18105. Bank of Nashville (Nashville, TN)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
September 28, 1857
Location
Nashville, Tennessee (36.166, -86.784)

Metadata

Model
gpt-5-mini
Short Digest
beaac596d3989b45

Response Measures

None

Description

Newspaper accounts (dated Sept 28–Oct 1857) report a run precipitated by prejudicial and unfounded reports that caused heavy withdrawals and a demand for coin; the Bank of Nashville suspended specie payments on Sept 28, 1857 and is repeatedly said to have made an assignment or failed. Although some dispatches speculate about resumption, multiple reports state an assignment/failure, so the most consistent classification is a run leading to suspension and closure/assignment.

Events (3)
1. September 28, 1857 Other
Newspaper Excerpt
The Bank of Nashville ... has failed and made an assignment / made an assignment of its effects (reported in multiple dispatches).
Source
newspapers
2. September 28, 1857 Run
Cause
Rumor Or Misinformation
Cause Details
Prejudicial and unfounded reports about the bank's solvency caused large withdrawals and heavy demand for coin.
Measures
Suspended specie payments (see suspension event).
Newspaper Excerpt
In consequence of prejudicial and unfounded reports relative to the solvency of this Bank, causing a large number of depositors to withdraw their funds, besides a heavy demand for coin, we have been forced to suspend payments for the present.
Source
newspapers
3. September 28, 1857 Suspension
Cause
Rumor Or Misinformation
Cause Details
Suspension of specie payments attributed to heavy withdrawals and coin demands driven by unfounded reports; newspapers also report the bank made an assignment.
Newspaper Excerpt
The Bank of Nashville suspended specie payment this morning.
Source
newspapers

Newspaper Articles (20)
1. September 29, 1857 The New York Herald New York, NY
Article from The New York Herald, September 29, 1857

Click image to open full size in new tab

Article Text

AFFAIRS IN THE WEST. CINCUMNATI, Sept. 28, 1857. The excitement here, in consequence of the unfavorable advices from the East, paralyzes business. Exchange on New York is quoted at par, but only small amounts can be purchased as this rate. The paper of an iron house and of a shoe ani leather house, both of this city, were protested today. J. B. Holmes, a large manufacturer, has made an assignment. Sr. Louis, Sept. 28, 1857. The banking houses of Darley & Barksdale and John J. Anderson & Oe. suspended temporarily this morning. NASHVILLE, Tenn., Sept. 28 1857. The Bank of Nashville suspended specie payment this morning. The merchants held a meeting and recommended the Union Bank, the Planters' Bank and the State Bank to suspend also, but they refused to do so. Several of the free banks were thrown out to-day. Confidence is felt that the Bank of Nashville will be able to pay all demands upon 12, and have a large surplus be sides.

2. September 29, 1857 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, September 29, 1857

Click image to open full size in new tab

Article Text

Nashville, by its last semi-annual report in July last, showed that it was doing a business of upwards of eight hundred thousand dollars, on a paid in stock capital of one hundred thousand dollars, it exhibited assets amply sufficient to meet its liabilities, including one hundred thousand dollars of undivided profits, accruing within the previous six months. If this statement were truthful-and we have no reason to doubt it, as it was made under the oath of the Cashier-we cannot weil see how it could, so soon, have passed into a hopeless state of insolvency. Its deposites, at the same date, however, from individuals, amounted to a little more than four hundred and twenty thousand dollars, more than half its entire liabilities. While this fact shows in what repute the bank stood, it also shows, how easy it could be overslanghed, by a simultaneous run on the part of the depositors. And this might be done, while the bank maintained its gen eral solvency. We presume, if the condition of the bank, was not rapidly and unaccountably changed, between the first of July and its suspension, yesterday morning, this is the true explanation of its difficulties. If this is true, and indeed whatever may be the true explanation, we think the officers of the bank owe it to the public to make an exhibit of its affairs, at the earliest practicable moment, in order that the community, both at home and abroad may be relieved of the anxiety and suspense, which the event naturally engenders. As a matter of course, the sufferers, if there are any by this failure, will be the depositors. The note-holders of the bank, will doubtless be secure, by the indemnity, in the shape of Bonds, deposited with the State Comptroller-and we should say there was no reason or necessity for the note-holder's submitting to any great sacrifice. For them, the Comptroller stands in the place of a Trustee, and is bound by law, to dispose of the bonds for their benefit. But the suspension of the Bank ef Nashville, whatever may be its condition, will not affect only its creditors. We very much fear that it will prove the inception of a panic which it will be difficult for our staunchest banks to withstand, and which will seriously involve the business of the whole State. The immediate effect in this city, has been to discredit most of the banks of the State. The Bank of Tennessee, yesterday, threw out the notes of all banks not redeemable directly or by agencies, in this city; and we learn that pretty much the same course was pursued by the Union and Planter's Banks. The circulation here, will of necessity, be reduced to currency bankable here. And if the panic extends to the verge thus indicated, and discredit, or even suspicion, is thrown upon all other banks, the consequence may prove truly disastrous. There appears to us but one remedy, and that is for the people to sustain their currency. We are persuaded that all the noteholders of the free banks are secure; and if the depositors will but allow them time to col lect their assets, all will probably be well. And so it may be with many of the stock banks. Money is, undoubtedly, as plenty in the city and State to-day as it was any day last week, and if the proper course is pursued, and the wild and too often fatal spirit of fear and distrust, be repressed, we believe there is as little real cause of alarm, as there has been at any time heretofore. We learn that a meeting of the Merchants of Nashville, was called yesterday, and that they recommended, to all the banks in the city to suspend specie payments, for the time being. We we are not just now prepared, nor have we the time, to speak of the propriety or policy of such a course, at the present moment. We should certainly hope there was no occasion for fear and distrust so general as this would indicate. BANK OF Nashville, Sept. 28, 1857. In consequence of prejudicial and unfounded reports relative to the solvency of this Bank, causing a large number of depositors to withdraw their funds, besides a heavy demand for coin, we have been forced to suspend payments for the present. We beg of our friends to take DO action in the matter for a few days until we have had time for reflection as to the besicourse to be pursued. Our assets are ample to pay all liabilities, and they shall be faithfully applied. N. HOBSON, President 33 W. WHELESS, Cashier. To place Creditors of the Bank of Nashville be-

