Philadelphia banks suspend specie payments

The widespread suspension of trade between the North and South following the election of Abraham Lincoln quickly caused a banking crisis.  Banks in New York and Boston were able to act in concert to weather the storm but Philadelphia banks were forced to suspend specie payments as hard currency flowed southward.  Reports, however, noted that this action was taken calmly in the city and was seen as a cautious, unavoidable, and temporary measure. (By John Osborne)