1866. Farmers & Mechanics Bank (Georgetown, DC)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
September 29, 1857
Location
Georgetown, District of Columbia (38.905, -77.062)

Metadata

Model
gpt-5-mini
Short Digest
1d052bb0

Response Measures

None

Description

Multiple contemporary dispatches (Sept 29, 1857) report the Farmers & Mechanics' Bank of Georgetown suspended specie payments amid the nationwide financial panic of 1857. Articles describe suspension but do not report a run on this specific bank nor mention a permanent failure; several dispatches state everything is now settled down, so the most likely outcome is a temporary suspension with later resumption (no explicit reopening reported in these articles). Cause attributed to the general financial crisis (macro/news).

Events (1)
1. September 29, 1857 Suspension
Cause
Macro News
Cause Details
Part of the widespread panic and financial crisis of late September 1857; suspension of specie payments alongside other District and national banks reported Sept 29, 1857.
Newspaper Excerpt
The Farmers' & Mechanics' and Commercial banks have suspended entirely.
Source
newspapers

Newspaper Articles (10)
1. September 30, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, September 30, 1857

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BY TELEGRAPH. MONEY MATTERS IN NEW YORK. NEW YORK, Sept. 29.-Money affairs are more cheerful, in consequence of a report that the banks are considering the expediency of expanding to the extent of several millions. The brokers are crying down Eastern and New Jersey money. Some of them refuse to touch the former at any price. No large failures are reported. Exchange very variable and unsettled. No rate quotable. THE RUN ON THE SAVINGS' BANKS AT ALBANY, NEW YORK. ALBANY; N. Y., Sept. 29.-The run on the Savings' Banks is suspended, and the gold drawn out in the panic of yesterday is being returned to-day. STATE OF AFFAIRS IN PHILADELPHIA. PHILADELPHIA, Sept. 29.-The city and Southwark banks are paying specie for small notes, despite the greement on a general suspension, entered into yesterday. They receive the notes of all the other banks on deposit, except those of the Bank of Pennsylvania. CONFIDENCE IN BOSTON. BOSTON, Sept. 29.-There is nothing new in financial matters. Full confidence is felt in the stability of our Banks. BANK DIRECTORS PLEDGING THEIR PRIVATE MEANS. PHILADELPHIA, Sept. 29.-The Directors of the Bank of Middleton, Pa., individually pledge their private fortune for the redemption of all its notes in circulation. Hou. Simon Cameron, the President, is very wealthy. FAILURES AND BANK SUSPENSIONS IN NEW JERSEY. TRENTON, N. J. Sept. 29.-H. H. Bottom & Co., paper dealers, and Bottom, Tiffany & Co., machinists, have suspended. The Camden, Burlington, Cumberland and Sae lem banks are reported failed. The rest of the New Jersey banks, including those of this city, will hold out while New York continues firm. SUSPENSION OF A NORTH CAROLINA BANK. NORFÖLK, VA., Sept. 29.-The Farmers' Bank, at Elizabeth city, North Carolina, has suspended. n The brokers are taking its notes at 50 per cent. discount. e The banks here are all right. SUSPENSION AT WHEELING, VA. ALEXANDRIA, V1, Sept. 29.-The banks in Wheeling, Va., have suspended. SUSPENSION AT WINCHESTER, VA. ALEXANDRIA, VA., Sept. 29.-A dispatch received here from Winchester, Va., announces the suspension of the following banks there :-Bank of Winchester, Bank of the Valley, and Branch of the Farmers' Bank. SUSPENSION IN GEORGETOWN, D. C. GEORGETOWN, D. C.-The Farmers' & Mechanics' and Commercial banks have suspended entirely.Everything is now settled down, but business is dull.

