Banks of New York City (all except three)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: May 10, 1837
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 163c9346

Response Measures

None

Description

May 10, 1837 coordinated suspension of specie payments by all (but three) New York City banks during the Panic of 1837. Article describes a collective suspension with expectation of eventual resumption; no specific depositor run on an individual bank is described in this excerpt. Classified as a suspension (systemic) with expected reopening.

Events (1)

1. May 10, 1837 Suspension

Cause: Macro News
Cause Details: Coordinated suspension of specie payments by New York City banks in the context of the Panic of 1837 and widespread financial distress; a systemic banking shock rather than bank-specific failure.
Newspaper Excerpt: Resolved, That under existing circumstances, it is expedient and necessary to suspend payments in specie.
Source: newspapers

Newspaper Articles (1)

1. May 19, 1837 Vermont Phœnix Brattleboro, Bellows Falls, Ludlow, VT

Article from Vermont Phœnix, May 19, 1837

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Article Text

# PUBLIC MEETING. A notice, of which the following is a copy, was circulated in the streets yesterday: A public meeting of merchants, traders, an I others, is requested at the Merchants' Exchange, this day at 12 1-2 o'clock, to consider and adopt such measures as may be deemed necessary and expedient under the suspension of specie payments by the banks. New York, May 10, 1837. In consequence whereof an overflowing meeting assembled at the hour named, when on motion, the officers of the meeting were appointed:- Jame G. King then presented himself to the meeting, and having read the call, which he enforced by a brief and pertinent address, moved the following resolutions, which were seconded by Nathaniel Prime, and unanimously adopted: WHEREAS-At a meeting last evening of all the Banks in the city except three, it was Resolved, That under existing circumstances, it is expedient and necessary to suspend payments in specie. In the mean time, the notes of all the Banks will be received at the different Banks, as usual, in payment of debts, and in deposite;--and, as the indebtedness of the community to the Banks, exceeds three times the amount of their liabilities to the public, it is hoped and expected that the notes of the different Banks will pass current, as usual, and that the state of the times will soon be such as to render the resumption of specie payments practicable. Resolved, That, relying upon the above statement-we have full confidence in the ultimate ability in the banks of this city, to reedem all their notes and bills-and that we ourselves, continue to receive, and we recommend to all our citizens to receive them as heretofore. Resolved, That in an emergency like this, it is alike the duty of patriotism & self interest, to abstain from all measures tending to aggravate existing evils, and by mutual forbearance and mutual aid, to mitigate, so far as practicable, the present difficulties, and thus most effectually to assist in the restoration of specie payments. These resolutions were put singly, and unanimously adopted, and the meeting adjourned.