banks of New York City (collective)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: November 25, 1857
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 6536aedc

Response Measures

None

Description

Article (1857-11-25) refers collectively to the banks of New York City being 'under suspension.' No specific run or receivership is mentioned. The piece questions why they do not resume specie payments, implying a suspension likely related to the wider 1857 financial disturbance (systemic). Because no closure or receiver is described, I classify as a suspension with implied later resumption (suspension_reopening). 'Bank name' is collective, so marked unsure.

Events (1)

1. November 25, 1857 Suspension

Cause: Macro News
Cause Details: Article implies banks are suspended in the context of the wider 1857 financial disturbance; suspension appears systemic rather than due to one bank's failure.
Newspaper Excerpt: so long as the banks are under suspension, it is not supposed that depositors place coin with them to be paid in currency
Source: newspapers

Newspaper Articles (1)

1. November 25, 1857 New Orleans Daily Crescent New Orleans, LA

Article from New Orleans Daily Crescent, November 25, 1857

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Article Text

The increase in specie may be considered as nominal, because so long as the banks are under suspension, it is not supposed that depositors place coin with them to be paid in currency, consequently the specie basis is mostly composed of special deposits. It is presumed the banks of New York now actually own only about one-half of the coin represented to be in their vaults. If the specie in the vaults of the New York banks amount to over $19,000,000, why, in the name of common sense, do they not resume specie payments. BANKS OF THE CITY OF NEW YORK.