1663. Bank of the Metropolis (Washington, DC)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
December 9, 1833
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini
Short Digest
677d5370c1a1a2fc

Response Measures

None

Description

Newspaper items (Apr–May 1834) report rumors of a specie drain at the Bank of the Metropolis but assert those reports are unfounded and that the bank has ample specie. No suspension, closure, or reopening is mentioned. One article includes a balance-sheet statement (Dec 9, 1833). OCR errors corrected (e.g., 'Pank' -> 'Bank', 'Metropolis' -> 'Metropolis').

Events (2)
1. December 9, 1833 Other
Newspaper Excerpt
Statement of the Bank of the Metropolis, Washington, 9th Dec. 1833. (Balance sheet items: specie, notes in circulation, due from banks, etc.)
Source
newspapers
2. April 17, 1834 Run
Cause
Rumor Or Misinformation
Cause Details
Reports/rumors circulated alleging a large drain of specie; article states these reports are unfounded and that specie holdings were substantial.
Newspaper Excerpt
It is pretended that a great drain of specie has been suffered by the Bank of the Metropolis. The amount of specie is daily increasing in the bank - and we can assure the public the bank has a greater sum in gold and silver in its vaults than it has notes in circulation.
Source
newspapers

Newspaper Articles (2)
1. April 25, 1834 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, April 25, 1834

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Article Text

ASHINGTON, April 17. BANK OF THE METROPOL S. It is pretended that a great drain of specie has been suffered by the Pank of the Metropolis. 1 he amount of specie is daily increasing in the bank - and we can as-ure the public the bank has a greater sum In gold and silver in its vaulta than it has notes in circulation - Globe. BANK OF VIRGINIA.-W learn by a gentleman from Richmond, that the reports which have been put in circulation in this city, yes erday and the day before, by the partisans of the Bank of the United States, assering the stoppage of the Bank of Virginia, are totally unfound. ed. So for from this being the case, one of the passengers saw large sums of specie carried into the bank, a! Richmond, and understood that large suma had gone to Norfolk, imported by the ship Tallyho. just from Liverpool.--Ib. GOLD AND SILVER.-We learn that on the 7th, 8h, 9 h. 10th, 11th, and 12th of this mouth, ONE MILLION TWOHUNDRED AND NINETY-FIVE THOUSAND SEVEN HUNDRED AND THIRTY-FIVE DOLLARS, was imported into one city North of us. This shows how readily our commerce maysupply specie currency for general circu. lation.- - Ib. 13 We are grafified in being able to state that public confidence continues undiminished in the Banks of this town, and that yesterday the panic created by the recent failures had nearly subsided, as far as they are concerned. The Bank of Potoinac and the Farmers' Bank are c. nei dered as safe as any institutions in the country; and we are authorize d and requested to state, that the Directors of the Bank of Potomac, and the Directors of the Farmers' Bank, consider and will hold themselves personally lia. ble for all the engagements of their institutions. We shali probably have an official announcement of this from the Banks themselves. As we said before, we believe the storm has passed over the District, never to return.Alexandria Gazelle, April 16.

2. May 2, 1834 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, May 2, 1834

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Article Text

193,464 37 Stocks of various kinds 8,576 99 Suspended debt as 25,113 83 Real estate 335,166 12 Notes and checks on other Banks 43 153,997° Specie 235,617 34 Due from Banks 3,072 39 Expense account and costs of suits $1,640,512 16 DR. $500,000 00 Capital paid in 160,823 Notes in circulation 536,639 42 Treasurer of the United States 3,437 50 Special deposite 73,808 01 Due to Banks .. 5,776 76 Discount account 360,027 47 Individual depositors $1,640,512 16 The House will perceive from the report, that the paper in circulation, the Government and individual deposites, amount to $1,061,023 39.This money may be demanded any day. What funds have the Bank to meet this demand?$153,997 43 in specie; due from Banks, $235,617 34; notes and checks on other Banks, $335,166 12; amounting, in the whole, $724,780 89how much will be lost by the debts due from other banks, and notes, and checks on other Banks, at this time, cannot be told; but as so many banks have failed in this District, the probability is near one half. The item of the suspended debt can yield nothing at this time, and, in all probability, never will yield any thing. The item of real estate cannot now be converted into money, scarcely at any price, in the embarrassed state of the times; but when we take into consideration the facts which have been stated to this House in memorials from the Corporation, that the Corporation owes a debt, in Europe in part, and at home in part, of upwards of one million eight hundred thousand dollars, the city tax to meet the interest of that debt, and the other current expenses of the year, is equal to three per cent, upon the cash selling price of real property, as I have been informed, there can be no doubt that no calculations can be make on that item, The item of stocks of various kinds deserves a minute investigation. That would, at first appearance, seem to be available means, until we inquire and ascertain what kind of stock it is. To do that, I will refer to a report made to Senate, as to its situation, on the 9th of December, 1833, which is as follo WS: Statement of the Bank of the Metropolis, Washington, 9th Dec. 1833.