18598. Bank of Danville (Danville, PA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 10, 1857
Location
Danville, Pennsylvania (40.963, -76.613)

Metadata

Model
gpt-5-mini
Short Digest
c5bc8351

Response Measures

None

Description

The articles (Oct–Nov 1857) report that the Bank of Danville suspended specie payments in early October 1857 as part of the wider suspension of Philadelphia and interior Pennsylvania banks during the 1857 panic. The coverage gives no indication of permanent closure or receivership and the bank's officers state the suspension is 'for the present' and that the bank can meet liabilities; therefore classified as a suspension that likely reopens. Dates taken from article publication (first notice 1857-10-10).

Events (1)
1. October 10, 1857 Suspension
Cause
Macro News
Cause Details
Suspension resulted from broader suspension of Philadelphia banks and banks throughout the interior of Pennsylvania during the 1857 financial panic.
Newspaper Excerpt
That in consequence of the suspension of the Philadelphia Banks and the Banks throughont the interior of the State, this Bank suspend Specie payments for the present.
Source
newspapers

Newspaper Articles (3)
1. October 10, 1857 Sunbury American Sunbury, PA
Article from Sunbury American, October 10, 1857

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Article Text

BANK OF DANVILLE.-At a meeting of the Board of Directors on Tuesday last it was, Resolved, That in consequence of the suspension of the Philadelphia Banks and the Banks throughont the interior of the State, this Bank suspend Specie payments for the present. This bank has paid out upwards of $20,000 in specie before they suspended. No holder of Danville Bank bills should make a sacrifice of them, as the bank is entirely responsible, and able to pay all their liabilities in fall.Danville Intelligencer.

2. November 14, 1857 Columbia Democrat and Bloomsburg General Advertiser Bloomsburg, PA
Article from Columbia Democrat and Bloomsburg General Advertiser, November 14, 1857

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Article Text

BANK ACTION.-The officers of the Banks of Danville, Northumberland, Lewisburg, West Branch, Jersey Shore and Lock Haven, have passed the following resolution :- : Resolved, That during the suspension of Specie payments, by the Banks of this Commonwealth, we deem it inexpedient to make any arrangements with the City Banks for the redemption of our Notes. E. H. Baldy, Pres't. Bank of Danville. J.B. Packer, Pres't. North'd. Bank. Wm. Cameron, Pres't. Lewisburg Bank. O. Watson, Pres't. West Branch Bank. L. A. Mackey, Pres't. Lock Haven B'k. J.A. Gamble, Pres't, Jersey Shore B'k.

3. November 25, 1857 Democrat and Sentinel Ebensburg, PA
Article from Democrat and Sentinel, November 25, 1857

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Article Text

Consolidation Bank, Nov. Bank of Chambersburg, Nov. Reading Savings Bank, Bank of Danville, Nov.1 Western Bank, ,Nove South Wark Bank Nov. Miners' Bank of Pottaville, WE Tradesmen's Bank of Philadelphia, Nov, Farmers' and Mechanics' Bank of Ponasylvania, Nov: Mechanics' Bank of Pittsburg, AGA Bank of Penn township, Nov: Kensington Bank, Nov, Farmers' Bank of Reading, Nov. Lebanon Bank, Nor: Laneaster County Bank, Nov Girard Bank, Nor Easton Bank, Nov, Allentown Bank, Nov, Bank of Lawrence county, Novi Wyoming Bank at Wilkesbarre, Nor, Anthracite Bank of Tamaqua, Nov, Farmers' Bank of Easton, Nov. Doylestown Bank, Nov. Lock Haven Bank, Nor Commercial Bank of Pennsylvania, Nov. Bank of Germantown, Nov. Farmers' Bank of Lancaster, Nov. Merchants' and Manufacturers' Bank of Pittsburg. Nov. Mochanies' Bank of Philadelphia, Nov Harrisburg Bank, Nov. Bank of the Northern Liberties, Nov, Bank of Middletown, Nov. Mauch Chunk Bank, Nov. Columbia Bank, ,Now, Bank of Commerce. Nov Six Penny Savings Institution, of Philadelphia, Nov / Bank of North America, Nov City Bank, (Philadelphia,) Nov Nov Exchange Bank of Pittsburg, Bank 0: Gettysburg, Nov Manufacturers' and Mechanica' Bank of Philadelphia, Nov Nov Citizens' Deposit Bank of Pittsburg, Honesdale Bank, No Bank of Delaware county, Nov. Nov Bank of Montgomery County, Bank of Pennsylvania, NW York Bank, Nov1 York County Bank, Nor] Nor] Philadelphia Saving Fund Society, Lewisburg Bank, Nov West Branch Bank, Nor Not Bank of Choster County, Penn'a Co. for Insurance on Lives and Granting Annuities, Nov.] National Safety, Insurance and Trust Co., Nov Western Saving Fund Society of Philadelphia, Nov. Central Insurance Co., Harrisbarg, Nov War. en County Bank, Not No further notice of acceptance have be received at the Auditor General's office (4 several days past, and it is therefore preus ble that those Banks that have not signition their accaptance, have declined the provi ions of the law. Woobserve, however. fre the newspapers. that the Erie City Back au the Bucks County Bank, bad taken to accept, but no notice to this effect has : been received at the Author's Department The law allowed the Banks thirty days ter the date of suspension, to accept the pr visions, and required them to give notice the Auditor General of the factor acceptant All the new Banks pay specie. Mr. C. McLain, Bank clerk of the depart ment, is entitled to our thanks for his tesy in giving access to the books from which we have derive di our statement We append a list of the Banks and Savings Institutions, from hom no notice of servy tance has been received, as follows :-