18544. Carlisle Bank (Carlisle, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
May 16, 1845
Location
Carlisle, Pennsylvania (40.201, -77.189)

Metadata

Model
gpt-5-mini
Short Digest
e292be7a

Response Measures

None

Description

Newspaper articles from May–June 1845 state the Carlisle Bank rejected the new charter containing individual liability and is 'winding up its affairs.' This indicates a voluntary winding up/closure rather than a depositor run. No run or reopening is mentioned.

Events (1)

1. May 16, 1845 Suspension
Cause
Voluntary Liquidation
Cause Details
Stockholders refused the legislature's new charter because it contained an individual responsibility clause; bank is winding up its affairs voluntarily rather than accept the charter's terms.
Newspaper Excerpt
The Carlisle Bank has rejected it. and is now winding up its affairs.
Source
newspapers

Newspaper Articles (2)

Article from New-York Daily Tribune, May 16, 1845

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Article Text

$16,494 Total $16,844 Col I. A. Blossom, as Receiver of the Bank of Buffalo, gives notice that he is now prepared to pay to the creditors thereof, at his office, the balanees of their respective claims against the Bank, as reported by the Master in Chancery, to whom they were severally referred. In relation to Western funds the Buffalo Commercial states that there is more steadiness in money operations again, and arrangements have been made to redeem most of the Western Bank issues at the same rates which were charged previous to the failure of the St. Clair. All Ohto funds go again as before; and the Farmers' and Mechantes' Bank of Detroit and Mich. In. Co. together with River Raisin, are redeemed by their respective agents here at 1) per cent. Very little can be done with St. Clair or other interior Michigan at present. The Free Press thinks the St. Clair note. worthless excepting to those who owe the Bank. Two vessels from Cleveland via the Welland Canal have arrived at Oswego, the Canal therefore is now in operation. The Lancaster (Pa) Bank has accepted the new charter granted by the Pennsylvania Legislature. The Carlisle Bank has rejected it. and is now winding up its affairs. The new charters contain an "individual responsibility " clause, and hence the opposition. A strong effort is about to be made by the proper authorities, to enforce the collection of the State Taxes in the delinquent counties. The following table gives the exports of Cotton to Foreign Ports from Mobile for the month of April, and Value. Pounds. Bales. total of season: T.G. Britain in Am. ves 26,780 12,903,098 $748,143 74 To G. Britain in Br. ves 41,713 20,448.64 1,145,538 93 Total to Great Britain 68,493 33,351,262 1,893,682 67 331,001 76 5,964,240 To France in Am. ves 12,605 To other foreign ports 311,970 05 10,627 in Am. vessels 5,337,882 To do. 86,078 16 British 1,517,780 3.028 To 12.210 00 do. 182,254 378 Spanish To do. 33,013 72 625,440 Austrian 1,389 To do. 13,323 72 472 216,172 Sardinian 456,595 65 7 919,528 Tetal to o'r foreign ports. 16,094 2,681,280 08 47,235,130 Total for month of April.97,192 Recapitulation. 13 Total ex's 1st qr. 44.5 10,383 5,143,788 293,494 Total do. 24 qr. do 114,635 57,143,479 2,779,693 20 2,301,684 38 Total exports March 44,199,431 90,430 2,681,280 08 47,235,130 Total experts April 97,192 8,056,151 79 Total since 1st Sep. '44. .312,649 153,721.828


Article from The Spirit of Democracy, June 7, 1845

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Article Text

No. XV. From the Pennsylvanian. INDIVIDUAL LIABILITY. It would seem that our whig friends are indulging in stronger sympathy and louder lamentations than is altogether meet and proper at the present time, over the fact that the Carlisle Bank is to be wound up, the stockholders not choosing to accept the act of the last Legislature extending its charter, because it contained a provision enforcing the principle of individual liability. The capital of this bank is $250,000, and because our present able Executive has taken a bold and manly stand in favor of personal liability in the charters of all similar institutions, he is changed with driving that amount of capital out of the State, to add to the wealth of some of our neighbors. Let this be as it may-and we by no means admit its truth-how much better is it, as the stockholders refuse to become responsible for their issues, that the bank should wind up its affairs while it can, than to go on as did the bank of St. Clair, expanding its circulation and finally exploding with more than a million dollars of its worthless issues in the hands of the tax payers of the commonwealth, for if the bank of St. Clair, resting under no restrictions and fearing no penalties, could put in circulation half a million upon a capital of $100,000. a similar institution with a capital of $250,000, could, if the exigencies of the case demanded it, increase its circulation to a million and a quarter.But, it is believed that other and stronger reasons, than those set forth, influenced the stockholders in rejecting the just and equitable provisions of the charter offered thein. The fair presumption is that the bank has not the amount of its capital paid in, and that its circulation is already more or less inflated. At alt events our banking capital is much too large for any true friend of a safe and sound currency to regret the demise of this institution; and no attempt at panic-making can change the true policy of Pennsy Ivania in relation io the salutary principle of individual liability. The desire to marry a woman for her wealth is