11719. Farmers Bank (Elizabeth City, NC)

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: state
Start Date: June 1, 1857*
Location: Elizabeth City, North Carolina (36.294, -76.235)

Metadata

Model: gpt-5-mini
Short Digest: 0793f769

Response Measures

Full suspension

Other: Direct cashier failure (W. W. Griffin) precipitated early run on the bank's bills; later suspension tied to broader panic and runs by brokers from other cities.

Description

June 1857 reports discuss a run sparked by the reported failure of W. W. Griffin (cashier). By late September 1857 the Farmers' Bank at Elizabeth City formally suspended specie payments amid the wider 1857 panic; newspapers attribute the suspension to runs by brokers from abroad and the general Northern bank suspensions. Later items (1858–1859) discuss attempts/exhibits to restore confidence and legislative action to enable resumption, but reopening is not clearly documented in these clippings, so final outcome is uncertain.

Events (4)

1. June 1, 1857* Run

Cause: Bank Specific Adverse Info
Cause Details: Reported failure/default of W. W. Griffin, the bank's cashier, produced heavy withdrawals on his bills and general distrust.
Measures: None mentioned in June reports.
Newspaper Excerpt: Moneyed men in the lower counties have been greatly alarmed by the reported failure of W W Griffin, Esq.... There is a great run with these bills and general distrust.
Source: newspapers

2. September 29, 1857 Suspension

Cause: Macro News
Cause Details: Suspension occurred amid the national monetary panic of Sept. 1857; newspapers state it was prompted by runs made by brokers from abroad pressing the bank's notes for specie and by the general suspension of Northern banks.
Newspaper Excerpt: The Farmers' Bank, at Elizabeth city, North Carolina, has suspended. The brokers are taking its notes at 50 per cent. discount.
Source: newspapers

3. September 28, 1858 Other

Newspaper Excerpt: The notes of the Farmers' Bank, payable at Elizabeth City, are getting in worse and worse repute... directors have neglected to make any exhibit in order to restore confidence, although they have been repeatedly called on to do so. ... exhibit by directors satisfied us of solvency. (1858 report on reputation and directors' exhibit).
Source: newspapers

4. February 1, 1859 Other

Newspaper Excerpt: The bill to amend the charter of the Farmer's Bank of Elizabeth City being read... the object of the bill was to transfer the Bank to Greensboro' (then a branch) and to enable the President and Directors to make such arrangements as will enable them to resume specie payments.
Source: newspapers

Newspaper Articles (20)

1. June 4, 1857 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, June 4, 1857

Click image to open full size in new tab

Article Text

REPORTED FAILURE.-A correspondent of the Petersburg Express, writing from Murfreesboro', N C, makes the following statement: Moneyed men in the lower counties have been greatly alarmed by the reported failure, of W W Griffin, Esq. within the present week. Mr G was cashier of the Farmers Bank of Elizabeth City, and his failure may affect the bank very injuriously. There is a great run with these bills and general distrust. His liabilities it is thought will not exceed $95,000, and if so, the results will not be 80 disastrous as some will imagine, as his assets are estimated at at least $100,000.

2. June 9, 1857 The Western Democrat Charlotte, NC

Article from The Western Democrat, June 9, 1857

Click image to open full size in new tab

Article Text

Later from Utah. Sr. LOUIS, June 2.-The Leavenworth Herald learns from Mr. Williams, who left Salt Lake April 15th, that Brigham Young was carrying things with high hands, driving the Gentiles away, &c. Judge Stiles, U.S. Marshal, the Surveyor General, and a large number of emigrants have been obliged to leave the Territory. APPOINTMENTS.-The President has made the following appointments Hon. Wm. A. Richardson, of Illinois, Governor of Nebraska, in place of Mr Izard recalled. The Hon. Mr. Wright, of Indiana minister to Berlin, in place of Brown, present incumbent, recalled. Henry C. Murphy, of New York minister to Netherlands, in place of Mr Belmont recalled at his own request. Isaac R. Dillon, of Illinois, Consul to Bremen, in place of Hilderbrand, recalled. Wm. Thompson, of New York, in place of Croskey, recalled. Grabriel S. Fleurot, of New York, consul to Bordeaux, to fill a vacancy. EDUCATIONAL CONVENTION.-We have been requested to state that teachers and others who propose to attend the Educational Convention at Warrenton, N. C., on the 30th of June, inst., should send in their names to W. M. Johnston, or E. E. Parham at that place, who, as members of the committee of preparation, desire to make all necessary arrangements for the accommodation of delegates. STATUE OF WASHINGTON.Gov. Bragg, of North Carolina, under the resolution passed by the Legislature of that State, has contracted with W.J. Hubard, of Richmond for the casting of a bronze statue of Washington, after the one now in the Capitol of Virginia. The work is to cost $10,000, and when fiuished is to be placed in front of the Capitol at Raleigh. The Salisbury and Taylorsville Plank Road was sold at auction on Wednesday for $4,700 73-0. G. Foard purchased. Moneyed men in the lower counties have been greatly alarmed by the reported failure, of W. W. Griffin Esq., within the present week. Mr. G was cashier of the Farmers Bank of Elizabeth City, and his failure may affect the bank very injuriously. There is a great run with these bills and general dis trust. His liabilities it is thought will not exceed $95,000, and if so, the result will not be so disastrous as some will imagine, as his assets are estimated at, atleast $100,000. FIRST ENGINE-The "Swannanoa" the first engine for the great throughfare connecting the great West with the commercial marts of the world has arrived. It is a beautiful engine, of colossal proportions, and we long to see it rushing through the mountains and over the valley of the West -such as are to be found no where else in North Carolina. We are pleased to learn that a sufficient quantity of iron has been purchased to lay about twenty-five miles of the track. This looks like giving a tangible shape to a great project originally thought to be only in the imagination of the visionary. The contractorsare pushing forward their work with all energy-many of them have completed their contracts and are ready for laying the iron. A large number of sills are already delivered along the road. Take courage, friends of the West. it will not be long before you will be able to ( "lay your hand on ocean's mane, and play familiarly with his hoary locks."--Salisbury Banner. t o REMINISCENCES OF THE WEATHER.a Since the year 1816. as we are informed by one of the "oldest inhabitants," says the Boston Transcript, no such season as the present has occurred. In the year 1812 t in some parts of the State, snow fell to the o depth of five inches, on the 4th of May.At that time the trees were in all the glory of full blossoming, and SO rapidly did the I snow disappear that no injury befel them. e The memorable year of 1816, it will be ren membered, brought frost with each recurSi ring month; and in 1821, on Easter Monday, snow lay upon the ground twelve tl inches deep. In 1823. April 17th, there R the of eighteen inches:

