Farmers Bank - Elizabeth City, NC

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: November 23, 1854
Location: Elizabeth City, North Carolina (36.294, -76.235)

Metadata

Model: gpt-5-mini
Short Digest: 95c2fc42

Response Measures

None

Other: Legislative action against officers issuing small-denomination certificate circulation prompted refusal of bank's notes by other banks; articles reassure solvency.

Description

Newspaper reports (Nov 1854) claimed the Farmer's Bank had failed or suspended, but the report was described as unreliable. By Feb 1855 articles describe panic and other banks refusing its bills after legislative action, but there is no clear suspension or closure described. Classified as a run/panic only.

Events (2)

1. November 23, 1854 Run

Cause: Rumor Or Misinformation
Cause Details: Circulating report that the Farmer's Bank had failed or suspended payments; report described as unreliable in the newspaper.
Newspaper Excerpt: There is a report in circulation that the Farmer's Bank of North Carolina has either Failed or suspended payment. The report is by no means reliable
Source: newspapers

2. February 20, 1855 Run

Cause: Local Banks
Cause Details: Refusal of the Farmer's Bank's bills by Newbern and Washington banks increased local panic and anxiety over its notes after legislative action.
Newspaper Excerpt: It is stated ... that the Newbern and Washington Banks have refused the bills of the Farmer's Bank at their counters, which has added to the panic
Source: newspapers

Newspaper Articles (2)

1. November 23, 1854 Richmond Daily Whig Richmond, VA

Article from Richmond Daily Whig, November 23, 1854

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Article Text

Total amount for domestic missions $184,093 Making an aggregate appropriation of $260,000 The General Committee consisted of Rev. Dr. Bangs, of New York; Rev. Gao. Guy, of Western New York ; Rev. J. F. Wright, Ohio ; Rev. George Webber, Rev. C. W. Honts, Missouri ; Rev. H. W. Reed, Iowa ; Rev. W. H. Collins, Michigan, and there were present to act with them Rev. Bishops Waugh, Jones, Scott and Simpson. There is a report in circulation that the Farmer's Bank of North Carolina has either Faile 1 or suspended payment. The report is by to means relisble, and is rather bard to believe, at the "bursting up" of a bank within her limits is something unknown in North Chrolina. The Farmer's Bank was incorporated by the last Legislature-the mother bank is located at Elizabeth City, and there is 14 branch in one of the western towns, at Greensboro', we think.-Norfolk Beacon.

2. February 28, 1855 The Hillsborough Recorder Hillsboro, NC

Article from The Hillsborough Recorder, February 28, 1855

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Article Text

The Farmer's Bank-The Beaufort Halcyon of the 20th inst., has an article in relation to the excitement caused by the action of the Legislature concerning the Farmer's Bank of Elizabeth City, in which it expresses the opinion that the panic is unnecessary. The Halcyon adds: " We say to our friends who hold any of the Bills of the Bank, do not sacrifice them, they are perfectly good, and will every one be redeemed, dollar for dollar. We are personally acquainted with every officer of the Bank, and we know that no loss can possibly be sustained by bill holders." ** We sincerely trust that none of our readers or friends will permit themselves to be shaved." It is stated by the Haleyon, that the Newbern and Washington Banks have refused the bills of the Farmer's Bank at their counters, which has added to the panic; but we believe this is no unusual thing among Banks, even when there is no doubt of the solvency of the institution whose notes are thus refused. As we understand it, the action of the Legislature was not intended to annul the charter of the Farmer's Bank, but simply to punish those officers and others who were engaged in issuing certificates of deposits to circulate as bills of money of less denomination than five dollars. The course pursued by the Legislature was well advised and very proper, according to our judgment. The solvency of the Bank is not affected by it, and we presume there is no risk in taking its notes.