Banks of Discount and Deposit (New York city)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: October 14, 1857
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 8ff5d1c4

Response Measures

None

Description

Article (New-York Daily Tribune, Oct 15, 1857) reports that the Banks of Discount and Deposit in New York 'having suspended specie payments' (meeting dated Oct 14, 1857). This is a suspension of specie payments during the 1857 financial panic. The article does not describe a depositor run or a permanent closure; suspension appears temporary, so classified as suspension_reopening. Reopening is not explicitly reported in this article — classification assumes temporary suspension typical of specie suspensions in the 1857 crisis; uncertainty noted.

Events (1)

1. October 14, 1857 Suspension

Cause: Macro News
Cause Details: Collective suspension of specie payments by New York discount-and-deposit banks amid the broader 1857 financial panic; payments to be made only in city (bank) notes.
Newspaper Excerpt: The Banks of Discount and Deposit in our city having suspended specie payments
Source: newspapers

Newspaper Articles (1)

1. October 15, 1857 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, October 15, 1857

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Article Text

THE SAVINGS BANKS SUSPEND SPECIE PAYMENTS. PAYMENTS TO BE MADE ONLY IN CITY NOTES. NEW-YORK, Wednesday, Oct. 14, 1857. At a meeting of officers of Savings Banks, held yes. terday at the banking-room of the Seamen's Bank for Savings, in Wall street-present, representatives of the following institutions, viz: Bank for Savings, Bleecker st, Manhattan, East River Savings Institution, Martners', Mechanics' and Traders', Bowery Savings Bank, Institution for Savings of Mer-Dry Dock, Broadway, chants' Clerks, Greenwich, Irving Savings Bank, Seamen's Bank for Savings. Emigrants' Industrial, Williamsburgh. South Brooklyn, Brooklyn, Mr. John C. GREEN, of the Bank for Savings, was called to the Chair, and W. PLATT, of the Seamen's Bank for Savings, was requested to act as Secretary. After discussion, the following resolutions were proposed: 1. The Banks of Discount and Deposit in our city having sus. pended specie payments, the Savings Banks are necessarily compelled to pay the depositors only in the bank notes of those institutions; hile they paid specie the Savings Banks paid gold to their depositors, and they will now pay in the currency of these institutions, which is secured by stocks with the Control. ler of the State. 2. Resolved, That the Banks for Savings be recommended to adhere to the rules of payment according to their bylaws; but that each institution be recommended to pay such amounts as shall be deemed sufficient to meet the necessities of depositors. E. PLATT, Secretary. The meeting then adjourned.