3. June 25, 1857 Fayetteville Observer Fayetteville, TN

Article from Fayetteville Observer, June 25, 1857

Click image to open full size in new tab

Article Text

REPORTED FAILURE-A correspondent of the Petersburg Express, wri. ting from Murfreesboro'. N.C., makes the following statement: "Moneyed men in the lower counties have been greatly slarmed by the reported failure of the late cashier of the Farmet's Bank of Eliza. beth City, and his failure may affect the Bank very injuriously. There is a great run with these bills and a general distrost. His liabilities it is thought will not exceed $95.000,and if so, the result will not be SQ disastrous as some will imagine, as his assets are estimated at least at $100,000.

4. September 30, 1857 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, September 30, 1857

Click image to open full size in new tab

Article Text

BY TELEGRAPH. MONEY MATTERS IN NEW YORK. NEW YORK, Sept. 29.-Money affairs are more cheerful, in consequence of a report that the banks are considering the expediency of expanding to the extent of several millions. The brokers are crying down Eastern and New Jersey money. Some of them refuse to touch the former at any price. No large failures are reported. Exchange very variable and unsettled. No rate quotable. THE RUN ON THE SAVINGS' BANKS AT ALBANY, NEW YORK. ALBANY; N. Y., Sept. 29.-The run on the Savings' Banks is suspended, and the gold drawn out in the panic of yesterday is being returned to-day. STATE OF AFFAIRS IN PHILADELPHIA. PHILADELPHIA, Sept. 29.-The city and Southwark banks are paying specie for small notes, despite the greement on a general suspension, entered into yesterday. They receive the notes of all the other banks on deposit, except those of the Bank of Pennsylvania. CONFIDENCE IN BOSTON. BOSTON, Sept. 29.-There is nothing new in financial matters. Full confidence is felt in the stability of our Banks. BANK DIRECTORS PLEDGING THEIR PRIVATE MEANS. PHILADELPHIA, Sept. 29.-The Directors of the Bank of Middleton, Pa., individually pledge their private fortune for the redemption of all its notes in circulation. Hou. Simon Cameron, the President, is very wealthy. FAILURES AND BANK SUSPENSIONS IN NEW JERSEY. TRENTON, N. J. Sept. 29.-H. H. Bottom & Co., paper dealers, and Bottom, Tiffany & Co., machinists, have suspended. The Camden, Burlington, Cumberland and Sae lem banks are reported failed. The rest of the New Jersey banks, including those of this city, will hold out while New York continues firm. SUSPENSION OF A NORTH CAROLINA BANK. NORFÖLK, VA., Sept. 29.-The Farmers' Bank, at Elizabeth city, North Carolina, has suspended. n The brokers are taking its notes at 50 per cent. discount. e The banks here are all right. SUSPENSION AT WHEELING, VA. ALEXANDRIA, V1, Sept. 29.-The banks in Wheeling, Va., have suspended. SUSPENSION AT WINCHESTER, VA. ALEXANDRIA, VA., Sept. 29.-A dispatch received here from Winchester, Va., announces the suspension of the following banks there :-Bank of Winchester, Bank of the Valley, and Branch of the Farmers' Bank. SUSPENSION IN GEORGETOWN, D. C. GEORGETOWN, D. C.-The Farmers' & Mechanics' and Commercial banks have suspended entirely.Everything is now settled down, but business is dull.

