Bank of Vicksburg - Vicksburg, MS

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: April 1, 1839*
Location: Vicksburg, Mississippi (32.353, -90.878)

Metadata

Model: gpt-5-mini
Short Digest: cec119e5

Response Measures

None

Description

Articles refer to widespread suspensions following the 1837 panic and mention the Bank of Vicksburg among banks that suspended redemption; later (April 1840) there is reporting that the Bank of Vicksburg was paying specie (resumption). No explicit depositor run on this specific bank is described in the provided excerpts, so this is classified as a suspension followed by reopening/resumption.

Events (3)

1. April 1, 1839* Suspension

Cause: Macro News
Cause Details: Suspensions mentioned in the context of the post-1837 financial panic and regional banking distress; Bank of Vicksburg listed among banks affected or discussed in suspension context.
Newspaper Excerpt: The two follow ... suspensions in the West South: ... the Vicksburg ... The BANK Commer Bank suspended ...
Source: newspapers

2. January 28, 1840 Other

Newspaper Excerpt: I was told ... made pay of ... I was told ... post notes. These notes Commercial the Girard, were protested on Friday. ... I was told at least $100,00, in amount, made pay of I was told and R Bank of Vicksburg post notes. These notes ... were protested on Friday.
Source: newspapers

3. April 1, 1840 Reopening

Newspaper Excerpt: Paying specie.- - ... the Water Works bank and bank of Vichsburg - both ... commence paying specie on their $5 notes on 'all fools day.' The event was considered SO improbable that the report was looked on as an April hoax ... he walked in ... and being informed that they were paying specie.
Source: newspapers

Newspaper Articles (4)

1. December 22, 1838 Lexington Union Lexington, MS

Article from Lexington Union, December 22, 1838

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Article Text

# BANK CONVENTION. At meeting of the delegates from the Banks of Mississippi and Tennessee, convened at the Commercial & Rail Road Bank of Vicksburg, the following Banks were represented, viz: Farmers & Mechanics Bank of Memphis; Planters Bank, Natchez; Agricultural Bank, Commercial & Rail Road Bank of Vicksburg, West Feliciana Rad Road & Banking Company, Commercial Bank of Natchez, Commercial Bank of Manchester, Commercial Bank of Rodney, Bank of Lexington, Vicksburg Waterworks & Banking Company, Mississippi Rail Road Company, Citizens Bank of Madison County, Mississippi Union Bank, Real Estate Banking Company of Hinds County, Bank of Vicksburg. On motion, H G Runnels was called to the Chair, and J J Chewning was appointed Secretary. On motion, Resolved, That Messers. J Wood and George G Skipwith of Nashville, be invited to take a seat in this Convention. The following resolutions was offered by Stephen Duncan: Resolved, That the first monday in January next be the period fixed on for a resumption of specie payments by the Banks represented in this Convention; provided the delegates from the Union Bank of Mississippi will give assurance that the post notes of that Bank will be redeemed with specie, or its equivalent, when presented at her counter. On motion to strike out all after the word "provided," the yeas and nays being called, the vote stood thus; Ayes. E Montgon.ery, of Planters Bank; M B Irmer, Commercial Bank of Manchester; J C Bole, Lexington Bank; S P Webster, Vicksburg W W & Banking Co; J A Quitman, Miss. R R Co; W Hardeman, Citizens Bank of Madison county; H G Runnels and R M Williamson, Mississippi Union Bank. Nays-E W Lucas, of Famers and Mechanics Bank, Memphis; S Duncan, Agricultural Bank, J J Chewning, Com. & R R Bank of Vicksburg; G H Gordon, West Feliciana R R & Banking Co; L R Marshall, Com. Bank of Natchez; Thos. Freeland, Com, Bank of Rodney; A M Paxton, Bank of Vicksburg. This being a tie, the motion was lost. S P Webster proposed to strike out all the above resolutions, after the word "resolved," and proposed the following as a substitute: Whereas, in the opinion of this Convention, a resumption of specie payments by the Banks of Mississippi on the first day of January next, would be prejudicial to the interest of the community, for the following, among other reasons: 1. Because the month of January is the middle of the business season, and the period of the year when both planter and merchant stand in most need of all the bank facilities which can be afforded them. 2. Because it is the season of the year at which the largest amount of engagements have usually been made to fall due, and causes the months of January and February, in ordinary times, to be seasons of peculiar pressure in the money market. 3. Because the engagements maturing in January and February have, to a considerable extent, been passed to foreign creditors, and would immediately be demanded in specie or Eastern exchange. 4. Because of the present high rate of exchange against this state, in which condition a resumption of specie payments is unprecedented in any state of nation. The recent resumption in New York not being made until exchange had been for a period of two months in their favor, and in Philadelphia not until five months after that condition of things existed and at a time when the importation of specie by the banks of those places was a business of profit. 5. Because a resumption in January would cause the whole bank note circulation of the State to come in upon the banks, and leave the state without a circulating medium at all, to the great detriment of trade, and to the utter ruin of all who have money to pay at our spring courts, or provisions to purchase for the coming season. 6. Because it would be a burden of from 2 to 5 percent. of their whole circulation, upon the resuming banks without corresponding benefit to any class of persons, other than the Northen holders of our circulation, who have purchased it on speculation at from 15 to 40 percent discount.

