forced them to suspend No new sus
pensions are announced by Cincinnati banks
or any Ohio country banks The Nashville
Tenn, Bank has suspended, but other Nash
vile Banks refused TO follow.
In St Louis Bogy, MeIlenberger Co
Aderson Il Co, and Darby & Barksdale, sus
pended, but the rest of the ST. Louis bank
and bankers stand firm. The Repu6Lica
says:
The Banks, whether public or private, ar
as . general thing in a situation, which ena
bles them to meet promptly every reasona
bic demand which can be made upon then
this is 7ot vain boast, as every intelligen
well-informed man well knows. and ought
make his more ignorant and less informe
neighbOr clearly TO understand.
All the Nebraska banks, except the Ban
Of Florence, are announced as having faileC
While the East and South were thus
continued to feIicitate ourselves on the sount
ness Of our banks and a maintenance Of pei
feet confidence IL is true, a Bank in Gall
ma and the Elgin Bank had suspended, bU
their bills were so well secured that nobod
refused TO take them Rumors were as
afoat Of the suspension Of the Aurora Danl
which are contradicted. The Peoples BanL
Milwaukee, the Badger State Bank, Jane:
vile, and one or two other cne-horse WI:
consin banks had suspended. But nobod
had dreamed of serious trouble in the We,
until the startling announcement day {
two ago from Chicago Of the suspension
E. l. Tinkham & Co, and Of Il. X. Swif
Brother & johnson. These suspensions, a
though smoothed over and much explaine
away by the Chicago papers, have sprea
general distrust if not dismay, and the con
Dunity hereabouts is full of the gloomie:
forebodings. 1t is needless to give III
lengthy explanations and apologies of III
Chicago papers for these suspensions. Tn
gist of them is, that the depositors lost 18th
grand confidence" and made run, and tn
gentlemen bankers couldn't hold out agains