5. September 30, 1857 The Daily Dispatch Richmond, VA

Click image to open full size in new tab

Article Text

ness and closed fir m. A telegraphic dispatch was received in the mo rning, announcing that broker's agents had passed tt rough Washington, with from $30,000 to $100,000 is notes to be redeemed in this city and Petersburg. The dispatch was immediately sent to the Ban ks here, but created no uneaItated that they have enough specie sines to sta nd any run that can be made. in their If the dispatch was correct, the holders of the notes have deferred their action, as no run was ex perienced. The notes of all Independent Banks were thrown out yesterday. The telegraph announces more suspensions in Virginia, including the Winchester and Wheeling banks. In North Carolina, the Farmers' Bank, at Elizabeth City, N. C., has failed, and the brokers in Nortolk are buying its notes at 50 cents on the dollar. In Norfolk, the directors of the banks held a meeting on Monday morning, but took noaction. The papers of that city, however, assounce that no suspension will take place. A correspondent writes that the general impression there is that they will suspend, and mentions the fact that the brokers in Baltimore are buying up funds for a run on them. In Petersburg, our correspondent eports matters to have assumed their usual quiet. In Alexandria, a petition has been gotten up, numerously signed, which was to have been presented to the bank directors yesterday morning, asking them to suspend specie payment for the present. Dispatches received from the North last night state that money matters in New York are more cheerful. in consequence of a report that the banks were considering the expediency of expanding to the extent of several millions. In Boston, yesterday, strong confidence was entertained that the institutions there would weather the storm. There is nothing new from Philadelphia, except the fact that the city and Southwark banks there were paying specie for small notes yesterday, despite the agreement for a general suspension entered into the day before. Some new suspensions are announced in New Jersey, thoughon the whole financial matters look more hopeful than they did yesterday. Gov. Pollock has issued his proclamation, convening the Pennsylvania Legislature on the 6th proximo-the banks having consented to receive the Pennsylvania Bank on the same footing with themselves. The panic affected the New York Stock market, Monday, to such a degree that everything went down 12 per cent. $10,000 Va. 6's were sold at and $2,000 Missouri 6's at 63 a 64. BENEFIT OF MR. Bass.-To-night that talented artist, Charles Bass, takes a benefit at the theatre. The bill includes the "Merry Wives of Windsor," with Mr. B. as Falstaff. To a public that has been affected to tears by the "Grandfather Whitehead," and revelled in laughter at the "Dogberry" of this actor, the simple announcement that he is before them for a token of their favor, is sufficient to 02 sure his receiving it. HAIL STORM.-A letter from Pittsylvania county, Va., says that on Saturday last that county was visited by a hail storm, some of the stones being five inches in circumference. Much damage was done to the crops. ARRESTED.W. H. Bartless, the defaulting teller of the Southwestern Railroad Bank of S.C., has been arrested at Wilmington, N. C., and $53,000 of the money recovered. NAVAL COURTS OF INQUIRY.-In Naval Court No. 1, Monday, the case of Lieutenant Turner was under consideration. In Court No. 2, the case of Licut. Bissall, and in Court No. 3, the case of Lieut. Riell. BOUGHT FOR THE USE OF THE COURTS OF THE UNITED STATES.-The Secretary of the Interior has purchased, for theuseof the courts of the United States in Boston, the well known Masonic Temple, of that city, subject to the approval of Congress. The price to be paid is $105,000. APPOINTMENT OF INSPECTORS.Gov. Wise has appointed Thomas M. Rowlett, of Nottoway, and Wm. Turnbull, of Dinwiddie, Inspectors at Oaks' Warehouse in Petersburg. WESTWARD Ho!-Six wagons, containing as many families, passed through Lewisburg, Va., on Tuesday last, for the far West. THE LAST SEEN OF CAPT. HERNDON.-The Savannah papers contain the following, obtained from Adolph Fredericks, one of the reseued from the Central America: Between two and three hours after the vessel sank, Capt. Herndon floated up to where Fredericks and some others were on a raft. Capt. H. was provided with a handsome India rubber life-preserver, and was floating on a piece of plank. He addressed them encouragingly, saying "Boys, this is a poor craft to get to New York in. Have you got any brandy among you ?" To Fredericks, Capt. H. seemed capable of floating in safety for a length of time. REDUCTION OF THE PENNSYLVANIA STATE DEBT.Gov. Pollock, of Pennsylvania, has issued his proclamation announcing that the Commissioners of of the Sinking Fund report a reduction of the State debt for the last three years, through that source, of one million, forty-two thousand. eight hundred and d fifty-seven and cents, $1,042,857. This has been accomplished by the purchase of State stocks at the market price, and by the cancellation of relief notes, under the laws of 1849, 1852 and 1853. If to this is added the amount received e. by the sale of the Main Line, $7,500,000,) there is a reduction of the State debt of $8,542,857. POST OFFICE AFFAIRS.-A new post office is established at Mt. Athos, Campbell county, Va., and Bruce Woody appointed postmaster. Immediately on route from Richmond to Lynchburg, supplied daily by cars, and three times a week from packet. The name of the post office at Wyoming, Dinwiddie county, Va., is changed to San Marino. Appointments.-lsaac S Weil, postmaster at Keysville, Charlotte county, Va., vice Henry S. Davenport, declined. Michael Shank, postmaster at Edom, Rockingham county, Va., vice Abraham B. Melhorn, resigned. WilliamG. Garner, postmaster at Boydton, Mecklenburg county, Va., vice Charles R. Edmonson, resigned. AMERICAN ARTISTS IN EUROPE.-On the 28th July Mr. and Mrs. Barney Williams concluded an engagement of two hundred and four nights at the Adelphi, London. They have also played one hundred and seventy-five nights in the provinces, visiting Dublin, Cork, Limerick, Belfast, Edin

