In many New England manufacturing towns, for example, checks for use in trade were drawn in denominations from one dollar up to twenty.

In some cases, corporations paid off their employees in checks drawn on their own treasurers which served as local currency.

In some Southern cities, clearing-house certificates in small denominations were issued for general circulation--in Birmingham, Alabama, for sums as small as twenty-five cents.

It is worth noting that a premium was paid as readily for notes as for gold; indeed, the New York "Financial Chronicle" reported that the premium on currency was from two to three per cent, while the premium on gold was only one and one half per cent.
Before the panic had ended, the extraordinary spectacle was presented of gold coins serving as a medium of trade because treasury notes and bank notes were still hoarded.

These peculiarities of the situation had a deep effect upon the popular attitude towards the measures recommended by the Administration.
While this devastating panic was raging over all the country, President Cleveland was beset by troubles that were both public and personal.