File:History of New York City - embracing an outline sketch of events from 1609 to 1830, and a full account of its development from 1830 to 1884 (1884) (14768658165).jpg

Identifier: historyofnewyork01loss (find matches)
Title: History of New York City : embracing an outline sketch of events from 1609 to 1830, and a full account of its development from 1830 to 1884
Year: 1884 (1880s)
Authors: Lossing, Benson John, 1813-1891
Subjects:
Publisher: New York : Perine Engraving and Pub. Co.
Contributing Library: Columbia University Libraries
Digitizing Sponsor: The Durst Organization

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is inaugu-ration there were mercantile failures in the city of New York to theamount of more than 8100,000,000. The panic there was fearful.Two hundred and fifty mercantile houses had been compelled to suc-cumb in the month of April. Every business man and every moneyedinstitution seemed to be standing on an insecure foundation. At thiscrisis a deputation from the merchants and bankers of New Yorkwaited on the President and petitioned him to defer the collection ofduties on imported goods, suspend the operations of the Specie Circu-lar, and call an extraordinary session of Congress. Their prayer wasXejected. When this fact became known all the banks in New YorkCity suspended specie payment. That event occurred on the 10th ofMay. This act embarrassed the government, for it could not get coinwherewith to discharge its own obligations. In this dilemma thePresident was induced to call an extraordinary session of Congress,which met in September. It did very little toward adopting measure.;
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FIRST DECADE, 1830-1840. 371 of relief except to authorize the issue of treasury notes to an amountnot exceeding §10,000,000. The banks had resolved to resume specie payments w ithin one year.On the day of the suspension there was a large meeting of businessmen at the Exchange, when James G. King, the junior partner of thebanking-house of Prune, Ward & King, addressed them, and offeredresolutions to the effect that the paper currency should be recognizedas money and pass as usual among business men until the banks shouldfind it practicable to resume specie payments. These resolutions wereseconded by Mr. Prime, the senior of that banking-house, and theywere adopted by unanimous vote. This measure produced a feeling ofrelief, and the panic gradually subsided. In October Mr. King went to London to confer with the officers ofthe Bank of England. To these gentlemen he made the startlingproposition that the bank and the great capitalists should cease embar-rassing American merchants by

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