6. October 1, 1857 Evening Star Washington, DC

Article from Evening Star, October 1, 1857

Click image to open full size in new tab

Article Text

The Monetary Crisis. The Richmond Dispatch of yesterday says: The banks here yesterday did a moderate businessand closed firm. A telegraphic despatch was received in the morning, announcing that brokers' agents bad passed through Washington, with from $30,000 to $100,000 in notes, to be redeemed in this city and Petersburg. The despatch was immediately sent to the banks here. but created no uneasiness, as it is stated that they have enough specie in their vaults to stand any run that can be made. If the despatch was correet, the holders of the notes have deferred their action, as no run was experienced. The notes of all independent banks were thrown yesterday. The presidents of the several banks in Alexandria have held a meeting and recommended at their respective boards an immediate suspension of specie payments for the present. The suspension of the Farmers' Bank of Elizahetb City, N. C., has caused quite a sensation at Petersburg, Virginia, where almost every one holds more or less of its notes. The refusal of a bank in Virginia to redeem its notes on demand does not affect its charter, but the law enables the holder (not being a suspended bank or corporation) to recover the same, with interest at the rate of twelve per cent. per annum. The amount may be recovered by motion or warrant. The officers of three of the banks in Norfolk held a meeting on Monday, and decided that it was under present eircumstances unnecessary for them to suspend-no extraordinary demands for specie having been made on them-and that for the present they would continue their operations as usual. In case of any unusual run, however, it is believed they will suspend. The Merchants and Mechánics', Northwestern Virginia. Bank of Wheeling, and Manufacturers and Farmers' Bank in Wheeling, in accordance with a wish expressed by a meeting of citizens, suspended specie payment on Monday. There was a considerable run before the suspension took place, on the part of brokers and bankers from abroad. The Richmond Whig thinks a suspension of specie payment by the Richmond Banks would be the best policy. The w inchester Virginian says the banks there suspended in consequence of the brokers in Baltimore demanding coin for a large amount of notes, instead of receiving checks, as heretofore' on the Baltimore banks. A letter from Norfolk alleges that a Baltimore broker has bought $17,000 of the notes on the Norfolk Banks at ten per cent discount, and is expected in that city in a few days to demand the specie. The Bank of Berkley, at Martinsburg, has suspended. The St. Louis Democrat of Saturday evening: complains of an excessive tight money market there, but, speaking of the only three banks in that city, says they will not suspend. The want of concert of action among the banks of Philadelphia, by which the wants and necessities of the great body of the people may be better subserved, is creating much feeling in that city,

7. October 2, 1857 Evening Star Washington, DC

Article from Evening Star, October 2, 1857

Click image to open full size in new tab

Article Text

The Monetary Crisis. The Bank of Commerce, in Fredericksburg, has suspended specie payments except for its $5 bills. The Farmers' Bank and the Virginia Bank, of Virginia, (mother banks) have announced that they will in no case suspend. The Farmers' Bank in Charlottesville has not suspended specie payments, but continues to pay all its notes presented at the counter. The Banks of Lynebburg have not suspended, and those of Petersburg, it is said, do not yet think of such a thing. The Bank of the Valley, at Charlestown, which has suspended is paying out specie in sufficient sums to afford change for business purposes. The Howardsville Bank suspended on Tuesday. after sustaining a very heavy run on the day previous. During the past eight or ten days there has been announced the stoppage of three factories in Georgia, which prefer to close rather than run at heavy loss. A Connecticut paper says that the large glassworks in Willington have stopped work, in consequence of the financial pressure. The Norfolk Herald, of the 30th ult., speaking of the suspension of the Farmers' Bank at Elizabeth City, N. C., says: "There was considerable excitement in town, yesterday morning, when the news was received here that the above bank had suspended specie payment We understand that it was caused by a run made upon the bank by brokers from abroad. The brokers here were offering 50 cents on the dollar for the notes, but we do not hear of many who were willing to submit to such a discount. Note-holders should not be too much alaimed, as the bank is one of whom the stockholders are responsible."

8. October 2, 1857 Richmond Enquirer Richmond, VA

Article from Richmond Enquirer, October 2, 1857

Click image to open full size in new tab

Article Text

SUSPENSION OF THE FARMERS' BANK AT ELIZABETH CITY N. C.-The Norfolk Herald, of the 30rb ult., says; "There was considerable excitement in town. yesterday morning, when the news was received here that the above bank bad suspended specipayment. We und-rstand that it was caused by H run made upon the bank hy brokers from abroad.The brokers here were fforing 50 cents on the dollar for the notes, but we do not bear of many who were willing to submit to such a discount. Note boldere should not be too much alarmed, B# the bank is one of whom the stockholders are responsible"

