16208. Merchants Bank (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 22, 1846
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
79ab384d

Response Measures

None

Description

Articles 1-3 recount an anecdote referencing one of the suspensions of specie payment in Randolph's day (general historical suspension), indicating the bank suspended specie payments at some point. Article 4 (New York Herald, 1846-09-22) describes bonds/mortgages in hands of the President of the Merchant's Bank and special receivers, and references a general receiver (Leavitt), indicating the institution was placed in receivership. No article describes a depositor run; sequence is a suspension (specie suspension) followed by receivership/closure. Bank charter type not explicit in the articles, so set to unknown.

Events (2)

1. September 22, 1846 Receivership
Newspaper Excerpt
These bonds and mortgages are now in the hands of John J. Palmer, Esq., the President of the Merchant's Bank, and Abijah, Mann Jr., Esq, as special receivers (appointed by the Chancellor)... pending the controversy between Leavitt the general receiver, and Blatchford, Graham, Noyes, Talmage, Yates and Murray, trustees under the trust deeds.
Source
newspapers
2. * Suspension
Cause
Macro News
Cause Details
Mentioned as part of one of the suspensions of specie payment (systemic/specie suspension rather than bank-specific failure).
Newspaper Excerpt
During one of the suspensions of specie payment in his day, Mr. R. was on a visit to New York...
Source
newspapers

Newspaper Articles (4)

Article from The Kalida Venture, February 26, 1846

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Article Text

From Cist's Advertiser. # JOHN RANDOLPH. One or two characteristic anecdotes of Randolph hitherto unpublished, as I believe, will close this article. They are perfectly authentic. During one of the suspensions of specie payments, in his day, Mr. R. was on a visit to New York, on business. He had occasion to present a check to a large amount for payment at the Merchants' Bank of that city, for which he refused to accept any thing but specie, which the tellers of the bank as obstinately refused to give. Randolph disdained to bandy words, with either clerks or principals on their conduct, which in his own way of thinking, amounted to swindling, but withdrew and had a handbill issued at the next printing office, which in two hours was posted up over the whole city, stating that—"John Randolph, of Roanoak, being on a visit to New York, will address his fellow-


Article from The New Era, April 28, 1846

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Article Text

# JOHN RANDOLPH. One or two characteristic anecdotes of Randolph, hitherto unpublished as I believe, will close this article. They are perfectly authentie: During one of the suspensions of specie payment in his day, Mr. R. was on a visit to New York, on business. He had occasion to present a check to a large amount for payment at the Merchants' Bank of that city, for which he refused to accept anything but specie, which the tellers of the bank as obstinately refused to give. Randolph disdained to bandy words, with either clerks or principals on their conduct, which, in his own way of thinking, amounted to swindling, but withdrew and had a hand bill issued at the next printing office, which in two hours was posted over the whole city, stating that- "John Randolph, of Roanoke, being on a visit to New York, will address his fellow-citizens upon the banking and currency question, from the steps of the Merchants' Bank, at six o'clock this evening." A crowd began to gather more than an hour before the appointed time, enlarging so rapidly and amply, that, before the hour to address it had arrived, the officers of the bank took the alarm and finding out his lodging place sent one of the clerks with the amount in gold, which Randolph received with a sardonie smile and the apt quotation, "Chartaciam, invenit auream reliquit."" He left New York in one of the stages which at the period anticipated daylight, as he was hardly known in that city, the notice passed off for a mere hoax on the public. After leaving the Merchant's Bank, he called at the Mechanics' Bank to transact some money business there, involving a discount of a few dollars. Randolph, with his peculiar notions on such subjects, felt as though these had been stolen out of his pocket. He said nothing, however, until getting to the door of the entrance, where the effigy of a huge arm swung as huge a hammer, he asked what that meant. "The badge of our institution, sir-you know this is the Mechanics' Bank." was the explanation of the teller. "You had better take it down and substitute a currier's knife." was Randolph's reply.-Petersburg Republican. CONFESSION. -The following is from a Dublin journal:- Have you anything else whereof your conscience should be purged?' asked Father Phelan of a kneeling culprit at the confession. 'Yes,' replied the penitent, I have committed the mean sin of theft. I have stolen this watch; will your reverence accept it of me?' 'Me!' exclaimed the pious priest; 'I receive the fruit of your villany! No; instantly retorn the watch to its owner!" • I have already offered it to him," replied the culprit, and he has refused to receive it; therefore, holy father, I beseech you to take it." • Peace, wretch!" rejoined the priest, you should have repeated the offer." *I did repeat it your reverence, but he would not take it." Then,' said the priest, 'I must absolve you from the sin you have committed." The purified thief had scarcely departed when the astonished father discovered that it was his own watch that had been stolen from the place where it had been deposited near the confessional!


