Franklin Bank - New York, NY

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: December 30, 1847
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 853af0df

Response Measures

None

Description

Article (Dec 31, 1847) reports Franklin Bank 'stopt payment yesterday' amid panic triggered by failures of other banks and external pressures (Mexican War, Bank of England). No mention of receivership or permanent closure; suspension appears to be a temporary stoppage during the panic, so I classify as suspension_reopening (no explicit reopening reported). 'Free banks' indicates a state-chartered institution.

Events (1)

1. December 30, 1847 Suspension

Cause: Local Banks
Cause Details: Panic produced by recent failures of Plainfield, New Hope, Lehigh, Susquehannah, and Atlas banks and general alarm from Mexican War and Bank of England pressures.
Newspaper Excerpt: The agencies of the James' Bank, and the Franklin Bank, of this State-both free banks-stopt payment yesterday in Wall street.
Source: newspapers

Newspaper Articles (1)

1. December 31, 1847 The New York Herald New York, NY

Article from The New York Herald, December 31, 1847

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Article Text

# MORE BANKS BREAKING. The agencies of the James' Bank, and the Franklin Bank, of this State-both free banks-stopt payment yesterday in Wall street. The rush of the holders of country money was tremendous. Every body was glad to get rid of it, at five to ten per cent discount. The brokers were full before 12, and then refused to redeem more. There was great exasperation and panic among the people. The recent bad failures of the Plainfield, New Hope, Lehigh, Susquehannah, and Atlas banks, with their miserable condition and detestable conduct, have produced a perfect panic in bank paper currency. The Wall street banks, under the double pressure of the Mexican war and the Bank of England, begin to be alarmed.-[See money article.]