9. October 6, 1857 The Western Democrat Charlotte, NC

Article from The Western Democrat, October 6, 1857

Click image to open full size in new tab

Article Text

# THE MONEY PANIC. Within the past ten days there has been a great deal of excitement in the country in consequence of the suspension of many of the Banks of Northern cities, and some of those of Maryland and Virginia. All the Banks in Philadelphia suspended; but the principal ones in New York have remained firm and will continue to do business. The leading Banks of New York city have issued a circular in which they assert their ability and determination to maintain a specie basis, believing that the tendency of specie and produce to that point will soon enable the banks to relieve the pressure. So far the North Carolina Banks have withstood the panic, (with one exception,) and we hope and believe they will continue to do so. Let our people exercise forbearance and maintain confidence, and all will work right in the end, and no one suffer. The exception is the Farmers' Bank at Elizabeth City. A telegraphic dispatch from Norfolk states that this bank has suspended specie payment, and that its notes were selling at 50 per cent discount. The cause of this panic is attributed to the failure of large dealers at the North and West. We have no doubt that many grand rascals have seized the present opportunity to defraud their creditors by failing, when they were able. if honestly disposed, to continue business. But while others fail from necessity, they fail for the sole purpose of benefitting themselves and cheating others, thus creating a real pressure among the smaller dealers. The main cause of the suspension of Banks is, having their notes pressed upon them for redemption in gold and silver at a time when they are not prepared. As it is with individuals, so with Banks. There are many wealthy men in the country who are in debt, but who, with indulgence and forewarning, can and will pay up. But if those debts were pressed upon them at one time, and they required to meet them with only 24 hours' notice, the result would be a failure and sacrifice of property. This view will apply to Banks as well as to individuals. It is not to be presumed that banks are always able to redeem their notes in extra large quantities without some previous notice; and it is the opinion of experienced financiers at the North that this whole panic has been caused by the pressure of brokers and others upon the banks for coin, which alone has caused all the alarm. No doubt in many cases the banks would have continued to do business if people had not become frightened and made a sudden run on the banks, thus compelling them to suspend. With regard to the suspension of the Elizabeth City Bank, the Norfolk Herald, of the 30th ult., says: "There was considerable excitement in town yesterday morning when the news was received here that the bank had suspended specie payment. We understand that it was caused by a run made upon the bank by brokers from abroad. The brokers here are offering 50 cents on the dollar for the notes, but we do not hear of many who were willing to submit to such a discount. Note-holders should not be too much alarmed, as the bank is one of whom the stockholders are responsible." The Petersburg Express says: "When the news of this suspension was made known in Petersburg, it caused no little fluttering among holders. Every man went to work overhauling his piic of North Carolina money, to ascertain how much of it was on the Farmer's Bank of Elizabeth City. It is believed that these notes are held by nearly every individual in the city who receive North Carolina money at all. But we would advise holders to submit to no heavy discounts. The suspension is only temporary. In a few days the notes will be as good as ever. If brokers will take them at 50 cents on the dollar, it is proof positive that they are worth keeping. So hold on, and no loss need be incurred. We have a few, but they cannot be purchased at 90 cents to the dollar." THE NORTH CAROLINA BANKS.-The

10. October 7, 1857 Spirit of the Age Raleigh, NC

Article from Spirit of the Age, October 7, 1857

Click image to open full size in new tab

Article Text

# The Financial Crisis. The monetary crash, so long feared and predicted, is upon the country, in all its crushing fury. Consternation and alarm, prevail every where, and Brokers and alarmists are making a fat job of it. This distressing state of things has been brought about by the suspension of specie payments by the Banks of Philadelphia, followed by other Banks, superinduced by a general want of confidence, owing to the many and large failures of extensive business houses in the Northern cities. We make no pretensions to financial skill and foresight in such calamitous times, yet we can but agree with those wise ones who predict the present monetary difficulties must prove transient and temporary. Indeed had general confidence prevailed, so as to have prevented the run upon the Philadelphia Banks, no suspensions would probably have occurred there. And it is positively asserted that those Banks which have suspended are perfectly solvent, with scarcely an exception, and will be able to resume whenever the rush for specie at their counters is discontinued. The New York and New England Banks still continue to pay specie for their own notes, and this must have the effect of lessening the distress of the times greatly, and of restoring confidence. The Banks of Baltimore have all suspended, and also all the Rhode Island Banks. The Banks of Western Virginia have nearly all suspended; but those of Richmond, Petersburg and Norfolk still hold out, and are determined to pay specie, unless they be forced to suspension in order to prevent all their specie being drawn out by Northern brokers. There have been heavy suspensions of Bankers in St. Louis, Mo., Kentucky and Tennessee, and the money market is in utter confusion. The only suspension in North Carolina has been the Farmer's Rank at Elizabeth City; concerning which the Pioneer of the 29th September, of that place, says: The board of directors of the Farmer's Bank have resolved upon a suspension of specie payments. This action has been rendered unavoidable by the failure of the banks north of us, and the certainty of a run upon the Bank. This decision was taken last night at a meeting of the board. It was pretty generally circulated on yesterday that a suspension had been resolved upon, but the news created but little excitement, as the step seemed to be one that, under the circumstances, was justifiable. Holders of the Bank need feel under no apprehension as regards their safety, as we understand the suspension is but temporary. We learn that Mr. Mordecai, the President of the State Bank, left this place on Wednesday evening last for Richmond, Va., where he expected to be joined by Dr. Wright, President of the Bank of Cape Fear for the purpose of conferring with the heads of the Richmond banks on the present condition of monetary affairs. The latest intelligence is that the Richmond and Petersburg banks are standing firm, and the probability is they will not suspend. Our banks will no doubt be governed to a large extent by the course adopted by the Virginia banks. Mr. Mordecai has returned. The result of the conference was, not to suspend. The latest news from New York is most encouraging. The authorities of the principal banks of the City have held a meeting and have resolved not only to continue paying out, but to extend all the aid they can to their customers and business men. The specie is increasing, and no large exportations of the article have been made for the last few days. The independent treasury also disbursing at the rate of some two millions per week, and the hard cash thus poured out will prove of much service in arresting the panic. In addition to this, a California steamer was expected on Thursday or Friday, with a considerable amount of gold.

11. October 7, 1857 The Hillsborough Recorder Hillsboro, NC

Article from The Hillsborough Recorder, October 7, 1857

Click image to open full size in new tab

Article Text

The Farmers' Bank.--The Farmers' Bank, at Elizabeth City, has suspended specie payments. and the notes at Norfolk were at a discount of fifty per cent. These notes have entered largely into the circulation of this State; but we believe little apprehension need be entertained of ultimate loss to the holders of them. The suspension, in the opinion of the directors, was rendered unavoidable by the suspension of the banks north, and the certainty of a run upon it; but it is believed the suspension will be only temporary. In relation to this matter the Standard says: The Farmers' Bank was chartered in 1852. The charter provides that, in case of suspension, its notes shall draw twelve per cent. interest; and further, if not paid on demand, the holder of the notes may bring an action of assumpsit against one or all of the directors who may have consented to issue more than twice the amount paid in. It is further provided that, in case of insolveney of the bank, the " individual stockholders shall be liable to creditors in sums double the amount of stock by them respectively held in said corporation." Holders of the notes of this bank should not, therefore, be alarmed. It will no doubt meet all its liabilities. Even if the institution be in serious "danger of failing-and we trust it is not-the provisions of the charter above cited, are ample for the protection of noteholders."

