weakness, so to speak, was that the withdrawal of deposits had risen from
$94,000,000 to $104,000,000, while the circulation diminished $1,000,000.

In June "the position of the Bank ought not to have caused any fear, to
the most far-sighted," says the report of the Committee of Inquiry.

Foreign exchange was favorable, and it is known that is the bankers'
guide. June, July, and August were tranquil, except for a slight
disturbance in business experienced by the country bankers through the
constantly increasing amount of notes presented for redemption, and
among the city bankers by requests for discount.

The collapse of the "Ohio Life," which had the best New York connection,
was the first muttering of the storm, and was soon followed by the
suspension of the Mechanics' Banking Association, one of the oldest
banks in the country. The suspension of the Pennsylvania and Maryland
banks followed. Public confidence remained unshaken--it relied upon the
circulating medium.

Only one bank went to protest, and that on September 4th, on a $250
demand. Another protest followed on the 12th, a third on the 15th,
both for insignificant amounts. Demands in the way of withdrawal
amounted to almost nothing, and there was nothing like a panic.

The deposits at the savings banks were a little less, but this did not
continue. Only at the close of September was the demand by the country
banks for payment upon the Metropolitan American Exchange Bank for
payment greater than it had ever been.

On the 13th of October, with exchange at par, an abundant harvest, with