10962. Commercial Bank (Columbus, MS)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
April 1, 1840*
Location
Columbus, Mississippi (33.496, -88.427)

Metadata

Model
gpt-5-mini
Short Digest
f13156e7

Response Measures

None

Description

Newspaper articles (1840-1841) state that a state Bank Reform Bill re-suspended banks that had resumed specie payments and list the Commercial Bank of Columbus among institutions out of compliance with the bank law and whose charters could be declared forfeited. No article describes a depositor run; the action appears to be a state-imposed suspension with likely forfeiture/closure.

Events (1)
1. April 1, 1840* Suspension
Cause
Government Action
Cause Details
State Bank Reform Bill re-suspended banks that had resumed specie payments; authorities investigating/compliance and threatening forfeiture of charters per 1841 article noting Commercial Bank of Columbus failed to comply with bank law injunctions and might have charter forfeited by proclamation in Executive action.
Newspaper Excerpt
re-suspending those banks in the State which had commenced specie payments - by the passage of what they are pleased to term the Bank Reform Bill. Until that law was made, several of the banks, and among them the Commercial Bk. of Columbus ... were specie on place, paying
Source
newspapers

Newspaper Articles (2)
1. May 12, 1840 Southern Argus Columbus, MS
Article from Southern Argus, May 12, 1840

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Article Text

SMALL CHANGE. It rather occurs to us that as difficult it is now, to procure small change for ordinary business transactions, it will be much more so about the 4th of July next, when, the circulation of shinplasters of all kinds is prohibited; which would not be the case had our locofoco Legislature not made bad worse! by re-suspending those banks in the State which had commenced specie payments-by the passage of what they are pleased to term the "Bank Re. form Bill." Until that law was made, several of the banks, and among them the Commercial Bk.of Columbus & the Branch of the Planters' Bank of Mississippi at this were specie on ISplace, paying they fell all back their sues-when immediately on the which provides for payment of fives in tens in in law, April, July, the twenties October, and other denominations January next, So much for locofocoism! If there were no other evidence of the abandonment of principle and a total dis. regard of truth on the part of the lacofoco party, at the head of which is Martin Van with his *dusky sattelites, such as Columbus the Buren, Globe and Democrat-there need be no better proof that such is the fact than the vile epithets these and other shameless prints heap upon that noble paHenry Harand honest man, William rison-such as "contemptible puppet," ''petticoat "old granny," hero!" the country "stupid imbecility," &c., as though know that the whole was an at. at base detraction, and no tempt did not for Harrison other purpose than because Gen'l. presumes to run as a candidate against Mr. Van Buren for the Presidency. Gen. Harrison in doing this does nothing more than exercise the right of every American citizen. The office to which he aspires not to be held in fee simple, or be possessed entail. The humblest individual in the country may aspire to it-the carpenter, the blacksmith, the ploughman, or the day-laborer-it is free for all. But is it thus considered by those who oppose, after the locofoco fashion, the pretension of Gen'l. Harrison ? Certainly not. He looked upon by, (all such as aspiring to that which does not belong to him--and s they would look upon any other individual who could not ride in his splendid carriage with costly equipage and servants clad in livery, surpassing the pageantry of a British Nobleman. "No," say they, "Gen. Harrison, is too humble an individual-he's too poor, to be made President of the United States. He has not the air, and the courtly bearing of a KING! to be a imperious sufficiently made truth, Presi- that dent,-and to acknowledge the is the ground upon which we object to him and no other." Ah this is more like and it will be seen how well will be by poor the this fact appreciated the and with- and laboring classes, who now see, out difficulty, that their poverty or humble sphere will forever preciude them from any participation in the government of their country or any of its affairs-except sent into the swamps and starve! or to to fight be Indians, of leave Florida their to fire-sides, and dearest friends, to protect our shores from the incursions of a for eign and invading for. Yes, -if there are battles to be faught, or a great man-after a locofocos way of thinking-to be made still greater, why then, the poor are always in demand, and no sooner is the end accomplished than they are cast aside as unworthy of further troublesome and impertinent notice--considered they if set up a claim upon their country,-that country which they have defended with their best blood;-so it has been with Gen. Harrison, and so it will be with every other poor but honest man.d But Gen. Harrison does not ask the office to which he now aspires as the boon for his past services-such a thing would he scorn,-and if he did it would constitute no part of compensation,--but he aspires to it that he may be enabled to render still 8 further service to the State, and secure once more to the country those blessings 2 2 which were enjoyed during the palmiest 2 days of the Republic-achieved in part 19 9 by histotal disregard of danger and sealed to with his patriotic blood! 2 2 When-O when shall we again 9 is our country prosperous and happy ? Or 6 she forever doomed Who--who could 6 have believed that a few short years, dur 24 4 ing a period of profot nd peace, could have 2 produced such an alteration as now strikes the view of all observers, in the affairs

