File:A history of the Bank of New York, 1784-1884 (1884) (14766430155).jpg

Identifier: historyofbankofn00dome (find matches)
Title: A history of the Bank of New York, 1784-1884
Year: 1884 (1880s)
Authors: Domett, Henry Williams
Subjects: Bank of New York Banks and banking
Publisher: New York : G. P. Putman's sons
Contributing Library: University of California Libraries
Digitizing Sponsor: Internet Archive

View Book Page: Book Viewer
About This Book: Catalog Entry
View All Images: All Images From Book
Click here to view book online to see this illustration in context in a browseable online version of this book.

Text Appearing Before Image:
they certi-fied checks as being due the depositor. This actioncreated distrust and made depositors more anxious toreceive gold for their checks. A crowd filled the banking-room of the Bank ofNew York, and as it became evident that gold wasbeing drawn on checks which should properly havegone through the Clearing-House, it was decided, atabout 2 P.M., to refuse payment of any checks or billsnot presented by a dealer in the bank. On the 13th of October, during the run on thebanks a person presented two one-hundred-dollar notesof the bank to the paying teller and demanded thespecie, which was refused. Application was immediately made by the holder ofthe notes to the Supreme Court for an order to showcause why an injunction should not be granted againstthe bank and a receiver appointed. The case was argued before Judge Roosevelt, whodecided against the application on the ground thatwhile a bank may refuse to redeem its circulating notesduring a period of general suspension, that refusal of
Text Appearing After Image:
THE BANK OF NEW YORK. 93 itself does not prove that the bank is insolvent ; thebank having at the time property not only sufficientbut in every respect more than sufficient to satisfy alldemands. Within the meaning of the statute, there-fore, it is clearly solvent. The suspension was of short duration. On the 13thof November the board of directors of the Bank ofNew York passed a resolution to the effect that thebank was ready for a general resumption of speciepayments, and only awaited the action of the banks ofthe city and the State to carry the measure into effect.They further resolved to resume specie payments forall small notes of the bank then in circulation. Onthe nth of December the President signed an agree-ment with the other banks of the city to resume speciepayments for all their obligations on the followingMonday. Specie payments were accordingly resumedon the 14th of December, iSS;. The need of better accommodation for the businessof the bank had long been felt, and in i8

Note About Images