banks of New York City (collective)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: May 12, 1837
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 97326727

Response Measures

None

Description

Article (May 12, 1837) discusses the collective suspension of specie payments by New York banks during the Panic of 1837. It describes a systemic suspension rather than a discrete depositor run on a single institution; historically these suspensions were temporary, so I classify as suspension_reopening. No specific bank reopening date is given in the article.

Events (1)

1. May 12, 1837 Suspension

Cause: Macro News
Cause Details: Collective suspension of specie payments by New York banks during the broader Panic of 1837; systemic loss of confidence in banknotes and specie redemption across the banking system.
Newspaper Excerpt: the suspension of specie payments in peace, is not like a suspension in war.
Source: newspapers

Newspaper Articles (1)

1. May 12, 1837 The Herald New York, NY

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Article Text

is idle for James G. King, or all the little Kings and Queens of Wal! street, to attempt to restore public confidence, to preserve order, or to keep the social edifice intact, unless the great mass of the community, who hold bills of the banks, shall have confidence restored to them by an instant restoration of specie payments. Merchants, brokers, and large speculators, may, indeed, have confidence in the ultimatesolvency of the broken banks. But who can impress the same confidence in the great mass of the people who have been cheated and deluded? Have not the same men, in public meeting, in the newspapers, every where, been for years preaching up the solvency of the banks ? Did not the corrupt Wall street papers and politicians say, the day before the stoppage of the banks, that they were perfectly safe? Can they expect men to believe them ? No No! No! They are impudent, convicted, brazen liars, all of them. We must have a new organization of men, money and materials. The old charlatans must be driven from society. Wall street must be shut up, closd up, and knocked up. Let us have the instant organization of one great public, solvent, Specie-Paying Bank, conducted by individuals that the people will have confidence in. The whole arrangement can be made by the Legislature in three days. There is specie enough in New York to construct such an institution, and to restore peace and calmness to the great city of New York. To legalise the present act of the banks, is a breach of the first principles of society, and will lead to the destruction, not only of New York but of the Union. Men's minds are mad. The suspension of specie payments in peace, is not like a suspension in war. We are OR the verge of revolution unless this be done. Let the stockholders of our banks, and all the private depositors meet, and all those who have specie now in their possession. The plan we have rudely indicated can be completed in oneday-sent to Alba ny the next-and passed the third. Let the legislature refuse it if they dare. All the present race of banks and bankers must be swept out of existence.They have no right to talk, or to interfere in the matter. All other monied institutions throughout the country will also be organized on this plan. No legalization of paper money is worth a straw. It is dignifying fraud and imposture with the raiment of virtue and honesty-it is covering a prostitute with the benedictions only due to female modesty and lovely female virtue. It is revolting to the great mass of the people. is political and social damnation on the electro-magnétie principle. Let this new bank be called the REVOLUTION BANK OF 1837-ALWAYS PAYABLE IN GOLD AND SILV.R. It will become at once the great element and specie payments and commercial orthe der whole country. Mr. Biddle and his bar weak and foolish as the Safety Fund. In one week, the stockholders, depositors, and private individuals can create this institution on a capital of thirty millions, and specie deposites of nearly fire millions. I can myself place specie in its vaults every day, so as to help the cause of public faith and in tegrity along. The baseless paper fabrics now around us will never do. All the banks of this city have been more or less mismanaged. To legalize their existence, or to continue their power to issue paper currency, would be a terrible continuation of the great fraud and greater juggle which gave them existence. must begin afresh. We must have at once, one, and only one, honest, correct specie paying bank, and thus avoid revolation and bloodshed. We demand the Wall street blockheads to think of this, and to oppose it, if they dare. Vtal