Bank of Cape Fear - Wilmington, NC

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: June 8, 1819
Location: Wilmington, North Carolina (34.226, -77.945)

Metadata

Model: gpt-5-mini
Short Digest: 5bfe8f47

Response Measures

None

Description

Article (Richmond Enquirer, 1819-06-11) reports the Banks of Cape Fear (and others) 'have actually resolved' to suspend payment of specie for their notes. No mention of depositor run or receivership; this appears to be a collective suspension (the 1819 panic era). Chosen episode type assumes a temporary suspension (typical of the period) rather than permanent closure because no receivership or permanent failure is reported.

Events (1)

1. June 8, 1819 Suspension

Cause: Macro News
Cause Details: Collective suspension of specie payments by North Carolina banks amid the broader financial distress of 1819 (panic-era action).
Newspaper Excerpt: the State Bank, the Banks of Cape Fear and Newberu, have actually resolved upon this measure.
Source: newspapers

Newspaper Articles (1)

1. June 11, 1819 Richmond Enquirer Richmond, VA

Article from Richmond Enquirer, June 11, 1819

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Article Text

# NORTH CAROLINA BANKS. PETERSBURG, June 8.-Upon the information of a gentleman from Raleigh, in our last paper, we contradicted the report in circulation, that the Banks of N. Carolina had suspended the payment of Specie for their Notes. It seems our informant was mistaken. The following articles which appear in the Carolina papers received by the last mails, shew that the State Bank, the Banks of Cape Fear and Newberu, have actually resolved upon this measure. We shall not undertake to arraign the Carolina Banks for this proceeding-if in it they have done any thing unlawful-any thing contrary to their charters-why, it is a question between those Banks and the legislature of North Carolina. But it is a measure, whose operation will undoubtedly be more sensibly felt in this part of Virginia, than in any portion of that State. The Carolina notes constitute, almost entirely our circulating medium. The merchants of Petersburg receive them at par for their goods; and having their payments, to make through our town Banks, are compelled to pass them off at a discount for such money as will be received. The difference in six months has augmented