Article from Edgefield Advertiser, May 13, 1846

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Article Text

# JOHN RANDOLPH. One or two characteristic anecdotes of Randolph, hitherto unpublished as I believe, will close this article. They are perfectly authentic: During one of the suspensions of specie payment in his day, Mr. R. was on a visit to New York, on business. He had occasion to present a check to a large amount for payment at the Merchant's Bank of that city, for which he refused to accept anything but specie. Randolph disdained to bandy words, with either clerks or principals on their conduct, which, in his own way of thinking, amounted to swindling, but withdrew and had a hand bill issued at the next printing office, which in two hours was posted over the whole city, stating that- "John Randolph, of Roanoke, being on a visit to New York, will address his fellow-citizens upon the banking and currency question, from the steps of the Merchants' Bank, at six o'clock this evening." A crowd began to gather more than an hour before the apointed time, enlarging so rapidly and amply, that, before the hour to address it had arrived, the officers of the bank took the alarm and finding out his lodging place sent one of the clerks with the amount in gold, which Randolph received with a sarconic smile and the ant quotation, "Chartaciam, invenit auream relinquit." He left New York in one of the stages, which at the period anticipated daylight, as he was hardly known in that city, th notice passed off for a mere hoax on the public. After leaving the Merchant's Bank, he called at the Mechanics' Bank to transact some money business there, involving a discount of a few dollars. Randolph, with his peculiar notions on such subjects, felt as though these had been stolen out of his pocket. He said nothing, however, until getting to the door of the entrance, where the effigy of a huge arm swung a huge hammer, he asked what that meant. "The badge of our institution, sir-you know this is the Mechanics' Bank," was the explanation of the teller. "You had better take it down and substitute a currier's knife," was Randolph's reply- _Petersburg Republican._ # Railroad Incident. A young fellow travelling in one of the counties in England, found that the only passenger in a first class car was a beautiful young lady, with whom he was quite smitten, and to whom he made himself very agreeable during the trial. Not being able to ascertain her name, he presumed to steal a kiss; and when the car arrived at Birmingham she gave the gentleman in charge of the police, and made a complaint against him for the assault.-Precisely the thing he wanted. He learned her name and address-paid the fine-adopted means to be introduced-plead his suit, and was finally accepted by the lady, after a courtship commencing in a manner so very singular. The Hereford Times vouches for the truth of this anecdote. Marble. A vein of very fine porphyritic marble, between thirty and forty


Article from The New York Herald, September 22, 1846

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Article Text

These bonds and mortgages are now in the hands of John J. Palmer, Esq., the President of the Merchant's Bank, and Abijah, Mann Jr., Esq, as special receivers (appointed by the Chancellor) to hold the same and the proceeds thereof pending the controversy between Leavitt the general receiver, and Blatchford, Graham, Noyes, Tal mage, Yates and Murray, trustees under the trus, Deeds. All the questions raised by the several trusts were ar gued before his honor, Vice-Chancellor McCoun, by the counsel for the general rece.ver and by the counsel for the trustees and the creditors, holding the notes issued under the trust. As soon as the result is known we shall give all the points decided by the Vice Chancellor. The post notes issued under the Yates Trust, were 800, of the denomination of either $1000 or $500 each, alto, gether amounting to $600,000. These 800 notes are mostly in American hands. The post notes, secured by the other trusts, are held by foreigners, having been sold in Europe to the present holders at 90 cents on the dollar. The decision therefore, of Vice Chancellor McCoun is looked for with great interest by all the Foreign holders of the post notes issued by the officers of this most unfortunate Institution.