3. September 30, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, September 30, 1857

Click image to open full size in new tab

Article Text

PRICE ONE CENT. eboral discount have had to be endured. As thing, the banks are evidencing a CO1 nmend le degree of unanimity in endeavoring to mitigate the adverse influence of the suspension. Nearly, if not all the banks paid out specie yesterday in small sums, when the wants of the applica nt were known to be urgent and made in good faith. SUBTENSIONS AT ST. LOUIS. Dailey & Barksdale and J. J. Anderson & Co., of St. Louis, suspended Monday morning. Both firms are extensive bankers. Mr. Anderson is also owner of the Bank of St. Louis, recently estriblished under the new banking law. He is understood also to have been principal owner of the Rhode Island Central Bank, recer tly failed. These failures produced a great flutte. ing, having been totally unexpected. There is much excitement also in the city and state of Missouri, in consequence of the bank suspensions at Phila lelphia and Baltimore. FAILURE OF A TENNESSE E BANK-EXCITEMENT AT LOUISVILLE. Intelligence has re ached Louisville, Kentucky, that the Bank of Nashville has failed, and made an assignment. The brokers of Louis ville now refuse all issues of the Tennessee Banks. There is great excitement in financial circles in consequence of the recent developments, and the curre ncy market is in a state of utter confusion. The notes of the old State banks of Missouri command a premium here of one per cent. SUSPENSION OF THE RHODE ISLAND BANKS. It is learned that all the Rhode Island banks have suspended specie payments. PROVIDENCE, Sept. 28.-The following are the names of the banks of this city which suspended to-day: The Arcade, American, Atlantic, Bank of America, Bank of Commerce, Atlas Bank, Bank of North America, Bank of the Republic, Blackstone Canal Bank, Butchers' and Drovers' Bank, City Bank, Commercial, Continental, Eagle, Exchange, Globe, High Street, Jackson, Liberty, Lime Rock, Marine, Manufacturers', Mechanics', Mechanics' and Manufacturers', Mercantile, Merchants', Mount Vernon, National, Northern, Pawtucket, Phenix, Providence, Roger Williams, Traders', Union, Westminister and What Cheer and Weybosset Banks. All the other banks in the State are reported as having followed the example and suspended. Their liabilities to the public are not over a quarter of their capital.

4. September 30, 1857 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, September 30, 1857

Click image to open full size in new tab

Article Text

The Notwithstanding, the publication of telegraphic despatches yesterday morning, to effect that the monetary pressure is becoming more and more general throughout country, and the startling suspension the Bank of Nashville the day before, excitement during the day yesterday very much allayed. A pretty severe was made on several of the city banks Monday, which was met without any ndication of weakness or failure, and had decided effect in restoring public confilence. Yesterday the change was quite nanifest, and the pressure exhibited but outward signs of its presence. The recommendation of a meeting of a portion of the merchants, for a temporary suspension specie payments by the old banks of the was not pursued. And although the recommendation doubtless sprang from a desire to subserve the public interest and promote the general welfare, we think the course of the banks is a most judicious and proper one. If the banks of Nashville had suspended simultaneously, all others throughout the State, would probably have pursued the same course, and the confusion and dismay consequent upon such a step would have been incalculable. Uncertainwould have clouded the entire moneyed interests of the State, and all the banks, good and bad, placed upon an equalitydiscredited at home and friendless abroad. This would have necessarily produced almost a total suspension of business, the disastrous effects of which, even for a few days, cannot easily be imagined. This course on the part of our old banks-their determination to meet the crisis, and defy whatever of violence the storm may assume-is a clear indication, to our mind, that they know their strength, and will stand up to their engagements, as long as there is a dollar in their vaults. If this is their determination, and if this shall be course, they will not only exhibit an nonorable spectacle of moral honesty and eroism, but show that a rigidly honest and udicious system of banking is not incomatible with the public interests. We are to see this manifestation of unyielding irmness, as we believe it will have a most happy effect in restoring general confidence quiet. This is indeed, already evident this city, and we trust its wholesome inluence may extend over the country. Whatever may be the real cause of the general pressure, which pervades the counry-whether it is attributable to extravaand excessive importations, which is loubtless very far true, or other causesthe question of the present moment, is the emedy. We have not noticed any recent unusually heavy exportations of specie, account for the crisis at this particular and we are bound to believe that mois as plenty now as at any time within few months past. Its channels have been greatly disturbed this disturbance has oroduced uncertainty, and this uncertainty forced the moneyed institutions to look each for itself, and to take such preautionary steps, erect such defences by an ccumulation of specie, the basis of credit, will enable then to resist all assaults. 'here only needs a restoration of public to remove this uncertainty, to break these fortresses which have been rected by public clamor, and money will resume its accustomed circulation, its way into the hands of trusting and rustworthy business men, and so diffuse throughout the community. In adto these'considerations, and granting there is an absolute deficiency of capin the country to answer the present emands of commerce, the resources of the are such as will speedily supply the eficiency. Our great exporting season is in its commencement, while our imseason is near its close. The cotand breadstuffs, which are to supply demand of the old world for the next and which the old world is compelled have, is just now beginning to go for" in any considerable quantities. If has been an ebb, this will produce a rresponding flow, and restore the harequilibrium, which is as natural necessary in the domain of commerce, the tides are to the purity and permaof old ocean. superficial glance at the present mon80 condition of the country, with banks spending, and firms breaking and falling Savannah to Boston, and from St. to New York, would indicate that P United States had failed, and that the country was on the verge of bankq Nothing can be farther from the pr There is every reason to believe su the country is absolutely richer to-day T it has ever been before, and we canbelieve, from any evidence now before July but that its resources and its recuperacr energies are amply sufficient for a Of of such crises as the present. wi have made these remarks, because is, in believe they present a just and correct 21 of affairs, as far as they go, and m tend to re-assure the community, to the unreasoning spirit of fear, engthen the banks and promote the pub-

