Banks of New York City (collective)

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: ad292e6b

Response Measures

None

Description

Article (May 10, 1837) reports a coordinated general suspension of specie payments by the banks of New York City (all banks except three). This is a collective, systemic suspension tied to the broader financial crisis; no run on a specific bank is described and no permanent closure or receivership is mentioned in the text. I classify this as a suspension (temporary) likely to be reopened later.

Events (1)

1. May 10, 1837 Suspension

Cause: Macro News
Cause Details: Coordinated suspension by nearly all New York banks amid the 1837 financial crisis; described as 'the winding up of the Crisis' and 'general suspension of Specie payments'.
Newspaper Excerpt: it was resolved that under exlisting circumstances it is expedient and necessary to suspend payments in specie.
Source: newspapers

Newspaper Articles (1)

1. May 10, 1837 The Herald New York, NY

Click image to open full size in new tab

Article Text

THE HERALD. WEDNESDAY, MAY 10, 1837. The winding up of the Crisis--general suspension of Specie payments by the Banks of New York! Last evening, just as we were going to press, George D. Strong, president of the Commercial Bank, handed us the following general notice of the suspension of specie payments. NOTICE TO THE PUBLIC IN RELATION TO THE BANKS.- At a meeting last evening, of all the banks in this city, except three, it was resolved that under exlisting 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. The history, the causes, the features of this extraordinary movement, we shall give at lengh tomorrow. We desire the people to be cool and quiet. The explosion of the banking system is now complete. Let us breathe-look round us-and reconstract society on a new basis. W would also refer our readers, who are interested in the Savings Bank in Chamber street, to an advertisement of the trustees, inserted in another column. We have no doubt their representations are correct, and that the money of the depositors is entirely safe, and that they need be under no anxiety respecting their funds, but remain quiet, and await better times.