Philadelphia Banks Suspend Specie Payments

The Philadelphia bank presidents met at noon, to consider the propriety of suspension, and resolved to suspend specie payments at 1 o’clock On November 22nd, 1860.

The action of the bank presidents in suspending specie payments was generally regarded with favor as a precautionary measure, to enable banks to expand their discounts, and as a preventive to the scenes of panic similar to the one experienced 1857.




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