5. September 30, 1857 Smyrna Times Smyrna, DE
Article from Smyrna Times, September 30, 1857

Click image to open full size in new tab

Article Text

THE MONEY Chisis-Latest News.-The latest accounts represent no improvement] in monetary affairs. In Piniladelphia money is selling at from 5 to 10 per cent discount.-Business of all kinds, distressingly dull. New Jersey money IS at tive per cent discount. Ii IS rumored that several New Jersey banks, owned in Philadelphia, have failed All the Banks in Rhode Island have suspended. A heavy run has been made on the Savings Banks in all the cities. The Herald says the money market in New York is in a perfect chaos. Money bring. any value holders have a mind to put upon it. A despatch tro 11 Cincinnatti says the advices from the East paralizes business. The Banks at Baltimore and Washington have suspended payment There is but little excitement south of these cities. The Bank of Nashville, (Ten.) has failed.The Brokers refuse the notes on all the banks in the State. Governor Pollock has issued a Proclamation calling an Extra Session of the Legislature to meet at Harrisburg, on Monday, the 6th of October. The Banks of Delaware, Maryland. and Pennsylvania, have all suspended payment. The New York, Boston, and New England Banks generally, had not suspended.

6. September 30, 1857 Nashville Union and American Nashville, TN
Article from Nashville Union and American, September 30, 1857

Click image to open full size in new tab

Article Text

NASHVILLE. WEDNESDAY MORNING, ::: SEPT. 30, 1857. THE PRESSURE. "Those who have money are birdah utit. And those who have none, are troubled withoutit." We do not mean to pretend to a knowledge upon the subject of the present pressure that we do not possess. We do not understand the matter. We have talked with numbers of the best informed Bank officers of the City, and scarcely any two of them give the same solution of the matter. One thing is certain. We are in the midst of great stringency in money matters here in Nashville, amounting almost to a panic, and this at atime of most unexampled prosperity in all the material interests of the people of the State. The people, we repeat are solvent, thoroughly so. But notwithstanding this, the holder of & note of any Bank except the City Free Banks, or the old stock Banks, would have found himself sorely puzzled this morning to buy a beef steak or a mess of peas in market. We meet men with their hands full of "money"-genuine bills countersigned by the Comptroller and secured by depositing bonds of the State in his office-who cannot pay the quarter's rent with them at any rate.These are facts, curious to be sure, nevertheless stubborn facts. We repeat we know not why such things should be, but they are. Since we know no cause for the beginning of the pressure, we cannot of course give an intelligent opinion as to the probable period of its duration.We do not desire, nor intend to add to the excitement already prevailing. At the same time, we consider it a duty we owe to the public, to note such e events of interest in regard to the present financial depression, as may come to our knowledge. o To the list of Banks whose bills were rejected at the counter of the Bank of Tennessee, published yesterday, we have to add the BANK OF TAZEWELL I and BANK OF TRENTON. The promised expose of the affairs of the BANK OF I NASHVILLE is looked for with great anxiety. We do not believe that the note holders of the Free Banks, would ultimately lose much by their suspension, were the notes in the hands of persons who a t were able to retain them in possession till the affairs of the Bank could be wound up as the law directs. e The issues however are scattered extensively through o the community and many of them in small sums are to in the hands of poor and illiterate people that are unable or unwilling to hold on to them who will thus ( become the prey to the sharps and harpies always I lying in wait for any catastrophe of the kind. The failure of a Bank is always a public calamity, but 1 that calamity is greatly increased, when the Bank t has so deep a hold upon the public confidence as the BANK OF NASHVILLE had. We shall gladly learn c that this confidence was not altogether misplaced. T

