banks in New York - New York, NY

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: October 27, 1894
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 5800495e

Response Measures

None

Description

Article discusses a general suspension of specie payments by New York banks (collective/unspecified banks). No specific bank is named, and no run is described. The tone attributes the action to a broader panic; likely a temporary suspension (specie payment suspension) rather than permanent closure, so classified as suspension_reopening.

Events (1)

1. October 27, 1894 Suspension

Cause: Macro News
Cause Details: Article describes a nationwide/business panic (attributed to administration and bankers) causing New York banks to suspend specie payments collectively.
Newspaper Excerpt: All the banks in New York suspended specie payments without closing their doors
Source: newspapers

Newspaper Articles (1)

1. October 27, 1894 The Wichita Daily Eagle Wichita, KS

Article from The Wichita Daily Eagle, October 27, 1894

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Article Text

# THE PERFIDY OF IT. President Cleveland no doubt begins to realize that the Democratic party is not falling on his neck with that unanimity that sometimes characterizes the loving subjects of great rulers. Disaffection and denunciations are voiced on the street, in the forum and in the press of his own party. As good Democratic authority as the Cincinnat Enquirer handles his administration in this truthful, though to him cruel manner. Referring to the party's losses in some of the late elections it says: "The Democratic losses were not caused by any feeling antagonistic to Democracy, but by the betrayal of Democracy by this professedly Democratic administration. The business of the country has been depressed by a panic carefully planned and organized by Mr. Cleveland and a few bankers in New York City; a panic manufactured, as Mr. Cleveland himself confessed, for the purpose of administering "an object lesson to the American people—to teach them better than to interfere with the financial schemes of the gold contractionists. The country has not yet recovered from the effects of that atrocious conspiracy against the public welfare." Touching tariff legislation, it further says: "He told them that the sword of tariff revision should dangle above their heads, liable to fail at any time, until he had dragged the country through a panic, and until the banks of New York could pinch the business men throughout the country by an unnecessary refusal of accommodation loans, and thus whip them into joining in a raid upon congress for the repeal of the only remaining law pretending to favor the coinage of silver. All the banks in New York suspended specie payments without closing their doors, arrogantly explaining their refusal to pay the checks of their depositors by loftily assuming a guardianship over them and telling them that they were not fit to be trusted with their own money. Never during the four years of civil war was the credit of the country, or of corporations or individuals so strained and menaced as during the first eight months of the present administration of Mr. Cleveland. The American people have lost more money by the shrinkage of values in property since the second inauguration of Mr. Cleveland than was expended for the suppression of the rebellion.