12. October 7, 1857 The Lancaster Ledger Lancaster, SC

Article from The Lancaster Ledger, October 7, 1857

Click image to open full size in new tab

Article Text

THE FARMER'S BANK OF NORTH CaroLINA SUSPENDED.-We have intelligence via Norfolk of the suspension of the Farmer's Bank of Elizabeth City. In Norfolk the brokers are taking its notes at 50 per cent. discount- Wilmington Herald.

13. October 7, 1857 Weekly Council Bluffs Bugle Council Bluffs, IA

Article from Weekly Council Bluffs Bugle, October 7, 1857

Click image to open full size in new tab

Article Text

Telegraphic News. PITTSBURG, Sept. 29th All banks except one have suspended, but will resume when eastern banks do BALTIMORE, Sept. 29.-No change in money matters-5s only redeemed. PROVIDENCE, Sept. 29.-The Banks have resolved to suspend specie payment, yet their liabilities are only 25 per cent. of their capital. PHILADELPHIA, Sept. 29.+The Governor has issued a proclamation for an extra session of the Legislature to subserve the financial and commercial interests of the State. Pennsylvania bank has resumed. NEW YORK, Sept. 29.-Owing to a decrease in loans, specie, deposits and eirculation & meeting* of bank Presidents took place and resolutions passed to extend discounts 3 per cent. the coming week, which will make in the aggregate over $3,000,000. St.Lóuis, Sept. 29.-Bogy, Miltenberger & Ga, bankers, closed doors this a. m., assets ample. Banks in general discounting liberally. Anderson & Co., and Darby & Barksdale will soon resame. Bank of Nashville, Tenn. (will resume) Farmers' Bank, Elisabeth City, N. C., (will resume.) Bank of Commerce, Greytown, D. C., (will resume.) Farmers' & Mechanics' Bank, Greytown, D. C., (will resume.) (The Burlington, Cumberland & Salem banks have all syspended specie payment.

14. October 8, 1857 Yorkville Enquirer York, SC

Article from Yorkville Enquirer, October 8, 1857

Click image to open full size in new tab

Article Text

"Repeating The song whose breath Might lead to death, But never to retreating." MERE-MENTION. The Wilmington Herald learns via. Norfolk, of the suspension of the Farmer's Bank of Elizabeth City, N.C. In Norfolk, the brokers are taking its notes at 50 per cent discount. The Elizabeth City Pioneer says that "holders of the notes of the bank need feel under no apprehension as regards their safety, as we understand the The last suspension is but temporary." great financial revolution was began in 1837, with the suspension of the United States Bank and all the State Banks, and ended in 1840, the very one that began the war. Within those years 30,000 houses broke, and took the benefit of the bankrupt law of 1841. Their debts amounted to $400,000.000-their assets to almost nothing. Private despatches received at Augnsta, announces the suspension of the Exchange Bank at Murfeesborough, the Trenton Bank at Trenton, and the Shelbyville banks, all in Tennessee ; and that other banks are of doubtful solvency. The Texas correspondent of the Journal of Commerce says SAM'L HOUSTON, thegreat defunct, purJ. R. E. Couposes H removal to Kansas. TRIER, Second Teller of the Bank of Charleston, Out is a defaulter to the extent of $12,000. of the forty-three signers of the memorial to President BUCHANAN, on the subject of Kansas, fifteen are directly connected with the government Messrs. JEWETT and faculty of Yale College. & Co., Boston publishers, have suspended. Their The town of liabilities amount to $100,00 Salisbury, North Carolina, on Saturday, voted to subscribe $25,000 to the Virginia and North CaroThe Columbia Engine Comlina Rail Road. pany, of New York, has resolved to visit London and Paris this fall, and have sent their engine to Philadelphia to have it refitted for the trip. Over nine thousand locomotives are now running The first on rail roads of the United States. female born in Galveston, Texas, was married a short time since. She is described as being young Au exchange says, the and handsome, Chicago Ledger, a full blooded Black Republican paper, is out in favor of nominating some negro

15. October 13, 1857 Arkansas True Democrat Little Rock, AR

Article from Arkansas True Democrat, October 13, 1857

Click image to open full size in new tab

Article Text

The Bank Suspension. In our last we informed our readers that the banks of Philadelphia, Baltimore and Washington City, had suspended specie payments. We have now to add that the suspension includes all the banks of the States of Pennsylvania, Maryland, Delaware and Rhode Island, and the District of Columbia, together with scattering banks in the rest of the New England States, in New Jersey, New York, Michigan, Ohio, Indiana, Illinois, Wisconsin, Virginia and Tennessee. In this general view, we include the banks that have suspended within a month or two. In Mississippi the Holly Springs Bank has failed, or at least has failed to redeem its issues at New Orleans which was their chief place of redemption. Some months since we cautioned our readers against the receipt of the notes of this bank. In North Carolina, the Farmers Bank of Elizabeth City has stopped payment. The brokers at Norfolk, Virginia, were on the 29th ult., buying its notes at 50 per cent. discount. With this exception, we have observed no notice of the stoppage of any bank in North Carolina, or of any in South Carolina, Georgia, Alabama, Louisiana, or Missouri. Florida, like Arkansas, has no incorporated bank. Texas has one bank, but it is not of much account. When we speak of no bank failures in Kentucky and Missouri, we must be understood as referring to the incorporated banks. In both St. Louis and Louisville, heavy failures have taken place among the private bankers and brokers. Some of the particulars relating thereto will be found in our news columns. In the cities in which the banks still maintain specie payments, the money market is very stringent. In one day at New York, Virginia State stocks fell 11 percent., and Missouri's fell 10 per cent. From this the reader will see the nature of the securities on which " Free Banks" depend for their existence.-When most wanted they prove least available. The following comparative view, will give the reader some notion of the fall that has lately taken place in the New York market: Sent. 29. July 30.