7. September 30, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, September 30, 1857

Click image to open full size in new tab

Article Text

Also, the following by Edward H Ludlow Co. 97 4.400 New-York City Peent Bonds payable 142 60 shares Bowing Fire Insurance Co. Fire Insurance *barea Powery shares Bowery Fire Inearsuse Co. shares Bowerv Fire Insurance shares chanies' and Traders' Bank have chances and Traders' Bank 1001 shares Atna Fire Insurance 101 180 shares Relief Fire Insurance Co 16 shares Union Coal and Iron Co., 84 shere Bank of Commerce..... 109) 20 shares Excellion Fire Insurance Co The advices from the East continue to be encour. aging. The suspension at present appears to have stopped with the Rhode Island Banks. The Suffolk Bank at Boston telegraphs that New England and Boston stand firm. The Banks of Boston, we hear by private letters, intend to expand their loans to the extent of three millions. A private dispatch from Louisville states that Kentucky will pay as long as New-York does. Matter are becoming more quiet in Philadelphia, and business is going on 88 usual. In Wall street there is but little charge. Most of the dealers in domestic Exchange are doing nothing. The bills of the Honeadale Bank of Penneylvania are still redeemed by Messrs. Carpenter & Vermilye of this city. The new Directors of the Michigan Southern road W ill meet on Thursday and organize. Dispatches received last evening announce the suspension of J. B. Holmes, a large manufacturer of Cincinnati, and of Derley & Barkedale, and John J. Anderson & Co., of St. Louis. The Shoe and Leather Bank has declared a semiannual dividend of 4 e cent, payable October 13. The Chemical Bark has declared a semi-annual dividend of 6 P cent. The Directors of the Rock Island Railroad have a meeting to morrow. The assignees of the Ohio Life and Trust Company are Charles Stetson, John C. Wright, Samuel Fosdick, Samuel J. Broadwell, Abraham M. Taylor, George Crawford and Clement Dietrich. With one exception they have been taken from the Board of Trustees, and in fact the assets of the company will be in the same bar as before. The Philadelphia Banks have decided upon the foilowing measures: 1. A suspension of specie payments on all notes, large and small. 2. The prompt issue of their own notes of the smaller denominations, for checks and all other obligations against them. 3. increase of discount to their customers, with the object or affording immediate relief. The Bank of Pennsylvania goes on with the rest, and ail are issuing their bills again. by arrangement with the Governor. Great demand existed for NewYork funds, and the rate was advancing. An issue of small notes by the Banks is E so spoken of in some of the papers. ID Louisville the suspension and assignment of the Bark of Nashville created great excitement. The brokers at once refused all the issues of the Tennessee Banks The Cincinnati Commercial says that the business of the Ohio and Mississippi Railroad was very large in August, much exceeding that of any previous month since the opening of the road. The freight and passenger business of the Pennsylvania Railroad, and also that of the Pittsburgh, Fort Wayne and Chicago Railroad, is reported very active by the Pitteburgh papers. On Thursday last one train of cars, double floor. loaded with sheep, was dispatched from Philadelphia. Other live stock also go liberally forward. The State Bank at New-Brunswick have decided to increase their capital stock by the payment of an installment of .25 t cent thereon, We learn from S.U official source the following particulars of the liabilities and assets of the Soath County Bank: 159,220 Total circulation outstanding $3,800 In the hands of the Merchants' Bank of Providence $ $115,420 In the hands of the public 157,000 Due from Rhode Islanc debtors of which about * 100,000 from John Thompson, late Presi dent of the Bank, for his own account. and by indorsements for Hallett et al, for which indorsements Mr. Thompson holds stocks pledged to him security for nearly of quite three to one The balance of from $50,000 to $60,000 iN ungnestion ably good. The other debts are due from Western men. and the Bank holds mortgages upon real estate, it is believed, amply securing $57,000. The bank also holds the following stocks as collateloans: for ral, $ $10,000 Mortgage Bond Beloit and Madison R R 16,000 First Mtge. Bonds Racine and Mississippi R. 5,000 Farm Mtge Bonds Racine and Mississippi R. 3,125 First Mtze. Bds Chicago, St. Paul and Fondulac R. R 25,100 Stock Raci ine and Mississippi R. 11,000 Iowa Land Company 2,000 Illinois and Michigan Canal Tow path Co 1,400 Reloit and Madison R. R 1,000 Fox River Valley R. R $75,225 Total There being DO amount of deposits, the circulation is the only indebtedness with which the public are concerned. That the property is far more than sufficient for the redemption of the bills. the receiver has no leubt. That the stockholders, among whom are some of the wealt! jest men in Washington County may lote somethi in the depreciation of their stock, is quite probable; but that the public need fear no apprehension of loss other than delay, is quite certain We may add in relation to the affairs of this Bank, that is the common understanding among those best qualified to judge, that had Mr. Thompson, its President, beer willing to make such sacrifices as the times and his own obligations demanded, and such as he was most abundantly able to make, the Bank need not have Providence Post. gone into fliquidation. From The Providence Journal Sept 29. The banks of this city have resolved to suspend specie payments. A meeting of the representatives of the banks was held yesterday. William Sheldon, President of the Eagle Bank, was elected Chairman and Jabez C. Kright, President of the Roger Williams Bank Secretary. Thirty -three of the thirty nine banks were represented. The absentees were the Providence, Merchants', Bank of Commerce Union. What Cheer, and Lime Rock. After some discussion, an informal ballot was taken, and resulted 21 for suspension, 9 against saspension, 1 divided, and 1 not voting for want of instructions. A vote was then passed without a count: That this meeting recommend " the various banks of this city to suspend specie payments for the present. Shubael Hutchins of the American Bank, Elishs Harris of the Bank of North America and Jabez C. Knight of the Roger Williams Bank were appointed & Committee to tix upon a plan for the regulation of the exchanges among the Banks. The Chairman and Secretary were authorized to call another meeting, if in their judgment it should be necessary. This important measure has not been resolved upon without & well-considered opinion of its overruling ne. cessity. It may be the result of an incorrect system of backing, but it is the system upon which all our business has been concluded, and to which all our business adapted. No banks in the country present a more favorable proportion of means to their small

8. October 1, 1857 Nashville Union and American Nashville, TN
Article from Nashville Union and American, October 1, 1857

Click image to open full size in new tab

Article Text

THE BANKS. NORTHERN BANK OF TENNESSEE.-This is one of the banks whose notes we noticed as being thrown out at the Bank of Tennessee, on Monday last. We are informed and requested to state, that this money has not been refused at any other bank. The Bank of Nashville was originally the agent of the North ern Bank at this place, and the officers of the State Bank not being aware of the change of agency, very properly refused to receive its notes af er the suspension of the Bank of Nashville. The Northern Bank is regarded as entirely reliable, and its notes are taken al par by all the banks. SUSPENSIC =It is currently reported in banking circles the Bank of Trenton and Exchange Bank (freet) and the Shelbyville Bank (stock,) have suspended. There is very little doubt of the truth of this peport. LAWRENCEBURG BANK.-The Cashier of this bank arrived in the city day before yesterday, as an noupoed.in the morning papers, but the "wagon loa of gold did not come. The notes are refused at the banks. -BANK OF NASHVILLE.-A statement of the condition of this bank will be found in our columns this morning To & man unacquainted with the mysteries of bank-craft, it looks as if there could be no doubt of the ability of that institution to discharge all its obligations and still leave a handsome surplus to the stockholders When we look at the disastrous consequences, not only to the bank and its customers and note-holders, but to the credit of the State and the entire banking interests of the oity, we are surprised that the other banks did not come forward, upon such a showing as the one we publish this morning, and furnish the means to sustain its credit" To us, wesay, it seems strange; but we are not initiated into the secrets of the craft, and our opinion is therefore worth abont as much as a bank-bill now-a-days, and that is just what it will pass for.

