From the month of June, owing to the bank balances or the rate of
exchange, the tranquillity and steadiness which had become
re-established grew daily; after the storm of the first few days no new
disasters had occurred except the failures of Mathew and of Morgan.
The position of the market grew firmer and the clearing house reduced
its loan certificates, which now replaced the former excessive issues of
bank notes. From $24,000,000 they had already decreased to $18,000,000;
of this amount $6,000,000 were taken by banks as a last resource, and
there then remained only $12,000,000 in circulation. These $6,000,000
had served to sustain the shaken banks, and it is pleasant to state that
outside of these requirements the amount needed was no larger.
Failures had ceased in the great centres, but they continued in the
interior of the country; the shock, like a great wave, took a certain
time to overrun the various States.
SUCCESSION OF PANICS IN THE UNITED STATES STUDIED THROUGH THE BALANCES
OF THE BANKS.--Following the historical summary of panics in the United
States it will be useful to have a general table, so as to glance at the
very rare documents which permit us to follow the working of the Banks
through their balance sheets.
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