16. October 13, 1857 The Western Democrat Charlotte, NC

Article from The Western Democrat, October 13, 1857

Click image to open full size in new tab

Article Text

MONEY MATTERS.-So far, no Bank in this State has suspended, excepting the Farmer's Bank at Elizabeth City. A branch of the same institution at Greensboro continues to redeem its notes. The tightness of the times might be remedied in a measure by the people preventing, to some extent, a run on the Banks for specie, and the Banks, in turn, favoring and accommodating the merchants and business men, as much as possible. by discounting more paper, and financiering in other ways less. When a Bank continues to pursue a narrow and contracted policy it is a positive injury to the community instead of a benefit.

17. October 14, 1857 Semi-Weekly Standard Raleigh, NC

Article from Semi-Weekly Standard, October 14, 1857

Click image to open full size in new tab

Article Text

ciency in the Sinking Fund of the State, were opened at Albany yesterday, but not proving satisfactory no loan was taken. No offer has been made for the loan of $1,700,000, for the Brooklyn Water Works. I The Farmer's Bank of Elizabeth City, .V. C. The Democratic Pioneer of Oct. 6, says: "That no lossage will occur to the holders of Farmer's Bank notes. The Bank being perfectly solvent will redeem her notes at a proper time. She will resume as soon as the Northern markets will justify her in so doing." I Pennsylvania Legislature. HARRISBURG, Oct. 9.-The Senate passed a bill extending the time of suspension to the first of April, and providing a stay of execution for one year ; and requiring deposits, to the State Treasurer, to be paid in specie. Run on a New York Bank-More Failures NEW YORK, Oct. 9.-A tremendous run has been made on the Park Bank. The bills in circulation are said to amount to only $150,000, while it has $300,000 of specie in its vaults. Harper & Brothers failed yesterday. Their assets amount to $1,000,000 over their liabilities. I Suspension of the Bank of South Carolina. AUGUSTA, GA., Oct. 10.-Reliable telegraphic reports say that the Bank of the State of South Carolina has suspended specie payment.

18. October 21, 1857 Semi-Weekly Standard Raleigh, NC

Article from Semi-Weekly Standard, October 21, 1857

Click image to open full size in new tab

Article Text

The Farmers' Bank. The Elizabeth City Sentinel says: "In our town and community we have heard of some grumbling, owing to the merchants of our town not giving change for Farmers' Bank money. This is wrong to ask of the merchants. For no one ought to suppose that a merchant should give silver change for a suspended Bank note. This they cannot do, but if you trade out the amount of the bill or bills, they take them as usual. And sometimes even give a little silver change. We saw yesterday e debt of $1.44 paid with a $3 bill on the Farmers' Bank, and $1.56 in change g ven. Bill holders are not frightened about them here. But a good many think as we do, that it will be some time befere the Bank resumes."

19. September 28, 1858 The Western Democrat Charlotte, NC

Article from The Western Democrat, September 28, 1858

Click image to open full size in new tab

Article Text

FARMERS' BANK.-The notes of the Farmers' Bank, payable at Elizabeth City, are getting in worse and worse repute every day it seems. The Petersburg Express says that they are selling in that city at 25 per cent. discount, and no one seems to want them even at that rate. The notes of that Bank payable.at Greensboro are current here and are taken on deposit by our Banks, but those payable at Elizabeth City are not bankable, and barely passable. The Directors have neglected to make any exhibit in order to restore confidence, although they have been repeatedly called on to do so. P. S.-Since writing the above we find the following in the Elizabeth City Pioneer: The low rates at which the paper of the Bank is held is owing more to rumor than to the actual condition of the institution. We have before stated that we entertain no doubt of the solvency of the Bank, and an exhibit made to us yesterday by the directors satisfied us of the truth of the opinion. From the statement published in April last, we take the circulation of the Bank-the Branch included-at the time as $323,709. Since that time there has been redeemed $122,000, leaving a total circulation at present of $201,000.This also includes the circulation of the Greensboro' Branch, which is known to be as sound as any institution in the State. Notes taken in are sealed and locked up, and not a dollar has been issued since the report was made. The assets of the Bank run above its liabilities some $100,000, thus showing its perfect solvency.