2. April 9, 1839 Richmond Enquirer Richmond, VA

Article from Richmond Enquirer, April 9, 1839

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that with by the the of its but of the The the that bill The require Virgi the the amount twice and the of the nia, armers of Banks Bank Kanawi the The their for the pteof the the reach being beyond from exempt and town of he Banking amount $3 whe the 220 000 685 Norfolk Win000000$900 Wheeling Lynchboro GOO200 chester $350,000 000$350, CO Buchenane Danville Edward iPrince CO Charles town $210.00 renton (Fauco.) burg co.) co.) Wood (Monongal Total Law the new Banking They can which best very may a is comis plicated the $ Some of be the strict, and respect the whole question Banking States, ma. on increase be must and efficie means that more appear be but in every the fact Bessed. is, that the the United to to the and bursting evil, bubble elsesome little panic The two follow bu: trust show. suspensions in the West South: in of the Gazelle) of the Bank Branch Bank, of the same Bank the Bank The also R are of the Bank Monroe that states, Orleans from: has Bank sgueper the Vicksburg and indeed of of the kind intel same hear of end The and the South ligence of in is .not country yet, the of the those banks only hear now in the by broken reality which hurricane financial the that We in then, 1837 which predicted the be would hild really rutten the enther storm, and banks, sound ever. than more and 22 Whig March The BANK Commer Bank suspended Railroad no her longer redeemed the her at counter by of the specie payments opi our that our prove Banks due debt from foreign of on our the behalf our rendered for the the in specie Banks extreme, demand and pay extinguish for the the same, rader this up by out The "gadly increasing reand the with man condition its for ultidoubt moment to ac her notes pay and sources of of this and Bank her honest can but necessity degire hath paper no was, law, citizens before mate ability their terms, be obey receiver Her by our paper, as that were cording 10 must will again be holders of to her have their this that fleeh stoppage in to redeem are we and author her specie to the ascrifice ized say holders or be by them made should permitted in be the such soon Bank page pound "The Bank, Eve we and unde ten dollar of her notes, that Unless no condition the stop at If, and with to her resome herself safety from her vaults the the preclude ere who found long have dollar by those to than rather their interest liet paper had the of Bank produced Vicksburg Judge Taylor of the the President an and able most Bank, made much The Virginia, and at etili espectable man in Philadelphia, showed its Vicksburg (late of Bank, of the prejudices restore which in his President, expose had of the many of the to a Com to be visit mitlee probably instandicksburg, and judge is A it has also said, Bank temporarily in The There Georgia. of the Journal by certain Bank pursued the last few State, ing during months, in giost casual observers the viz of specie anticipated, of of the the some failure Banks together 10 the not has might more of the This Augusta Inferior Banks, has which, panic, another created in the the ulmost country confusion Banks with redeem or the their late resolve of of the fear, will Should again of this ensue, necessari state things Georthe of and ly Western interior, Banks of to the the still people gia, prosperity of the of are The certainly banks ignorant Augusta in their course public feeling own bent their upon destruction. is this there we moment, ignorant, of this com of indignation we mad themto of the horrors dition, or true they are madly tell them that, at their hope their less con fate have banks But of They their object have ovoked They munity turn them over that aimed the at the whose levelled leviathan and the at behold death blow U the of Bank myanch rivalry overshot sirides shall they crush banks them of the interior, swallow them in up the the groundbanks, defence Augusta of the ed that and city his arms recoming BRA them to locate Mr among invite BIODLE and re. this at his are move, BANK natonished irret in the of of large North the money scarcity Accounts and intima some US by ern mari, of pension tions another the less or by of Banks, (more general) or the in three months. we of of be the the scarcity money, What cause be owing may are partly nformed and the the west: from South-" No risk will says, capitalist 10 ascribed movement at in the Great lie have money quiet, The the are New the York while Herald" of Western the is while so close those expect who some ostilities ed the and Britain Great between there may conading however, FO of and have not the chances U. S. Now, first, we believe, it is the 50 and to much both the much countries, interest to their of the maintain be war there that between relations, the do but much harm, each other them might They ultibe treat by settled must difference an will both age, prefer mately before W the and in this the harm is done. of by specie payments that can how (un happen could and nothing PANIC, The com atriot. deplored and Eubetween that there do is, less the Banks, indeed from me by every honest the United is States no motive to act for To mercial be intercourse in equipnise the Banks have to will soon next be in rope is nearly all ly, and the danger city we will present. exporting moderale and the residents discreen their of our operations own for the

