, in New York, on November 11th, and
reaching a climax with the embarrassment of Baring Brothers [Footnote:
Meanwhile Messrs. Charles M. Whitney & Co., David Richmond, J. C.
Walcott & Co., Mills, Roberson, & Smith, Randall & Wierum, Gregory &
Ballou, P. Gallaudet & Co., had failed in New York, the North River Bank
of that city had been thrown into a receivership, and in Philadelphia
the failure of Messrs. Barker Brothers, had been followed by a number of
others. This was all bad enough, but sinks into insignificance when we
recall the financial terror inspired by the great and historic house of
Baring Brothers proving unable to meet its engagements, amounting to
about, L28,000,000. The Bank of England received notice of its
difficulties on September 7th, and by the 15th had secured from a
syndicate, composed of the great London houses, a guaranty that it would
be protected from loss to the amount of L4,000,000 if it would liquidate
the Barings' business, and from the British Government the right to
issue L7,000,000 of notes provided that sum was used to loan the
Barings, and it therefore assumed on that date the task of paying the
Barings' acceptances of L21,000,000 and L7,500,000 of other liabilities.
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