9. October 1, 1857 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, October 1, 1857

Click image to open full size in new tab

Article Text

NASHVILLE, October 1, 1857. AN EXTENSIVE Ros.-A gentleman, living in one of the mountain counties of Middle Tennessee, heard on Tuesday of the suspension of the Bank of Nashville, and fearing a general crash was at hand, jumped in the stage and came post haste to Nashville to make a draw on one of our Banks. He arrived here yesterday and immediately hastened to College street and demanded the specie on his pile. Our friend Shapard met the demand with his usual blond smile, willing to meet a hundred thousand more such, and paid over to the gentleman a silver doltar, the amount of his note, without the least concern, and sent nim away rejoicing!

10. October 2, 1857 Orleans Independent Standard Irasburg, Barton, VT
Article from Orleans Independent Standard, October 2, 1857

Click image to open full size in new tab

Article Text

LOUISVILLE, Sept. 28. Dispatches have just reached this city announcing that the Bank of Nashville has suspended specie payments, and made an assignment. Brokers now refuse all issues of Tennessee banks. There is great excitement in financial circles in consequence of recent developments, and currency market in the State is in utter confusion. Notes of the old State Bank, Missouri, command premium here of one per cent.

11. October 2, 1857 American Union Morgantown, WV
Article from American Union, October 2, 1857

Click image to open full size in new tab

Article Text

TENNESSEE BANK. Louisville, Sept. 28.-Intelligence has reached here that the Bank of Nashville has failed and made an assignment. Suspensions of the Banks of Nashville occurred about noon, and the brokers now refuse all issues of the Tennessee banks. There is great excitement in financial circles in consequence of the recent developements, and the currency market is in a state of utter confusion. The notes of the old State banks of Missouri command a premium here of one per cont.

12. October 3, 1857 Republican Vindicator Staunton, VA
Article from Republican Vindicator, October 3, 1857

Click image to open full size in new tab

Article Text

Suspension in Tennessee. LOUISVILLE, Ky., Sept 29.-The Bank of Nashville suspended on Monday last, and made an assignment of its effects. The notes of all Tennessee free Banks are refused in Nashville. Bank Suspension in North Carolina, NORFOLK, Sept. 29.-Intelligence received here reports the suspension of the Farmers' Bank of North Carolina, at Elizabeth City. The brokers are charging 50 per cent. discount.

13. October 7, 1857 Weekly Council Bluffs Bugle Council Bluffs, IA
Article from Weekly Council Bluffs Bugle, October 7, 1857

Click image to open full size in new tab

Article Text

Telegraphic News. PITTSBURG, Sept. 29th All banks except one have suspended, but will resume when eastern banks do BALTIMORE, Sept. 29.-No change in money matters-5s only redeemed. PROVIDENCE, Sept. 29.-The Banks have resolved to suspend specie payment, yet their liabilities are only 25 per cent. of their capital. PHILADELPHIA, Sept. 29.+The Governor has issued a proclamation for an extra session of the Legislature to subserve the financial and commercial interests of the State. Pennsylvania bank has resumed. NEW YORK, Sept. 29.-Owing to a decrease in loans, specie, deposits and eirculation & meeting* of bank Presidents took place and resolutions passed to extend discounts 3 per cent. the coming week, which will make in the aggregate over $3,000,000. St.Lóuis, Sept. 29.-Bogy, Miltenberger & Ga, bankers, closed doors this a. m., assets ample. Banks in general discounting liberally. Anderson & Co., and Darby & Barksdale will soon resame. Bank of Nashville, Tenn. (will resume) Farmers' Bank, Elisabeth City, N. C., (will resume.) Bank of Commerce, Greytown, D. C., (will resume.) Farmers' & Mechanics' Bank, Greytown, D. C., (will resume.) (The Burlington, Cumberland & Salem banks have all syspended specie payment.

14. October 8, 1857 Fayetteville Observer Fayetteville, TN
Article from Fayetteville Observer, October 8, 1857

Click image to open full size in new tab

Article Text

The Old Banks refuse to Suspend. It was understood generally on the streets yesterday that the Bank of Tennessee, Planters' Bank and Union Bank would refuse to suspend, though no formal reply to the address of the meeting of the merchants had been reported last evening. All the other Banks in the city were kept open through the day yesterday, and paid out all calls. The following Banks were thrown out at the counters of the old Banks yesterday. The ground upon which their notes were refused, was that they had no agencies in Nashville to take them up. Some of them are believed to be entirely solvent. Here is the list: Bank of Tazewell, at Tazewell. Bank of Claiborne, at Tazewell. Exchange Bank, Murfreesboro. Bank of Lawrenceburg. Bank of Jefferson, Dandridge. Bank of Nashville. Bank of Memphis. River Bank, Memphis. Northern Bank of Tennessee, Clarksville.

