12601. Bank of New Brunswick (New Brunswick, NJ)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
February 18, 1834
Location
New Brunswick, New Jersey (40.486, -74.452)

Metadata

Model
gpt-5-mini
Short Digest
15b381633e054756

Response Measures

None

Description

Multiple newspapers (Feb–Mar 1834) reproduce a cashier's notice dated Feb 18 stating the Bank of New Brunswick has suspended specie payments in consequence of injurious reports and the pressure of the times, but asserting the bank is believed solvent and will eventually redeem its bills. No articles report a run, receivership, or permanent closure; language implies a temporary suspension likely to be resolved, so I classify as suspension_reopening. Date taken from the cashier's notice (Feb 18, 1834).

Events (1)
1. February 18, 1834 Suspension
Cause
Rumor Or Misinformation
Cause Details
Cashier's notice cites injurious reports and the pressure of the times as the reason for suspending payments; emphasis on injurious reports suggests rumors/misinformation alongside general economic pressure.
Newspaper Excerpt
In consequence of injurious reports and the pressure of the times, the President and Directors of the Bank of New Brunswick, have been under the necessity of suspending payment; but at the same time they deem it their duty to caution the public against sacrificing the bills of said bank, as they believe the bank to be solvent; and that eventually all the bills will be redeemed. F. RICHMOND, Cashier. February 18.
Source
newspapers

Newspaper Articles (4)
1. February 24, 1834 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, February 24, 1834

Click image to open full size in new tab

Article Text

Bank of New Brunswick.--We omitted to notice yesterday the failure of this Bank, although the following notice was sent to the office by the Cashier. It was also sent to the Standard, the veracious editors and conductors of which print, changed the language of the notice so as to read "In consequence of injurious reports of the pressure of the times," instead of " and the pressure of the times"! This to say the least ofit, was a miserable trick, and will scarcely have the effect of making the people believe that there is "no pressure." -N. Y. Star. In consequence of injurious reports and the pressure of the times, the President and Directors of the Bank of New Brunswick, have been under the necessity of suspending payment; but at the same time they deem it their duty to caution the public against sacrificing the bills ofsaid bank-as they believe the bank to be solvent; and that eventually all the bills will be redeemed. F. RICHMAND, Cashier. February 18.

2. February 27, 1834 Herald of the Times Newport, RI
Article from Herald of the Times, February 27, 1834

Click image to open full size in new tab

Article Text

The Bank of New Brunswick, N.J., has suspended payment.

3. March 6, 1834 Martinsburg Gazette Martinsburg, WV
Article from Martinsburg Gazette, March 6, 1834

Click image to open full size in new tab

Article Text

ANOTHER BANK BROKEN BY THE PRESIDENT'S EXPERIMENT. The following notice from the Cashier of the Bank of New Brunswick, communicates the news of the determination of the President and Directors of that Institution, to suspend payments. It will be seen that this meaure has been forced upon them by the course of the Executive.-Ibid. In consequence of injurious reports and the pressure of the times, the President and Direcors of the Bank of New Brunswick, have been nder the necessity of suspending payment; but the same time they deem it their duty to cauion the public against sacrificing the Bills of said Bank, -AS they believe the Bank to be solvent; and that eventually all the Bills will be redeemed. F. RICHMOND, Cashier. Feb. 18. The pressure has reached New Orleans. Failcres to the amount of ONE MILLION TWO HUNORED AND SIXTY THOUSAND DOLLARS, occurred in that city, during ten days preceding the last date. - Phil. paper.

4. April 3, 1834 Vandalia Whig and Illinois Intelligencer Vandalia, IL
Article from Vandalia Whig and Illinois Intelligencer, April 3, 1834

Click image to open full size in new tab

Article Text

BANK FAILURE. - The bank of New Brunswick has yeilded to the pressure of the times and suspended specie payments. The Directors, however, caution the public against sacrificing the bills of the bank and express their entire confidence that the institution will ultimately be able to meet all its liabilities. - Louisville Journal.