The day was fine. I went to Quincy very early and found them getting along very rapidly. They have nearly covered in the whole with 241boards and are carrying up the Chimneys pretty fast. The other work of clearing, digging &ca is also going on with some rapidity. I then called upon Mr. Brigham with respect to an Instalment that had been called upon the Stock of the Quincy Canal and made a settlement with him by a surrender of as many Notes as amounted to the sum, receiving the balance of Interest due upon them. Thus far being settled, I returned and then home.

Found the whole of State Street in most unparalleled agitation caused by the intelligence from New York that all the Banks in that City had suspended specie payments. Thus is this matter at length brought to a crisis and from an apparently high state of prosperity we are at once plunged into utter bankruptcy. So much for General Jackson’s better currency and the whole train of fine theories which depend from it.

Home late. Afternoon Plutarch and Agathon. Evening, made a call at Mr. Brooks to see Gorham, but found them going out, so I would not stay.

It seems there has been a popular meeting at Faneuil Hall to recommend a stoppage here, and the Bank Directors meet tonight to the same effect. Such is the consequence of the extraordinary reaction which has taken place within two months. The prospect for the future is now more unpromising than ever. On my return home, T. K. Davis called and we had a talk upon present affairs, and the consternation of the monied men.

Morning out with my children to enjoy the freshness of the morning air. It was fine and warm and they appeared to relish it. Then to the Office but I could not sit very quiet nor do much of any thing. The period is so exciting. The Banks in Boston this morning refused to pay specie for their Notes, and paid out only bills not their own. The credit gained during the War has not been sustained and we are now open to all the evils of a depreciated paper. Of course it is idle to complain for any sensible and observing man must have perceived this long ago. But it is fearful looking at the consequences which must open up from such a step. Today the Banks are careful but how long will they continue so? There is the rub. The barrier is now broken through and what strength can be derived from a mere line. Conversation with Mr. Walsh and Mr. Everett. The great object of interest now is the course of the President, and that of the United States Bank. They may yet save the Country.

Home. Greek. Afternoon, took my wife with me to Quincy. They are going on pretty rapidly with the work now. The framing is done and the men are gone. The mason and Mr. Ayer are now going on. I gave directions in a variety of ways and watched the work until it was time to return. Evening at home. Read Byron to my wife and afterwards writing.