banks of New York (multiple)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: January 1, 1814*
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 1fc3eae4

Response Measures

None

Description

Article discusses broad historical suspensions of specie payments by multiple New York banks: the 1814 suspension (after the British capture of Washington) and the general suspension beginning May 10, 1837. Both suspensions were eventually followed by resumptions years later (1817–1818 resumption after 1814 event; attempted resumption 1839 and universal resumption 1843–44 after 1837 event). Because the article refers to multiple banks rather than a single institution, bank_name is plural and marked unsure. Causes classified as macroeconomic/war-related and macroeconomic/commercial panic.

Events (2)

1. January 1, 1814* Suspension

Cause: Macro News
Cause Details: Suspension of specie payments occurred immediately after the capture of the city of Washington by the British (War of 1812-related shock).
Newspaper Excerpt: The banks of New York and all south and west suspended, and did not resume for three or four years.
Source: newspapers

2. May 10, 1837 Suspension

Cause: Macro News
Cause Details: The 1837 suspension was preceded by widespread commercial distress and many firm failures in spring 1837, producing a general banking suspension and later resumption attempts (1839) and universal resumption by 1843-44.
Newspaper Excerpt: The suspension in New York in 1837, began at New York, May 10th...
Source: newspapers

Newspaper Articles (1)

1. November 26, 1857 White Cloud Kansas Chief White Cloud, KS

Article from White Cloud Kansas Chief, November 26, 1857

Click image to open full size in new tab

Article Text

# FORMER BANK SUSPENSIONS.-The first suspensions of specie payments by banks, occurred in 1814, immediately after the capture of the city of Washington by the British. The banks of New York and all south and west suspended, and did not resume for three or four years. The general suspension in 1837, began at New York, May 10th, and the next day the banks of Boston, Philadelphia and Baltimore followed. The banks of Cincinnati suspended on the 17th. A general resumption of specie payments was attempted in 1839, but a large proportion of the banks did not succeed in the operation, and a universal resumption was not effected until 1843 and 1844. The suspension in New York in 1837, was preceded by a period of unprecedented commercial distress. Three hundred heavy firms failed there that spring with liabilities estimated at $40,000,000, and it was said that 2,000 men dependent on their daily labor for their support, were thrown out of employment. The pressure was equally severe in other places; one hundred and sixty-eight firms failed in Boston, during the six months preceding the suspension. - St. Louis Democrat,