15. October 8, 1857 Kenosha Tribune & Telegraph Kenosha, WI
Article from Kenosha Tribune & Telegraph, October 8, 1857

Click image to open full size in new tab

Article Text

Financial and Commercial. Since our last issue there has been but little if any improvement in the money market, either here at the west or at the east. In all the eastern cities, failures, suspensions and assignments continue to occur, in commercial and manufaeturing circles. The N. Y. Tribune of Monday speaks of a slight improvement in money matters in that city, but it has hardly been felt out this way yet. Grain continues to come forward very sparingly, and it is now almost certain that farmers in this section will hold their great bulk of the crop until next spring, either in store or in their granaries; probably mostly the latter. There has been no improvement in prices during the week, and we have seen but few loads in the streets. That our readers may be posted in reference to currency matters, we publish our list of doubtful and broken banks of last week. with the addition of those which have since failed. Waupun Bank, Wisconsin. Bridgeport City Bank, Conn. Pawcatuck Bank, R. I. Hamilton, Exchange Bank, N. H. Bank of Old Saratoga, N. Y. Bank of Belville, III. Peninsular Bank, Detroit, Mich. Charter Oak Bank, Hartford, Conn. " Mercantile Bank, " Exchange Bank, Lee Bank, Mass. Bank of Watertown, N. Y. Western Bank, Springfield Mass. Farmer's & Mechanics,' Bank Detroit Mich. Ware Bank, Mass: Broken and Discredited Banks Bank of Commerce, D. C. Bank of Georgetown, D. C. Bank of Nashville, Tennesee. E. J. Tinkham & Co's Bank, Chicago, III. Exchange Bank, Omaha, Nebraska. 8 The Banks of Providence R. Island, and of Pittsburgh, have suspended specie payments. BROKEN OR DISCREDITED BANKS. Bank of Norwalk, Ohio. Bank of Orleans N. Y. Bank of Tecumseh, Mich. Cecil Bank, Md. Danby Bank, Conn. Hagerstown Bank, Md. Niagara River Bank. NY. Bank of Hallowell, Me. Bergen County Bank, J. Warwick Bank, R. I. Sacket's Harbor Bank,1 Y. Honesdale Bank, Penn. Bank of West Tenn. Wooster Bank, Conn. Ontario County Bank, NY. Shelbyville Bank, Tenn. Warren Co. Bank, Penn. Tiverto n Bank, RI. Bank of Middletown, Penn. Niagara Co. Bank NY. Bank ofKanawha, Va. Hugenot Bk, New Palz. Bank of Elgin, III. Sandford Bank Maine. Hancock Bank. Maine. Medina Bank, N Y. Farmer's Bank, Rhode Island. Farmers and Drovers Bank, Waynesburg, Penn. Oilver Lee a Co's Bank, Buffalo, N Y. Reciprocity Bank, Buffalo, NY. Bank of North America, Seymour, Conn. Hollister Bank Buffalo, NY. Mechanics' Banking Association, N.Y. Bank of Kanawha, Virginia. Cumberland Saving Bank, Md. Bank of South County, RI. Bank of New Jersey, New Brunswick. Bank of Lima, New York. Bank of the Capitol, Indianapolis. Monsum River Bank, Maine. Ft. Plain Bank, New York. Farmers' Bank, Saratoga Co. NY. Fontenelle Bank, Nebraska. Rock River Bank, Wisconsin. Farmers Bank, Hudson, Wisconsin. Colechester bank, NY. Miami Valley Bank, Ohio, Western Bank, Lockport NY. Yates County Bank, NY. Bank of Hartford County, Conn. Bank of Canandaigua, NY. Fox River Bank, Wisconsin. Gerard Bank, Philadelphia. Bank of Pennsylvania, Philadelphia. Badger State Bank, Wis, Peoples' Bank, Milwaukee, Wis. Union bank Frenchtown, N. J. Hopkinton Bank, Conn. Chemung County Bank, New York.

16. October 9, 1857 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, October 9, 1857

Click image to open full size in new tab

Article Text

DISCREDITED BANKS. The following is a corrected list, to date, of recen SUSPENDED and DISCREDITED Banks: Arcade Bank, Providence, R I. America Bank, Trenton. N.J., Agricultural Bank, Tenn. Agricultural Bank, Herkimer, N. Y. Bergen County Bank N.J. Bank of Canandaigua, N. Y. do Naperville, III. do Believille, de do Nashville, Tennessee. do Springfield, Ohio. do Tecumsch, Michigan. do Orleans, N.Y. do New Jersey, New Brunswick, N.J. do Kent, R.I. do Hallowell, Me. do America, Tenn. do West Ternessee, Tenn. do Paris, Tenn. do Corning. N.Y. do the South County, R. I. do North America, Connecticut. do Kanawha. V Tirginia. do Eigin, III., S. S., small circulation. do the Capitol, Indianapolis, Ind., S. S. do Middleton, Penn. do Watertown, N.Y. do Chester, III. do Eigin, do do Pike County, III. Central Bank, Indianapolis, Ind., S.S. Chemting County Bank, Horse Heads, N.Y., S. S. Clinton bank, Columbus, Ohio. City Bank, N.J. Cumberland Savings Institute, Md. Commercial Bank, Columbia, S. C. Citizens' Bank, Tenn. Corn Exchange Bank, Ill. Charter Oak Bank, Hartford, Conn. Colchester Bank, Conn. Dan Bank, Vt. Dayton Bank. Ohio. Dairy Bank, Newport, N.Y. Ellsworth Bank. Maine. Exeter Bank. N. H. Exchange Bank, Pittsburgh, Pa Exchange Bank. Hartford, Conn. Farmers' Bank of Saratoga Co., N. Y.,s.s Farmers' and Manufacturer's Bank, Poughkeepsie. Farmers' Bank, Wickford, R.I. Farmers & Mechanics' Bank, Kent county, Md. Farmers and Merchants Bank, Md. Fairfield County Bank, Nor. alk, Ct. Farmers & Mechanics' Bank, Detroit, Mich. Honesitate Bank, Pennsylvania. Hollister Bar k, Buffalo, N. Y., S. Hancock Bank, Maine. Hugenot Bank, N.Y. Hopkinton Bank, Westerly. R T. Hamilton Exchange Bank, Hamilton, N.Y. Island City Bank, N. Y. city. Jefferson County Bank. N. Y. Lee Bank, Massa husetts. Mechanics' Banking Association, N. Y., S.S. Mount Vernon Bank, Providence, R. I. Maratine Bank, Maine. Monson River Bank, Me. Macomb County Bank, Michigan. Mechanics' Banking Association, N. Y.city. Morgan Bank, Ga. Miami Valley Bank, Ohio. Medina Bank, Medina, N.Y. Munson Bank, Mass. Merchants & Manufacturers' Bank, Pittsburgh, Pa. Mercar tile Bank, Hartford, Conn. N.Y. Security Bank, N.Y. Nebraska m ney has been thrown out by St. Louis brokers, excepting the Bank of Florence. Niagara River Bank, Tonawanda, N. Y., reported failed, S.S. Ontario Bank, Utica, N.Y. Ohio Life Trust Company, don't issue notes. Oliver Lee & co. Bank, N. Y.-reported failed, S. S. Ocoee Bank, Tenn. Ontario County Bank, Phelps, N.Y. People's Bank, N. V. city. reported failed, S. S. Pawcatuck Bank, Pawcatuck, Ct. Port Plain Bank. N. Y.,s.s Recipr city Bank, Buffalo, N. Y., new bank, S. S. Rhode Island Central Bank, R.I. Sanford Bank, Me. Sackett's Harbor Bank, N.Y. South Royalton Bank, Vt. Seneca County Bank, Ohio. Southern Bank, Georgia. Stock Security Bank, Illinois. Tippecanoe Bank, Logansport, Ind. Tiverton Bank, Fall River, R.I. Union Bank, Frenchtown, N.J. Unadilla Bank, N.Y. Warwick Bank, R. I. Wonster Bank, Danbury, Conn. Warren County Bank, Penn. Yates County Bank, Penn Yan, N.Y. NOTE.-"S. 8." means securet by state stock. Most of these Banks will pay their circulation in full, and holders of their bills should not submit to a large discount on them.

