Bank of Lexington - Lexington, MS

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 9, 1841
Location: Lexington, Mississippi (33.113, -90.053)

Metadata

Model: gpt-5-mini
Short Digest: a8f7875d

Response Measures

None

Description

Article (Lexington Union, 1841-01-09) lists the Bank of Lexington among institutions believed to have 'failed to comply with the injunctions of the bank law' and whose charters are thought forfeited. No explicit run is reported; the piece describes insolvency and government action (forfeiture) rather than depositor runs. Date given is the article date; the suspension/closure is contemporaneous with the governor's actions described.

Events (1)

1. January 9, 1841 Suspension

Cause: Government Action
Cause Details: Listed among banks that 'failed to comply with the injunctions of the bank law' and whose charters are believed forfeited by state action; described as insolvent/unable to make payments for several years in the broader report context.
Newspaper Excerpt: It is believed that the following have failed to comply with the injunctions of the bank law, to wit: ... The Bank of Lexington;
Source: newspapers

Newspaper Articles (1)

1. 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