2. September 30, 1857 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, September 30, 1857

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Financial Matters. PHILADELPAIA, Sept. 29, 2 P. M.-The City and the Southwark banks are paying specie on their small notes, notwithstanding their agreement of yesterday. They are receiving the notes of other banks on deposit, except the Pennsylvania. CHICAGO. Sept. 29 -Messrs. E. J. Tinkham & Co., bankers, of this city, suspended this morning. There is no run on the other banks. ST. LOUIS. Sept. 29.-Messrs. Bogy, Mitteberger. & Co, bankers, closed their doors this morn. ing. Their assets are said to be ample. Cards, signed by a large number of our wealthiest citizens, are published, guaranteeing the solvency of Lucas & Co., and Remick & Peterson, and assuring depositors of the safety of their deposits. The public mind is very unsettled, and there is a general run on our brokers. The banks stand firm, and are discounting liberally. 3 P. M.-The bankers upon whom the runs were made this morning, freely and promptly met all checks, and thus restored confidence. The excitement has almost subsided. The immediate cause of the suspension of Bogy, Mittenberger, & Co., was the non-arrival of coin in transitu. The probabilities are that they will re-open tomorrow. The assets of Anderson & Co., and of Darley & Barksdale, largely exceed their liabilities. The presumption is that they will resume in a very short time. TRENTON. Sept. 29.-Everything is perfectly quiet here, and the banks are paying all their demands. The reported suspension of Bottom & Tiffany is contradicted. ROCHESTER, Sept. 29.-The Sixpenny Savings Bank of this city has suspended. GEORGETOWN. D.C. Sept. 29.-The Bank of Commerce of Georgetown, which continued to redeem its issue in specie, has come into an arrangement with the district Bank, and suspends specie payments altogether. The Farmers and Mechanics Bank in Georgetown has also suspended. NORFOLK, Va., Sept; 29.-Ail the banks here continue firm. ELIZABETH CITY, N. C., Sept. 29.-The Farmers' Bank of this city has suspended. The brokers are taking the notes at 50 per cent. discount. HARTFORD, Sept. 27.-The Hartford Banks have no idea of suspending specie payments. They are vastly stronger than they were last week. Their liabilities are much reduced. Their specie has been increased by energetic steps taken for that purpose, and all persons may rest easy that no one of the Hartford banks is in any danger of suspension. The condition of each is known, and all are satisfied that the crisis is passed.

3. September 30, 1857 The American Washington, DC
Article from The American, September 30, 1857

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GEORGETOWN CORRESPONDENCE GEORGETOWN, D. C., Sep. 29, 1857. Mr. EDITOR: The members of the corporation having adjourned without giving us the additional public school which we desired, and towards the establishment of which every voter at the last eleetion contributed his dollar; it is full time that the people who are interested in the subject, should investigate it, and see on whose head the odium should full. Let them at once be pointed out, so that we can at least bring them into notice by saying, there goes a man who refused to educate our children after we had paid for it. The Roman Catholic portion of the Corporation I shall not in the least attempt to blame, they having acted in good faith towards their church, which commands them to seek the advancement of their own creed and assist only in the establishment of such schools as will advance the religious faith of their children. They, therefore, are not to blame; we only have to deplore our own fully in selecting such men to represent us. But how the other portion of our Corporation, the Protestant members, who, I believe, can all read and wr te, saw fit to lend their aid to the Jesuits in this matter, is more than I can tell. They certainly love their native land, and its institutions too well to acceptof a college bribe. How, then, has it happened ? To be charitable with them, we must suppose them all to be one-idea men, and that one idea their immediate self-interest. Poor things ! If they would only devote fifteen minutes every day to some solid reading, they would find out that the only true and sure mode of advancing their own interests, is advancing their country's, and that their country's interest can never be advanced by helping Jesuitism. I have never, Mr. Editor, been a persecutor of any religion, nor amt I now; but when we find the most reverend Archbishop Eccleson denouncing in holy horror the conduct of the King of Prussia for introducing Protestant office-holders into Catholic countries, and seeking to marry them to Catholic females, we ought to be guarded, indeed, in lending ourselves to any of their schemes. And I do not consider we could in any manner more effectually loan ourselves to them than our Protestant members did who refused to give us a school. Had the committee on schools only been of the right stripe, so that a Jesuit tutor could be selected, the school would long ago have been in operation. If we cannot, therefore, get a school upon any other terms, we would respectfully request the present school committee to resign, and let Jesuits fill their places, for a school we are entitled to and must have. As to our Protestant members, we will leave them to the pleasant reflection that for so signal a service done to Rome, the Church may possibly suffer their bodies to be interred in consecrated ground, they having done all in their power to raise up more Popish priests, and make eur children worship Virgin Marys, or bend the suppliant knee to beads and crosses. With pleasure we see that public attention has been called to the lawlessness and recklessness of a party in your city rallying under the name of the States." Why Washington should tolerate their presence when it is well known they were driven out of Baltimore, is more than we can tell. It may not, perhaps, be amiss to mention that they paid our town an official visit on the occasion of the late fire on Water street, and made their grand entrance by flourishing revolvers, &c. Our town is quiet, the suspension of specie payment by the Farmers and Mechanics' Bank creating no uneasiness. Yours, &c., ORION.

