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.




Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: