Article Text
Suspension of the Camden Bank. UTICA, July 22, 1851. The Camden Bank, in this county, refused to give specie to. day for their paper.
15026. Camden Bank (Camden, NY)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- July 22, 1851
- Location
- Camden, New York (43.335, -75.748)
Metadata
- Model
- gpt-5-mini
- Short Digest
d88867f8
Response Measures
None
Description
Newspaper reports (dated July 22, 1851) state the Camden Bank refused to give specie for its paper — a suspension of specie payments. No article explicitly reports a reopening; contemporaneous commentary calls this the beginning of the end, so I classify this as a suspension that led to failure/closure. Bank type inferred from name and era as a state bank.
Events (1)
1.
July 22, 1851
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Bank refused to redeem its notes in specie, indicating inability to meet redemption demands (insolvency/liquidity failure).
- Newspaper Excerpt
- The Camden Bank, in this county, refused to give specie to-day for their paper.
- Source
- newspapers
Newspaper Articles (2)
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Article Text
REFUBAL TO REDEEM.-A telegraphic despatch from Utica, dated the 22d inst. savs: "The Camden Bank in this county refused to give specie to-day for their paper." This is but the beginning of the end. The fact is, there are but few banks in the country, if there are any, that have the ability to redeem their issues in case of a pressure-few that could stand a run upon them. Their issues are based upon State Stocks, which are but the evidences of debt, and which, in case of being forced into the market to be sold, could not fail to depreciate, leaving bank creditors without an adequate security, while brokers and stock-jobbers would reap a rich harvest by the operation. The evil day is sure to come. No paper money system has ever yet stood the test of time. They have all resulted disastrously to the people, and the present baseless system is destined, at no distant day, to fulfill the same destiny