Echoes of the WeekThe Illustrated London News, vol.41, no.1180, p.691.
December 27, 1862
...There is a paper panic in New York. Rags, so it seems, are no longer obtainable, or have been all used up by Mr. Chase for the manufacture of shin-plasters. The Associated Press invite tenders for the supply of three million pounds of paper, to be paid for--in paper--on delivery; but there are no bidders. Meanwhile, with ruin staring them in the face, according to the veracious "Manhattan," all the New York papers have increased their prices fifty per cent, and the astute Mr. James Gordon Bennett, of the Herald, wishing to preserve intact the fortune he has accumulated, and not caring to cope with evil days, has retired from business altogether.