3. January 28, 1840 Morning Herald New York, NY

Article from Morning Herald, January 28, 1840

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banks marked (A) have informed the conditional, department Those dividends declared in November were that the bepaiduntil a full resumption of specie payments, circumor and until netto the legislature authorise their payment under that they stances Those of marked a partial (B) resumption. have informed the department have not Lewiston suspended Bank specie declared payments. a dividend in November last, The The informed the department of the amount. added dividend but has not declared by the Northumberland Bank, was to the capital stock of that institution: It appears that four of the banks of Pennsylvania yet redeem their notes in specie. There is nothing definite as yet from the Pennsylvania Le. gislature, on the resumption question. Vehave received from our Philadelphia correspondent, the following important letter on the subject of resumption: PHILADELPHIA, Jan. 26, You have doubtless seen an account of the proceedings then of legislature ou the 22d inst; and from the new move I can our made by Brodhead, one of the Governor's confidants, am long that the day for a resumption will put off as in the banks desire. After spending the two a many which, by the by, carried on usele vinced of discussion, and whole anti- by day the masons of the democrats alone, the whigs until the yeas and nays were on time pro- for n to refer the original resolution, (fixing remaining positi branches quiet substitute called the offered the on the 1st of February) and a new by a member from Northampton the day gave to the Governor the bank proposition resumpion Brodhead, right district, to appoint fix (which for general resumption, and the right to with the consercommisioners,) a when they (the whigs) joined to 40, in refertive democrats, and succeeded, by a vote of 55 on Banks whole matier again to the Committee ring the Higgins of Northumberland Hopkius (Speaker) charac- of Brodhead, and Lee of Philadelphia, are the leading bv the Washington, who moved by the adroit wireworkersemplayed and his rs are and secretly influenced by the Governor action the banks, will not permit any immediate rethe resolutions or the cabinet. either The resumption Governor Senate's prevent bill, on the United States Bank charter, if he can upwards pealing Bank of the United States yet owes the State the certiThe $800,000, OR account of the loan of August last, and hypothecated for which loan, as you are aware, are now either of in ficates hence his asxiety to prevent measures, banks to London; would compel the United States and Girard the which at discretion, and consequently expose in for surrender by which the State would come State transaction, $800,000 as a " common creditor," the con only their credit monthly, as a depositor, for the Should amount the receiving suit the convenence of the bank. within three re tracted, to for a resumption pass, to take effect to solutions the United States Bank will not make a struggle satisfied months, a protracted existence; but, I am wards sustaining nnounce her intention to wind up Policy on would 10 the influential democrats who would of a to permit that bill to !ay aim subject dictate at once repeal, object have dermant, moved they the resumption; by this course the back to press an early be reached. as the refusal on the part of the effectually at would with the requisitions of the' legivlatur ewosid charter be comply char er. On the ether hand, should the Court, forfeit the the bank may carry the case into our Supreme su repealed, postpone & decision amongst its friends. every to this, and there judge being opposed to the repeal; and added adherents, preme the political influence of the bank and revolutionize its the would be the scale next fall, which might horse: thrown Resumpilon into would put the saddle on the do right no essenstate. insolvent banks would give up the ghost, and would tial the to the solvent banks and trade. A repeal with, and injury opposition a new political capital to work triumph, give the eventually, the democratic party would the substanalthough, much mischief would be done in the straggle to tial institutions and business. article of Saturday, alludes to the report that repealed.