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

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SUSPENSIONS IN GEORGETOWN. GEORGETOWN, Tuesday, Sept. 29, 1857. The Bank of Commerce of Georgetown, which continued to redeem its issue in specie, has come into an arrangement with the District banks, and suspends specie payment altogether. The Farmers and Mechanics' Bank in Georgetown, has also suspended.

5. October 1, 1857 Daily Iowa State Democrat Davenport, IA
Article from Daily Iowa State Democrat, October 1, 1857

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St. Louis, Sept. 29. The bankers in this city upon whom runs were made this morning, freely and promptly met all checks, and confidence is restored, and the excitement is almost entirely subsided The immediate cause of the suepension of Bogey, Milteberger & Co., was the non-arrival of coin in transition. The probabilities are that they will re-open tomorrow. The ametts of Anderson & Co., and Darly & Blakesdale, largely increase the liabilities. The presumption is that they will resume in a very short time. New York, Sept. 29. There has scarcely been any let up in the money market to-day, although the rumors that our banks were considering the expediency of extending their loans several millions, is having a favorable effect. No fail. ures reported, The upward tendency in stocks continued through the 2d board, which closed in an average advance of about one per cent. over the morning prices. Philadelphia, Sept. 28.-2 P. M. The city and Southwark banks are paying specie on their small notes. notwithstanding their agreerment of yesterday. They are receiving the notes of other banks on deposit, with the exception of the Pennsylvania. Georgetown, D. C. 29. The Bank of Commerce, Georgetown, which continues to redeem its issue in spe cie, has ceme into an arrangement with the district banks, and suspended specie payment altogether. The Farmers' & Mechanics' Bank, Georgetown, has also suspended. Nortolk, Va., Sept. 29. All banks here continue firm. Elizabeth City, N. C.,29. The Farmers' and Mechanic's Bank, of this city suspended. The brokers are taking the notes of the bank at 5c. discount.