20. February 3, 1859 Semi-Weekly Standard Raleigh, NC

Article from Semi-Weekly Standard, February 3, 1859

Click image to open full size in new tab

Article Text

POWERE and equipment of the W estern Railroad from to the coaffields. Mr. Masten resumed his remarks in opposition to the bill, and argued strongly against its passage. The passed its third naya41. BILLS ON THEIR THIRD READINGS The rules were suspended, and the following bills passed their second and third readings: The bill to incorporate the Lake Landing Navigntion Company; The bill to prevent obstructions in Swift Creek, Edgecombe County; The bill concerning Hunters Creek Lake in Onlow Connty: The bill to amend the charter of the Farmer's Bank of Elizabeth City being read, Mr. Smith stated the object of the bill was to transfer the Bank to Greensboro', what at present was only a branch, and to enable the President and Directors to make such arrangements as will enable them to resume specie payments. Mr. Badham offered an amendment, providing that all suits on bills, bonds and notes now in progress, should be continued in Pasquotank county, and not removed to Guilford county. Mr. Smith opposed the resolution, as placing unfair restriction on the Bank in recovering her just debts. Messrs. Morchead and Caldwell, of Guilford, took the same view of the amendment. Mr. Outlaw supported the amendment, as he considered it the duty of the House to protect the debtors of the Bank. The amendment was adopted. Mr. Bridgers offered an amendment providing that no bank bill of over 85 in value should be issued unless the multiple of $10. Adopted. Mr. Reoves offered an amendment that if specie payments were not resumed in July, the charter should be forfected. Mr. Smith opposed the amendment, and it was rejected. The bill then passed its second reading. At half past nine 'clock the Honse adjourned. TUESDAY, Feb. 1, 1859. SENATE The Senate was called to order at 10 o'clock. Reports from committees were presented by Messrs. Edney, McKoy and Cowper. Mr. McDowell introduced a bill for the better regulation of the town of Smithville. Referred to the committee on corporations. BILLS ON THEIR PASSAGE. The bill to complete the survey of the Western N. C. Railroad to the Tennessee line, by way of Chattanoga, passed its second reading. GEOLOGICAL SURVEY. The bill to abolish the Geological survey of the State was taken up on its third reading. Mr. Bledsoe moved to indefinitely postpone. Mr. Cherry had done injustice to a distinguished officer in voting for the bill on its second reading: he now desired to repair that injustice. The survey should be continued. The present officer had done his duty faithfully and efficiently. Mr. Steele had not changed his opinion on the hill. He had voted before to get rid of what he considered an incumberance. Mr. Edney considered Dr. Emmons a worn out Professor-too old to do the work. Mr. McDonald defended Dr. Emmons and his labors at considerable length. Mr. Battle supported the bill. Mr. Lane said the officer ought to be vindicated, and the office continued. Dr. E. had done more to advance the interests of the State than any other man. Mr. Cowper owned himself in error in his former vote. Since that time he had examined the books of Dr. E., and was satisfied with him, and would now vote against the bill. Mr. Guyther was dissatisfied with Dr. E-his constituents did not even know him. His views on the bill were not changed. Mr. Miller sustained the officer and the office. Mr. Gorrell said the passage of the bill would be a step in the wrong direction. He defended the Dr. and his labors at some length. Mr. Steele followed in reference to the contest between Drs. Emmons and Mitchell as to the coal of Chatham county. Mr. Gorrell replied on the question. Mr. Edney had voted against the office to get rid of the officer. He did not impeach Dr. E/s intellectual capacity, but he considered him physically incapacitated. He would vote for the indefinite postponement now, but would introduce a resolution hereafter in reference to the officer. Mr. Bledsoe withdrew the motion to indefinitely postpone. Mr. Thomas offered an amendment providing for the continuance of the office for two years, to provide for a practical assistant, the expense not to exceed that of the past two years. Mr. Turner's position was unchanged. He disliked this indirect way of attacking an officer. He would prefer a measure to meet the matter squarely. Mr. Pool said it was the opinion of the joint select committee that the honor and prosperity of the State required a continuance of the office. He read from the report of the committee; and in reference to the printed volumes of Dr. E.'s reports he said they were monuments of genius and honor to him and to North-Carolina. It would be a disgrace to the State now to abolish the office. Mr. Ashe had voted for the bill, because of the financial condition of the State. He denied the honor of the State had anything to do with Dr. Emmons or the survey-the interests of the State might be affected by them. An officer should be procured who could command the confidence of the public. He was bound to say Dr. E. had not that confidence. Mr. Pool reminded Mr. Ashe, that the blow was aimed at the office, not the officer. Mr. Cowper renewed the motion to indefinitely postpone, and called for the ayes and noes. Mr. Speight, after an examination of the reports of Dr. Emmons, and further reflection, was bound to vote against the bill. The bill was then indefinitely postponed-24 to 16, as follows: For the Postponement.-Messr3. Bledsoe, Blount, Boyd, Cherry, Cowper, Davis, Douthitt, Edney, Flanner, Gilmore, Gorrell, Houston, Lane, McDowell, McDonald, McKoy, Miller, Mills, Pool, Ramsay, Speight, Straughan, Turner and Worth.-24. Against it.-Messrs. Ashe, Basnight, Battle, Brown, Cunningham, Dillard, Dobson, Guyther, Lankford, Leach, Martin, Pitchford, Steele, Ward, Whitaker and Williams.-16. The bill to repeal the 8th sec. 81st chap. Revised Code was rejected. The bill relative to a public road in, Davie and Davidson, and a bridge across the Yadkin river, passed its second reading. The bill to empower Notaries to administer oaths in certain cases also its second reading. EMANCIPATION OF SLAVES. The bill to prevent the emancipation of slaves by will and testament was discussed at some length on its second reading. Mr. Edney contended no man should be allowed, at his death, to turn loose a lot of free negroes on society to corrupt the slaves. Mr. Lane said negroes under these circumstances were not turned loose, but were retained and hired out by the Executor, if in doubt as to the solvency