Farmers & Mechanics Bank - Georgetown, DC

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: May 29, 1837
Location: Georgetown, District of Columbia (38.905, -77.062)

Metadata

Model: gpt-5-mini
Short Digest: 56736cc7

Response Measures

None

Description

Article (Virginia Free Press, 1837-06-01) reports the Farmers' and Mechanics' Bank of Georgetown suspended specie payments on Monday last. No run is mentioned and no subsequent reopening or receivership is reported in the clipping; given the 1837 panic context, a temporary suspension is likely, so I classify as suspension_reopening. Date inferred from Monday last relative to publication date (1837-06-01) as 1837-05-29. Bank type inferred from name (state/locally chartered bank).

Events (1)

1. May 29, 1837 Suspension

Cause: Macro News
Cause Details: Suspension occurred during the broader 1837 liquidity crisis; bank sought public deposits from Treasury but was told government had none, indicating systemic shortage of specie.
Newspaper Excerpt: Another Experiment Failed!-The Farmers' and Mechanics' Bank of Georgetown ... on Monday last suspended specie payments!
Source: newspapers

Newspaper Articles (1)

1. June 1, 1837 Virginia Free Press Charles Town, WV

Article from Virginia Free Press, June 1, 1837

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Article Text

Another Experiment Failed!-The Farmers' and Mechanics' Bank of Georgetown, which only a few days agoannounced its intention to continue redeeming its notes in specie, whilst it had a dollar of coin in its vaults, on Monday last suspended specie payments! The Bank, it is said, made a formal request of the Secretary of the Treasury for a portion of the public deposites, payable in gold and silver, and received for reply that the governmenthad none! (Hagerstown Torehlight.