Holmes County Republican. [volume] (Millersburg, Holmes County, Ohio) 1856-1865, 1857-10-22
From the N. Y. Tribune, Oct, IL.
The Financial Crash.

L AAS u AAAObAAOAM4 VI 0Sus
Yesterday was the climax in this city in
the present financial panic. Such intense
excitement was never witnessed in Wall
street IN any monetary crisis which has
heretofore been visited upon the country.
The suspension of the Bowery bank on Fri
day, the East River on Saturday, and the
Grocers on Monday, famed the sparks of
d:strust the panic mongers had scattered
among the people into flame, which soon
spread over the entire city, and the feals
which until recently only pervaded the
minds of small depositors and bill-holders
became rife with even those who had as
serted their confidence in the soundness of
the banks of this city.
At 10 o'clock yesterday the fronts of the
different institutions indicated by the num-
Der around them that the ability of the
vaults to yield up their treasure at the call
of depositors and bill-holders was to under
go no ordinary test. Check after check
was presented and paid, and still they came
and soon word went forth, that run was
commenced on the banks, and it passed
from one house to another, until the whole
lower part of the city was alive with excite
ment. Bank books were examined; but
moment was required to prepare check;
signature was hurriedly dashed off at its
foot, and in another moment it was on Its
wsy to the bank.
The crowd increased in numbers; and;
though not clamorous, yet the presence OF
so many indicated the extent of the pres
sure upon the institution. Each person
took his place in the line and awaited his
turn while policemen kept those out who
were present only from motives of curiosl-
I.ty. One after another was paid, and with
the shining treasure departed. Scores of
hands, skilled by long experience in count
ing coin, were taxed to their utmost in their
efforts to keep pace with the demands for
gold.
Outside was a scene of the widest ex-
citement. Tens of thousands were at the
same moment in the streets-some rush
ing onward in the hope to secure their de-
posits before the hour of closing should ar
rive, and others clustered together, surmis-
ing and discussing the probabilities of the
Banks being able to stand up under the
pressure. Later rumors came of suspen-
sion of Banks on Greenwich ST., and here,
there, everywhere, were inquiries made to
know if they were true. Bulletin boards
were scanned for combinations of the re-
ports, which, when they received them only
heightened the excitement. One after an
other of the announcements of banks fail
ing under the continued drain made upon
them fell upon the ears of the people, and
confident predictions were made that ] 0
o'clock of Wednesday would tell the story
of the suspension of all. But not few
there were whose belief in the ability of the
moneyed institutions of this city was still
unshaken, and they asserted with earnest
ness that every demand in checks and bills
would be met to the last by the more sol
id banks, and Panic be laughed to scorn.
About liz o'clock hopes were heightened
for time by the appearance of an unau-
thorized circular, in which consolidation
of the banks was indicated as the course
that was to be pursued in the present ex-
gency; but the suspensions soon dissipated
the delusive hopes, and Panic was again
King in Wall street.
At three o'clock eighteen suspensions of
City Banks lad been announced, and later
intelligence was received Of the suspension
of the Jersey City Banks.
By half past three all the Banks had
closed their doors for the day, and by four
the street had resumed its usual appear
ance at that hour.