14323. Salem Banking Company (Salem, NJ)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
May 5, 1841
Location
Salem, New Jersey (39.572, -75.467)

Metadata

Model
gpt-5-mini
Short Digest
d360c66f

Response Measures

None

Description

Newspaper items from 1841 and 1842 list the Princeton Bank among the suspended or non-specie paying banks of New Jersey. No article mentions a depositor run, reopening, or receivership; suspension is documented as of May 1841 and persists in a Jan 1842 listing. Because there is no evidence of reopening and the bank is listed among suspended banks across articles, I classify this as suspension_closure (closure inferred from continued suspension listings).

Events (2)
1. May 5, 1841 Suspension
Cause Details
Listed as a suspended/non-specie paying bank in New Jersey listings (no specific trigger given in articles).
Newspaper Excerpt
The following is a list of the suspended banks of this State: ... Princeton Bank at Princeton
Source
newspapers
2. January 31, 1842 Other
Newspaper Excerpt
Princeton B., $1 specie & specie funds ... non specie banks ... have, on an average, quite as much specie on hand, in proportion to their circulation, as the specie paying banks have. ... schedule exhibits the circulation and specie of the suspended banks in Jan. 1841, and Jan 1842: (lists Princeton Bank as non-specie paying).
Source
newspapers

Newspaper Articles (2)
1. May 5, 1841 Jeffersonian Republican Stroudsburg, East Stroudsburg, Milford, PA
Article from Jeffersonian Republican, May 5, 1841

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Article Text

The notes of the non-specie paying banks of New-Jersey, are worth in New-York only 94 cents to the dollar. The notes of those which pay specie are at par or a half per cent. discount. The following is a list of the suspended banks of this State: Burlington County Bank at Medford, Cumberland Bank at Bridgeton, Farmers' Bank of New-Jersey at Mount Holly, Mechanics' Bank of Burlington, Mechanics' and Manufacturers' Bankat Trenton New-Hope Delaware Bridge Co. Lambertville, Princeton Bank at Princeton, Salem Banking Company, at Salem, State Bank at Camden, Trenton Banking Company, Trenton. Sussex (N. J.) Register.

2. January 31, 1842 The Daily Madisonian Washington, DC
Article from The Daily Madisonian, January 31, 1842

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Article Text

Non-Specie Paying Banks. " 1 2 Trenton Banking Co., " 1 9 State Bank, Camden, " 1 5 Salem Banking Co., Mech. & Manu. Bank, " 1 3 Trenton, Farmer's Bank, N. J., " 1 3 Mt. Holly, 1 3 Mech. Bank, Burlington, New Hope Delaware 1 36 Bridge Co., 1 3 Cumberland Bank, " Burlington Co, B., Medford, 1 Princeton B., $1 "specie & specie funds" 4 It will be observed that the non specie banks, (omitting the New Hope and Delaware,) have, on an average, quite as much specie on hand, in proportion to their circulation, as the specie paying banks have. In this respect their condition is much better than it was a year ago. Their circulation has been materially lessened, while their specie has increased.This is the effect of the talk about resumption. The following schedule exhibits the circulation and specie of the suspended banks in Jan. 1841, and Jan 1842: