(1) Weigh the difference between insolvency and illiquidity—and realize how difficult it is to ascertain that difference in the midst of a financial crisis. (2) Consider the decision among banks regarding the suspension of convertibility of demand deposits into specie in a panic. The instructor can use this case to represent the "coordination game" dilemma that banks face during a run. (3) Illuminate early private-market remedies to prevent or mitigate bank runs and suspensions. The New York "safety fund" intended to provide privately funded deposit insurance. The NYCH was a private-market means of supplying liquidity to the system and of promoting coordination among banks. These private-market innovations aimed to stabilize the financial system. (4) Gauge the impact and legacy of the Livingston decision as a regulatory doctrine for the treatment of illiquid banks in a panic. This decision framed a doctrine that distinguishes between illiquidity and insolvency.