Monmouth Bank - Freehold, NJ

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: state
Start Date: January 1, 1843*
Location: Freehold, New Jersey (40.260, -74.274)

Metadata

Model: gpt-5-mini
Short Digest: 71111d3f

Response Measures

Full suspension

Description

Article (letter dated Jan 23, 1843, published Feb 5, 1843) describes a 'run' that drained the vaults and led to a suspension of operations, after which the bank 'rose again' and resumed business. No specific misinformation or correspondent failure is described; cause is therefore classified as 'other'. OCR quirks corrected (e.g., 'Wken' -> 'When').

Events (3)

1. January 1, 1843* Other

Newspaper Excerpt: The Bank, as it were, rose again from its ashes, like a phenix, and once more astonished the natives by its peregrinations.
Source: newspapers

2. January 1, 1843* Run

Cause Details: Sudden heavy withdrawals described as a 'run on a rainy day' that drained specie from the vaults; no discrete misinformation or external correspondent failure is mentioned.
Newspaper Excerpt: Bet, by virtue of a run on a rainy day, the vaults of the said office were drained of specie;
Source: newspapers

3. January 1, 1843* Suspension

Cause Details: Suspension followed the specie drain caused by the run; described as a direct consequence of the run.
Newspaper Excerpt: consequently a suspension of their operations took place.
Source: newspapers

Newspaper Articles (1)

1. February 5, 1843 The New York Herald New York, NY

Article from The New York Herald, February 5, 1843

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Article Text

Freehold, N.J. [Correspondence of the Herald.] FREEHOLD, N.J., Jan. 23, 1843. Beauties of Banking-Monmouth Bank-FashionBalls-Jesse's Description of the Ball. JAMES GORDON BENNETT, Esq DEAR SIR,Among the hosts of your correspondents, it seems strange to me that one never has been heard through your columns from this village, which I need hardly tell you is situate in Monmouth county, of which it is the seat of government. Being in a central position, it of course secures to itself nearly all the trade for many miles around, and is on that account a very thriving town. Rich in religion, politics, wickedness, ([ bluch to Say it), and the fair sex, it of course should claim a portion of your attentions; and it is on this account that I am induced at this time to trouble you with a letter, leaving it to your discretion whether or not to give it publicity. I will first give you a few facts relative to the Monmouth Bank of this village, the revival of which has caused such great commotion in your city and State. Wken it commenced its operations by means of a few speculators (soulless) some eighteen months since, it took a three years lease of a new and neat house, the whole of which was re-rented, with the exception of one room, which they reserved for the indulgence of their propensities. This done, they bought a safe, a counter, and a small desk, behind which they placed an eminent financier, who was formerly connected with the Bank of America at Buffalo, in your State, as cashier, although the office, in so far as this vil. lage is concerned, is and then was an uadoubted sinecure. When these arrangements had been etfected, the second part of the chapter commenced; which consisted of the circulation of their promises to pay over all parts of the west, after having secured the continued quotation of their bank in a New York Bank Note List. An office was then established in Wall street, of your city, where the notes so circulated were advertised to be redeemed, which advertisement was carried out to the letter for a time; although by what means I cannot con. jecture. Bet, by virtue of a " run" on a rainy day, the vaults of the said office were drained of specie; consequently a suspension of their operations took place. But the maxim, as long as there is life there's hope requiring demonstration about that time, "the spirit of the age" (as Mr. Bancroft calls it), selected these same speculators as the instruments by which it was to be effected. Therefore the Bank, as it were, rose again from its ashes, like a phenix, and once more astonished the natives by its peregrinations. But a change has now " come o'er the spirit of its dream," and the bank becoming encumbered with numerous law suits, to recover the value of the notes of the old emission (to which suits, by statute to and the has bye, been the forced bank pleaded dispose the of itself of body limitation), soul; and I would ask the renowned Moses Y. Beach, the little Biddle" of New York, to buy it out, and become the owner. Under his dispensation, we might probably have