14719. Mechanics & Farmers Bank (Albany, NY)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
June 6, 1837
Location
Albany, New York (42.653, -73.756)

Metadata

Model
gpt-5-mini
Short Digest
b911612e

Response Measures

None

Description

Articles indicate the Mechanics & Farmers Bank of Albany suspended specie payments during the 1837 panic (article dated 1837-06-06) and later resumed/specie payments by November 1837 (articles dated 1837-11-03 and 1837-11-11). No mention of depositor run, receivership, or permanent closure. Classified as a suspension followed by reopening.

Events (2)

1. June 6, 1837 Suspension
Cause
Macro News
Cause Details
Widespread suspension of specie payments during the financial distress/panic of 1837; banks in the state suspended specie payments generally.
Newspaper Excerpt
the banks, demanding the real reasons of their suspension of specie payments—and why they refuse to pay their five and ten dollar notes in change. One of the principal Banks connected with the State Government, the Mechanics of Albany, very generously offered to supply the members of the legislature with change, after their suspension.
Source
newspapers
2. November 3, 1837 Reopening
Newspaper Excerpt
RESUMPTION OF SPECIE PAYMENTS.-In noticing the fact of the resumption of specie payments by the Canal and Clinton banks, we omitted to state that a similar course has been adopted by. the Mechanics' and Farmers' Bank of Albany. (The Madisonian, 1837-11-03).Mechanics' and Farmer's and the Canal have just announced that they will pay specie for their notes. (Columbus Democrat, 1837-11-11).  
Source
newspapers

Newspaper Articles (3)

Article from Morning Herald, June 6, 1837

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Article Text

the banks, demanding the real reasons of their suspension of specie payments—and why they refuse to pay their five and ten dollar notes in change. One of the principal Banks connected with the State Government, the Mechanics of Albany, very generously offered to supply the members of the legislature with change, after their suspension. What is the reason that the makers of the legislature should not be entitled to the same attention? At the same time, the speculators and others are preparing a remonstrance on their part, demanding the reason that the banks do not double their issues. Between these two remonstrants, the banks will have enough to attend to. What will be the issue is somewhat difficult to say. # ANOTHER REVOLUTION. For about a fortnight past or rather three weeks, I have been a considerably smart locofoco. I have hit the banks right and left—cut up paper money into shreds and patches—and gone "the entire" for the metalic currency. I am now ripe for a change—and a change I shall have. Tomorrow I shall probably come out dead for irredeemable paper money, rag currency and all that sort of thing. Mr. Van Buren is preparing to recommend an issue of Treasury notes, and unless I keep close hauled to the wind, and be ready to put about ship, he will turn the corner and cut a clean somerset before I do. A locofoce for three weeks—monstrous! it appears like an age. I must have a change. But before I leave the rascals without breeches, let me bid them a good bye. Mr. Windt Fare thee well, and if for ever Still for ever fare thee well. Mr. Slam—" God bless you." Mr. Bang, "good bye." Mr. Ming "we shall meet at Philippi," and all ye locofocos "may you live a thousand years." I now go for paper money—tremendous issues—high prices—to the devil with specie—and all kinds of gaiety, splendor, beauty, extravagance, expense and speculation for six months to come. "A merry life and a short one." # LOAFER MEETING IN THE PARK. "Are you going to the meeting in the Park, Tom? said a loafer to one of his 'quaintances. "Why, what's to do?" replied Tom. "That's more than I know, but a meeting is to be held there, to take into consideration the best way of recovering our specie currency. You arn't got nothing special to attend to, have you?" "Not particularly so—let's go." In this way about four or five hundred persons collected together, and at a little after 4 o'clock, the meeting being organised, a person from Birmingham, England, harrangued the assembly, and in a few minutes did the business of every bank in the Union. Jack Cade and his Smithfield supporters never had better representatives, and the ecstacy displayed at an idea of the orator's, that "if the banks were destroyed, possibly some of them might get possession of some small change," was the best evidence of the purity of their intentions, and how sincerely they sympathised with the energy of the speaker. Much talk there was, but no cider, for that costs small change; and the meeting adjourned to meet again today at an early hour. A very fine display of angels yesterday afternoon, on the Battery. There was the tall, the graceful, the modest,—the beautiful—the airy—the gay—the solemn—the brilliant—the magnificent. Simple light chintz drapery are worn by the tastefuland classic—the most beautiful always taking a pretty little girl to accompany them. The weather was delicious—the air balmy—the trees fragrant—the air cool and clear—and the clouds of heaven bright and beautiful. Over the edge of an azure cloud, hanging over Governor's Island, there was a frolicksome spirit of heaven leaning—"I'll bet you," said he, to his assembled cherubs, "an apple from the Tree of Life, that the Battery of New York, in a display of angels, beats Paradise this afternoon." Some shook their ringlets of light, other their wings of azure—but no takers. # NEW BRIGHTON. This place will be opened soon, a city of palaces on paper and beautiful ruins in reality. New Brighton begins a season of enjoyment. We have no doubt it will be among the first places for a summer resort. Its picturesque ruins and mouldering temples—its half built palaces, and half dug streets, remind us of Jerusalem, Palmyra of the desert, or the celebrated Petra of the land of Edom. If any one wants to see a genuine specimen of the effects produced by the Kitchen Cabinet and the Regency on the currency, just let him take a trip to New Brighton. Streets, cottages, esplanades, hotels, castles, gardens, promenades, all—all in a state of ruin, desolation, beauty and laughable folly. Governor Marcy, go and take a look—it will only cost you half the price the people paid for patching your breeches. # THE BOWLING GREEN. The only places in the lower part of the city, whose rural, picturesque, and placid beauties still remain, in the midst of the mad mania of specu'ation and improvement, are the Bowling Green, and others in that neighborhood. Around the Bowling Green, many of the residences of which, are fashionable boarding houses, the quiet air of the old times still lingers—the trees—the shrubs—the green


