Mechanics Bank - Burlington, NJ

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: September 30, 1857
Location: Burlington, New Jersey (40.071, -74.865)

Metadata

Model: gpt-5-mini
Short Digest: 525972e1

Response Measures

None

Description

Article (dated 1857-09-30) reports the Mechanics' Bank of Burlington County partially suspended payments (continues to pay out small sums in coin) influenced by the action of Philadelphia banks. The piece states the bank is sound and will resume specie payments when Philadelphia banks resume, implying a temporary suspension with eventual reopening.

Events (1)

1. September 30, 1857 Suspension

Cause: Local Banks
Cause Details: Partial suspension was taken in response to the action of the Philadelphia banks (wider regional bank actions), not due to insolvency.
Newspaper Excerpt: The Mechanics' Bank of Burlington county, is doing the same. We are assured they are entirely sound and will resume specie payments as as soon as the Philadelphia banks resume, and at an earlier day if such a course is deemed prudent.
Source: newspapers

Newspaper Articles (1)

1. October 1, 1857 The Evansville Daily Journal Evansville, IN

Article from The Evansville Daily Journal, October 1, 1857

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Article Text

Partial Suspension. 183 BURLINGTON, N.J., Sept. 30-M. The Burlington Bank has not failed-being abundantly able to pay all its circulation and deposits, but being influenced by the action of the Philadelphia banks, it has partially suspended ; it continues to pay out small sums in coin. The Mechanics' Bank of Burlington county, is doing the same.We are assured they are entirely sound and will resume specie payments as as soon as the Philadelphia banks resume, and at an earlier day if such a course is deemed prudent. The notes of the Burlington Bank are redeemed in Philadelphia, and the notes of the Mechanics' Bank ut the Bank of North America.