- the Phi. Your Bank is one whose charter is likely to be the United ladelphia I think must have been shat slily from States or Thisarrow some of the friends of the United of the States Bank, or as there is not the remotest probability this session Girard banks, the charter of the Philadelphia Bank, that repeale Bank sable to resume, and Iknow time some men. The Philadelphia directors are very anxious that the earliest cannot conject of the for a resumption, should be adopted. should I have been tioned other quarter from which such a hint States Bank is ture any the aforesaid. The game of the U. the contest, given, than the other banks, who now stand aloof in Bank into and to enlist such hints may be intended to draw the Philadelphia the vortex. that the time has arrived to unmask confidential the secret I new think of the agent, who manages the private the Gimovements the Governor, with the United States the and and matters for I in a day or two give you a sketch of formerly man are. rard,and may His name is D. M. Brodhead. and in his transactions. Wayne county, in this State, but now located, is very sident of in this city. His moral and political influcence management business and were his movements known, and his be very limited; Governor, for the banks, exposed, he would a with the indeed. He was defeated in the Northampton by Dise an small man when a candidate for the State Senate triet, in in a district too, in ich an Anti an democratic majority; a short time been of his unpopularity at home; and in on the shelf evidence Mason, overwhelming 1835, and up,be,laid this there defeat has always was here. he will, unless the opposition who take negotiated him the loan last August, It this gentleman with the Governor (of course for a quid the proquo) assaults for the bank, he, in my opinion, who prompted the sound banks, and it was in the Governor's message, upon Pennsylvania; which were and Mechanics, Philadelphia and member viz:-Farmers who prompts his rela Bredhead (a and substiand it is be defeat Penniman's resolutions, when the of the bill legislature)-t giving to the Governor the right commissioners. to say Of tute resume and also to appoint bank and will banks shall B. will be one of those commissioners, banks course to D. "his M. friend the Governor," when the the subject can'r of the signify the substitute pass. Could certificate to the sume, should of the Governor, in giving a and other mismanagement $1,800,000, without receiving the money. clique any who, bank for connected with the movements of the the expressed little matters Governor, are warring against would have will together of the with people, the be adroitly introduced by B. it good effect. yesterday that at least $100,00, in amount, made pay of I was told and R Bank of Vicksburg post notes. These notes Commercial the Girard, were protested on Friday. at 6} and ablea to the Girard. Specie yesterday at was a stand bought still. sold at 7 belonged Everything like business is as be following is the latest return of the Bank of Kentucky, compared with its last semi annual statement:On December, 1839. the 30th STATEMENT of June, 1839. OF THE as compared BANK OF with KENTUCKY the return of 31st

4. April 25, 1840 Lexington Union Lexington, MS

Article from Lexington Union, April 25, 1840

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Paying specie.- - is now well known that the Water Works bank and bank of Vichsburg-both of which never had as much real capital as would pay for on good Mississippi trolic-commence paying specie on their $5 notes on 'all fools day.' The event was considered SO improbable that the report was looked on as an April hoax, by most of our citizens, and few of them could be induced to ascertain the fact for themselves by presenting the shipolas ters. A flat boatman. it is said was reconoit. ering about Washington street, and seeing an unusual intercourse between the Vicks. burg bank and the sovereigns, he inquired the cause; and being informed that they were paying specie. he walked in, and looked amazed at what he considered as little short of one of Price Hohem. loe's miracleas. He stepped up to our friend Bancks, who was shelling out the rhino, and whispered to him thus: 'Do you think your bank will be able to hold out till I run down to my boat and bring up a five dallar bill.?' Yes,' says Bancks looking savagely at the Housier 'until you to and back.'