17. October 10, 1857 The Winchester Home Journal Winchester, TN
Article from The Winchester Home Journal, October 10, 1857

Click image to open full size in new tab

Article Text

The Bank of Nashville, which has suspended, shows as Assets $386,230, while its Liabilities are $273,991surplus of means over debt $109,236. Its circulation is $114.500, protected by $129,000 of Tennessee State Bonds. We see no reason why its circulation should not soon be redeemed at par.

18. October 12, 1857 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, October 12, 1857

Click image to open full size in new tab

Article Text

DISCREDITED BANKS. The following IS a corrected list. todate, of recen SUSPENDED and DISCREDITED Banks: Arcade Bank, Providence, H I. America Bank, Trenton. N:J., Agricultural Bank, Tenn: Agricultural bar. K; herkiner, N. Y. Bergen County Bank N.J. Bank 01 Canandaigtta, N.Y. do Napervilie, Iii. do Beleville, de Nashville, Tennessee. do do Springfield, Ohio. do Toumseh, Michigan. do Orieans, N.Y. do New Jersey, New Brunswick, N.J. do Kent, R.I. do Halloweit, Me. do America, Tenn. do West Ternessee, Tenn. do Paris, Tenn. do Corning. N.Y. do the South County, R.I. North America, Connecticut. do do Kanawha. Virginia. do Elgin, III., S. S., small circulation. do the Capitol, Indianapolis, Indes. S. do Middleton, Penn. do Watertown, N.Y. des Chester, Li. do Eigin, do do Pike County, Ill. Central Bank, Indianapolis, Ind.,,s. Chemung County Bank, Horse Heads, N.Y.,s.s. Clinton Bank, Columbus, Ohio. Cty Bank, N.J. Cum erland Savings Institute, Md. Commercial Bank, Columbia, S. C. Citizens' Bank, Tenn. Corn Exclusive Bank, III. Charter Oak Bank, Hartford, Conn. Colchester Bank, Com. Danly Bank, Vt. Davton Bank. Ohio. Dairyman's Bank, Newport, N.Y. Ellsworth Bank. Maine. Exeter Bank. N. H. Exchange Bank. Pittsburgh, Pa Exchange Bank. Hartford, Corn. Farmers' Bank of Saratoga Co., N. Y.,s.s Farmers' and Mmmufacturer's Bank, Poughkeepsie. Farmers' Bank, Wickfort, R.1. Farmers & Mechanics' Dabs ent county, Md. Farmers and Merchants' Bar Md. Eairfie County Bank, Nor alk, Ct. Farmers N Arechanics' Buk, Detroit, Mich. Honesdale Bank, Pennsylvania. Hollister Bai k, Buffalo, N. Y.,s.s. Harcock Bank, Maite. Hugenot Bank, N.Y. H pkinton Bank, Westerly. R T. Hamilton Exchange Hank, Hamilton, N.Y. Island is Bank. Yreity, Jefferson 1 anty Bar K. N.Y. Lee Bilik, Massa have ts: Mechanics' Banking Association, N. Y., Mount Verhon Bank, Providence, R. I. Maratine Bar K, Maine. Monson River Bank. Mark Madomb County Bank, Mehigane Mechanics' Banking Association; N. Treity, Morizan Bank, Ga. Miami Valley Bar K, Ohio. Medina Bank, Medina, N.Y. Munson Bank. Mass. M rehants & Manufacturers' Bank, Pittsburgh, Pa. Mercantile Bank. Hardford, Coub. N.Y. Security Bank, N. Y. Nebraska money has been thrown out by St. Louis brokers, excepting the Banks Florence: Niagara River Bank, Tonawanday N.Y., reported failed, S.S. Ontario Bank, Utica, N.Y. Ohio Life Trust Company, lon'tissue rotés: Oliver Lee & co. Bank, N. reported failed, S. S. Ocnee Bank: Tenn. Outario County Bank, Phelps, People's Bank, N.Y city. reported failed, S: S. Paweatuck Bank, Paweatuck. Ct. Port Plain Bank, N. Y..s.s Reciprecity Bank, Buffak, N. YL. frew bank, S. Rhode Island Central Bank, R:1: Sanford Bar K/Me. Sackett's Harber Banks N. South Royalton Bank, It. Seneer County Bank, Ohio. Southern Bank, Georgia. Stock Security Bank, Illinois. Tippecanoe Bank, Logansport, Ind. Tiverton Bank, Fall River, R.I. Union Bank, Frenchtown, N.J. Unadilla Bank, N.Y. Warwick Bank, R. I. Wonster Bank, Danbury, Conn. Warren County Bank, Penn. Yates County Bank, Penn Yan, N.Y. NOTE.-"S. S." means securet by state stock. Most of these Banks will pay their circulation in full, and holders of their bills should not submit to a large discount on them.