Article from The Madisonian, November 3, 1837

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Article Text

respect to detract from the general and conceded ability with which that paper has been conducted. We siniply seek to secure its co-operation in what we deem a desirable mode of rescuing our currency and business from Its present derangement, and thus to preserve, what we both have near at heart, the ascendancy of the republican party, and its legitimate consequence, the true interests and honor of the country. From the Globe, of the 10th inst. RESUMPTION OF SPECIE PAYMENTS.-In noticing the fact of the resumption of specie payments by the Canal and Clinton banks, we omitted to state that a similar course has been adopted by. the Mechanics' and Farmers' Bank of Albany. The public spirit and great ability with which this institution was conducted during the panies of 1834 and 1837, increases the gratification we derive from the annunciation of a fact so important to the public and honorable to the bank.


Article from Columbus Democrat, November 11, 1837

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Article Text

RESUMPTION OF SPECIE PAYMENTS. - The Journal of Commerce, of the 23d instant, remarks on this subject: "We think this statement worthy of consideration, because two of the Albany banks (Mechanics' and Farmer's and the Canal) have just announced that they will pay specie for their notes. It does not appear, from the above statement, that these two banks are any better prepared to resume than their neighbors who have declined to come into the measure. We look on these isolated resumptions as calculated to produce evil, rather than good." It is evident from various signs, that the federal party are resolved to oppose the honest efforts of some of the State insitutions to comply with their charters and the obligations on the face of their notes, notwithstanding the pretext urged by the city merchants and banks controlled by them to cover the suspension of specie payments, will no longer serve. The city bankers said they shut their vaults only until the carrent, which set towards England and threatened to drain them, was stayed. They said they would have all their hoarded gold and silver ready to resume, and would do so the moment the excessive foreign demand ceased. The National Intelligencer of this morning says: "About $65,000 were received at the port of New York last week, in small amounts, by vessels from the West Indies and South America. The export of specie now scarcely exceeds the import." Notwithstanding this, the Journal of Commerce is against resuming. It cries out for small notes. The Express correspondent of the Intelligencer also exulis that, "Among the first acis of the Legislature (New Jersey) will be the repeal of the small-bill-law-so I am informed." The same print adds : "The next New York Legislature will probably repeal the small-bill law, and allow New Yorkers to share in the benefit of their circulation." It is evident the wish of the federal party is against a resumption, to establish a national bank as a remedy. Globe. DROUGHT IN VIRGINIA. - The Richmond Enquirer of Friday says: "The drought is almost unparalleled at this season of the year. We have had one or two showers, but not a good rain, since the last of August. The earth is so dry and parched that it is very difficult to plough it so as to sow the wheat. Our James river is almost lower than has ever been recollected." The Maine farmers are coming!--Eleven thousand bushels of new wheat have been ground this season, at one mill, at the village of Dover, in Penobscot county, Maine.--Newburyport Herald. NEW POST OFFICES.--The following new post offices in Mississippi have been lately established, viz: Centre Grove, Leak county; John W. Lindsey, post master. Tallaloosa, Marshal Co; John C. Kizer, p. m. Wahaloch, Kemper co; Henry Conklin, p. m. Smith's Mills, Carroll co; Jos. Smith, p. m. Middleton, Carroll co; Richard Small, p. m. Amiable trait. --Sir Walter Scott, in a letter to the late duke of Buccleugh, written on the death