2. January 9, 1841 Lexington Union Lexington, MS
Article from Lexington Union, January 9, 1841

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Article Text

The Mississippi Union Bank, and Citizen's Bank of Madison County subThe of those proclamations are I also Copies to your consideration. mitted transmit copies of my correspondence and with the Mississippi Union Bank, relation the Mississippi R. R. Company in make to appointment of commissioners to of the schedule of the assets and liabilies banks out a institutions. None of the in with those :hese appointed commissioners to act the and I believe they to give the Statec access to their books and have conjunction refused Executive, appointed papers. ommissiouers have by banks all It is believed that the following have failed to comply with the injunctions of the bank law, to wit: The Com. Bank of Columbus; The Com. Bank of Rodney; The Agricultural Bank; The Planters' Bank of Mississippi; The Bank of Lexington; The Bank of Grenada; The Vicksburg W. W. & B. Co., The Com. & R. R. B. of Vicksburg. assets of the latter institution, of to trustees, by the the All assigned the previous board of directors, were 10 the passage law bank law. The evidence required by has been furnished to the Executive, him 10 issue his to the charters of declaring enable not banks proclamations Com. forfeited. Bank I have understood that the Natchez, the Com. Bank of Manchester, the of Feliciana R. R. & B.Co., Port Gibson, and the of of the bank law during provisions the Bank Bank West of Mississippi, complied Northern with the were last the Their heaviest engagements year. to be met on the first day of the present month. situation and aflairs of the MissisThe Rail Road Company, the Planters' Union sippi Bank of this State, and Mississippi considerawill demand your calm of those institutions are tion. Bank, All resume insol- spe and neither of them can make vent; payments for several years, or of cie further loans. I submit herewith copies for letters to those banks, calling their con. spe. cific my information in relation to and the answers and statemeuts four dition The Union Bank has nine fornished. thousand three hundred and forty hand. dollars and six cents of specie $2,698,869.29 on Her suspended debt in sint is. " not sued on, 1,777,337.78 " " resources " chiefly unavailable 8,031,154 3 3,034,154 28 " Immediate liabilities, 5,000,000 0 " Capital stock, A reference to the report of the Join: last Committe of the Legislature, at the than will satisfy you that not more of the debts due the and that the whole session, collected, one-third The capital bank bank will stock has be has already been lost. Liverthousand bales of cotton in seven unsold. on which it has drawn $267, pool An advance of sixty dollars per was made to the planters upon 1838. They will a cotton bale 116 04. in sustain dollars clear that including interest, of thirty $210. loss, bale; equal in the aggregate, to per The bank has been irretrievably advances upon notes, and loaning issuing 000. ruined by post making insolvent the cotton, princi- indiportion of her capital to situation of pal viduals and companies. The Company, and the Planters' is bad. The the Bank, R. R. equally million former, and in the a 1839, issued about a year half of dollars in post notes, and expended and in constructing the expensive depots. them building rail I transfer ac road certainly would not have approved the had I anticipated this improvident interest course. The company has failed topay the Bank Planters' Bank bonds. The United States has and has presented an same, of on the the advanced hundred account and the the State for one thousand two dollars and twenty-two payment instalment of the ngainst twenty-two and twenty-four The demanded first thereof Planters' hundred in specie. cents, Bank and bonds, amounting to the sum of $125,000 will be due next July. No provision has of the been made for its payment. One Circuit Judges has decided that recoveries to cannot be bad on the notes belonging the Sinkinz Fund. The fund is specially appropriated to the payment of the two firs! instalments of the Planters' Bank bonds. The Mississippi Union Bank, herealter, will be totally unable to pay the interest on the five millions of State bonds issued in the year 1838. In my last annual message, I informed last that I had declined executing the five you and a half millions of State bonds, called for by the Misissippi Union Bank. Having a well founded apprehension that to attampt would be made illegally dispose an of the five millions of State bonds, issued in the year 1839, and delivered to