19. October 20, 1857 Arkansas True Democrat Little Rock, AR
Article from Arkansas True Democrat, October 20, 1857

Click image to open full size in new tab

Article Text

ommander or The most valuable life lost by the recent disaster is probably that of Lieut. Wm. Lewis Herndon, U. S.N., late commander of the ill. starred Central America. Lieut Herndon was a man of gifted intellect and resolute will.Modest and retiring in manner, it required close observer or an intimate friend to discover all the rare qualities he possessed. His courage e calm, deliberate, enduring courage of a truly brave man-has been conspicuous on many occasions. He has been tried severely and was never found wanting. Those who knew him well want no assurance that he never quitted his ship while there was one fellowcreature to be saved-and that, as far as can be conjectured, he stood upon her deck as she reeled down into the depths of the ocean, unappailed himself by the calamnity that has so startled the nation. We are not using the language of empty adulation have Lieut. Herndon's past life before us, and the further fact that twenty-siz women and children were saved in boat proves conclusively that he did his duty right manfully, and to the last had control over himself as well as over We do not permit ourselves to hope that the gallant cammander has been saved; it were im possible, xcept by some such miraculous interposition of Providence, as that which rescued Capt. Luce after he sunk with the Arctic's wreck. Captain William Lewis Herndon was native of of Fredericksburg, Va., and was the son Dabuey Herndon, Esq., highly respected citizen of that place. H was born October 25, 1813, and was, therefore, at the time of his death, 43 years of age, twenty eight of whie he had spent in the service of his country. He entered the Navy as midshipman at the age of tifteen. His first voyage was to the Pacific, in the old frigate Guerriere. This cruise took three years. The next three he spent in the Mediterranean, in the Constellation, and afterwards made third cruise to the coast of Brazil. At this time he was tached to the Independence. About the time of his return the Florida war broke out, and number of officersing the Navy volunteered for theservice. Among them was young Herndon, who was placed in command of brig at In dian Key. With his men he often penetrated the Everglades in boats, driving the Indians from the recesses of the swamps into the arms of the troops on the shore. In tbis difficut service, and on the coast, he remained two years. On his return he was attached to the National Observatory at Washington, then under the charge of his rother-in-law, Lieutena Maury. Here he remained three years. This service he found more arduous than life at sea, as he often necessarily engaged all night in ma king astronomical observations. During the Mexican war he applied for orders, and was appointed to the frigate Cumberland. He proceeded to Norfolk, and had embarked, when destination changed Commodore Perry, then in the Gulf, had applied to the De. partment to send out to him active and intelligent officer, who could speak the Spanish language, to be placed in command of a small steamboat to pass betw the American squad ron and the troops on shore. The Secretary of the Navy immediately designated Lieut Herndon for the post, and he was transferred to the Iris, and sailed to join Commodore Perry. In this small vessel he remained till the close of the war, often performing tasks of much difficulty and danger, but with uniform skill and success. At the close of the war he returned to Washington, and spent another year at the Observatory. was in the exploration of the Amazon, during the years 1851 and 1852, that Lieut. or Herndon chiefly distinguished himself; rather, was the performance of this service that more known. He was select ed for this most important and delicate duty his letter of instructions -because would call for the exercise of all those high qualities and attainments that he object of the was obtain information relating to the valley and river of the Amazon, including the entire basin, or watershed, drained by and its Lieut. Herudo observations were to extend, to the present condition of that valcondition, both industr social, their inhabitants; trade products; and productions; mercial conded the the Lieutenaut the tance, of from It Para, his months; report ment, modest embodying of journey, by every terested the development of the unboun world. resources of the mightiest river in the On his return to the United States, Lieuten Herndon was for some months in Washington the engaged in the preparation of his work on Amazon, which was published by the Govern ment. After this labor was completed he was orderto the San Jacinto, then designed to cruise ed in the Baltic, during the presence there of the Allied fleets. But some accident occurring to her machinery, she put into Sout This ship was ordered to convey Mr Soule, who had been forbidden to pass through France, from Calais Spain. On the return of the San Jacinto to the United States, Lieut. Herndon transferred to the Potomac, under Com. Paulding, but was soon after placed in com mand of the George Law. This was about two years ago. These California steamers,carrying U.S. mails, are required by law to be under command of officers of the Navy, and Lieut Herndon was chosen for the responsible post. The name of the George Law was, only a few weeks ago changed to that of the Central America, the loss of which is now mourned b thousands of hearts. Lieut. Herndon was married .twenty years His since to an estimable lady of Virginia. wife and an only daughter survive He was of slight figure, but of an intrepid In spirit. He was a gentle as he was brave. the Navy he was universally beloved. In all quarrels between officers, he was known as For peacemaker. He never made an enemy fifteen years he had been member of the Episcopal Church. He often read the service was on board his ship, and the humblest sailor not committed to the deep without the barial read over his remains by his Captain.N. Y. Times. THE NASHVILLE BANKS.- The Nashville Gazette, of the 29th ult., noticing the run on the Bank of Nashville, remarks: We understand that portion of the com mercial men of the city held meeting, and re quested all the banks to suspend specie payments temporarily; and we are toid that the Union Bank, Pla ters' Bank, and Bank of Ten-

20. October 20, 1857 Arkansas True Democrat Little Rock, AR
Article from Arkansas True Democrat, October 20, 1857

Click image to open full size in new tab

Article Text

THE NASHVILLE BANKS.-The Nashville Gazette, of the 29th ult., noticing the run on the Bank of Nashville, remarks: We understand that a portion of the com. mercial men of the city held a meeting, and requested all the banks to suspend specie payments temporarily; and we are toid that the Union Bank, Planters' Bank, and B ink of Tennessee, will refuse to do so-considering themselves strong enough to stand any sort of a pressare. We consi ler the panic here entirely uncalled for. There is no necessity for it, as the banks are strong, the country rich, and the people generaliv solvent. The Bank of Nashville had an immeuse amount of deposits, and has abundant assets to meet all liabilities-though unprepared to "face the music" upon all their indebtedness in the shape of ready money.