Suffolk Bank announces its intention to end the Suffolk Banking System in force since 1824

The Suffolk Bank announced to the Boston banks that its "foreign money" desk would close on November 30, 1858. Brought about by competition from the newly formed Bank of Mutual Redemption, this ended the "Suffolk Banking System" which had operated since 1824 for the free redemption of banking bills throughout New England. (By John Osborne)
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London based philanthropist George Peabody donates a further $200,000 to the Peabody Institute in Baltimore

The American-born British philanthropist George Peabody sent word from London that he was donating a further $200,000 to the institute that bears his name in Baltimore. Newspapers claimed that his total endowment to the Institute now had reached half a million dollars. (By John Osborne)
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