14938. Farmers & Mechanics Bank (Cincinnati, OH)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
August 16, 1819
Location
Cincinnati, Ohio (39.103, -84.515)

Metadata

Model
gpt-5-mini
Short Digest
902ee236d8487563

Response Measures

None

Description

Multiple contemporary papers (Aug 1819) report the Farmers' & Mechanics' Bank of Cincinnati 'suspended specie payments.' The reports are from the Panic of 1819 (a macroeconomic shock), with no clear statement that the bank permanently closed or was placed in receivership. Many suspensions at this time were temporary; lacking evidence of permanent failure or receivership, I classify this as a suspension with likely reopening. Date choice derives from the newspapers (Washington dispatch dated Aug 16, 1819; other items Aug 17–28, 1819).

Events (1)

1. August 16, 1819 Suspension
Cause
Macro News
Cause Details
Part of the wider wave of suspensions during the Panic of 1819; articles note many banks suspending specie payments and a general run/pressure for specie in the period.
Newspaper Excerpt
The Farmers' and Mechanics' Bank of Cincinnati suspended specie payments.
Source
newspapers

Newspaper Articles (3)

Article from Richmond Enquirer, August 17, 1819

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Article Text

ANOTHER AND ANOTHER. The register of non-specie paying banks is daily in. creasing. The Petersburg Intelligencer says, that ou Tuesday last the State Bank of 1:b Carolina resolved upon the entire suspension of speele payments; that several days previous the bank had been thronged with visitors, each waiting his turn to demand specie or Northern funds for his notes: that a gentleman of Pe tersburg having been refused pay ment, had a large amount protested on Tuesday, with a determination to bring sull ummediately We understand CTOIM another quarter, that 2:a officer of the Petersburg blauch of the Virginia Bank, had presented a considerable sum. per. haps forty or only thousand dollars. for exchange in specie, which the N. C. Bank refused ; and that " was perhaps these notes which proximately red to the sns. pension of payment. The officer had subsequently ex. prienced soure difficulty in obtaining the assistance of legal coursel in bringing suit against the Bank 1 the Banks of Milton of Washington, and of the Sil. ver Lake (iii) in Pennsylvania) have also suspended speelé payments. The law of that state, which took effect on the 1st of August, and promises a suspension by a dissolution of the charter, or by an exaction of in terest on the rejected notes. will bring many of the banks in the imeriorto a dead pause. They will the under the necessity o: winding up their business The Farmers' and Mechanics' Bank of Cineingati, though favored with the U 8.' deposits, has again suspended its specie payments. Keitucky has also her threes and troubles-and the suspensionists seem 10 be gaining ground


Article from Richmond Enquirer, August 20, 1819

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Article Text

WASHINGTON, August 16.-The Directory of the Bank of St. Louis has given notice for a meeting of the Stockhold ers ON the 15th September next, to take into consideration the propriety of continuing or closing the concerns of that institution. The Farmers' and Mechanics' Bank of Cincinnatisuppendied specie payments on


Article from Edwardsville Spectator, August 28, 1819

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Article Text

The Farmers and Mechanics Bank of Cincinnati has again suspended specie payments. This bank had received the deposits of the United States under a special arrangement, and we are informed the unexpected course which she has adopted has created a strong sensation in Cincinnati. The Morgantown and Christian Independent Banks, we are informed, have stopped payment. The statement which we observe in the " Green River Telegraph" that the Georgetown Bank and the Hinkston Exporting Company have stopped payment, is incorrect. OLIVER G. WAGGENER is appointed Secretary of State in the place of John Pope resigned.--Argus.