6. October 1, 1857 The Davenport Daily Gazette Davenport, IA
Article from The Davenport Daily Gazette, October 1, 1857

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LATEST NEWS. The Financial Crists of the East and South. NASHVILLE, TENN. Sept. 28. The Bank of Nashville suspended this morning. A meeting of the merchants recommended the Union, Planters, and State Banks to suspend, but they refused. Several free banks are thrown out to day. Confidence is felt that the Bank of Nash ville will pay and have a large surplus. PHILADELPIA, Sept. 28. Bank affairs are settling on the low specie basis. The Banks are preparing to issue small notes. The Pensylvania bank notes are to be received at the other banks tomorow. Believing that the interests of the comand the State will be subserved the agreed to restore the munity thereby, presidents bank of the of Pensylvania banks have to a position at the clearing house, and toreceive its notes and discount liberally for their customers. Had this been done BOOD er, there would have been no suspensions. Sr. Louis, Sept. 28. The Banking houses of Darby & Barks dale and J.J. Anderson & Co., suspended this morning Bogy, Miltenberger & Co., bankers, closed their doors this morning. Assets sample. Cards signed by a large number of the wealthiest citizens are published, guaranteeing the solvency of Lucas & Co., and Renick & Peterson, and assuring depositors of the safety of their deposits. mind is very and there a run on the The is public general unsettled brokers. The banks stand firm and are discounting liberally PROVIDENCE, Sept. 28. The banks of Providence have resolved to suspend specie payments. The liabilities of the banks are not over 25 per cent of their capital NEW YORK Sept. 28. "The weekly bank statement shows the following result : decrease In loans, $982, 000 decrease in specie, $229,000; decrease in deposits, $933,000; decrease in circula tion $235,000. PITTSBURG, Sept. 28. All the banks of this city with the ex ception of the Pittsburg have suspended, but will resultive when similar action is adopted by Eastern banks. TRENTON, N.J., Sept. 29. The Backagton, Cumberland and Selam banks are reported to have suspended. banks, the The East Jersey including effected. Trenton are more immediately Business complain that if none of our banks discount. it will seriouly effect them. 10 O'CLOCK P. M. REPORT. Sr. Louis, Sept. 29. in this city upon runs The bankers and whom promptwere made this morning, freely ly met all checks, confidence is restored. The excitment is almost entriely subsided. cause of suspension & Co., was the of The Miltenberger immediate non-arrival of Bagy, coin in transitu. The probabilities are that they will re-open to-morrow. of Anderson & Co., and Darby & exceeded The Barksdale, assets largely their will resume liabilities. The presumption is they in a very short time. PHILADELPHIA, Sept. 59. and Southwark Banks are payon their notes ing The specie City small of yesterday. notwithstanding their agreement are recieving the notes in excepting the of bank place They A deposit, meeting NEW Presidents After York, Pennsylvania. of other Sept. took consulta- banks 29 at 3 o'clock this P. M. a tion it was agreed to recommend all City banks to extend their discount line three per cent during the coming week. This in the aggregate will amount to over three million dollars. Forty out of the fifty-five hanks were represented at the meeting. GEORGETOWN, D.C.29. of Commerce, to redeem apeThe continued Bank its Georgetown, issue in come into an cie, which has arrangement with pay- the District banks, and suspended specie ment altogether. The Farmers' and Mechanics' Bank in Georgetown has also sua pended. NORFOLK, Vs. Sept. 29. All the banks here continue firm.

7. October 2, 1857 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, October 2, 1857

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FROM WASHINGTON. WASHINGTON. Sept. 29th.-The Commisioner of Pat. ents is sending out circulars with the view of ascer. taining the amount and cost of cotton consumed in the United States during the fiscal year ending the 30th of June last. andthe qualities and values of the different classes of goods into which it is manufactured. The President to-day returned from bis visit Wheatland. Col. Emory. the C.S. commissioner for ruccior Mexican boundary. has formally turned over to 21 Interior Department the maps and oficia papers nected with that work. The Mexican commission and corpo of assistants will leave this week for M CC. 4 comes Sargent has been appointed receiver of the reland office at Wort Dodge, vice M van Nutwerp. signed, and j. D. L vans has been appointed rece: V.T at Minneapolis in Minnesota, vice Wm. Russeil, Isigned. jas Baker, receiver at Charitan, lows, time resigned. The Bank of Commerce and the Farmera and Mr. chanics' Bank of Georgetown have followed the ex. ample of the Washington banks and supponded specie payments. None of the banking houses bave refused to meet the demands made upon them, except the suspended house of Pairo Nourse.

8. October 2, 1857 Wilmington Journal Wilmington, NC
Article from Wilmington Journal, October 2, 1857

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The Financial Crisis. W ASHINTON, Sept. 29.-The Bank of Commerce, at Georgetown, which continued to redeem its issues in specie up to to-day, has come into the arrangements be. tween the District Banks and suspended specie payments altogether. The Farmers and Mechanics' Bank of Georgetown had also suspended. RICHMOND, Sept. 29.-There has been but a moderate demand for specie on our banks so far and they still express a confidence in their ability to meet any demand which may be brought. NORFOLK, Sept. 29.-The Farmers' Bank at Elizabeth city, North Carolina, has suspended. Brokers here are buying its notes at 50 per cent. discount. The Norfolk Banks are all firm. ALBANY, Sept. 29.-The run on the Savings Bank here has subsided, gold drawn out under the influence of the panic yesterday being returned to-day. PHILADELPHIA, Sept. 29.-A dispatch from Bridge ton, N. J., denies the report that the Cumberland Bank has failed. It paid out liberally to-day and confidence in its soundness is unabated. CHICAGO. Sept. 29.-Messrs Trinkham & Co. have suspended, but there is no run on the other banks. ST. LOUIS, Sept. 29.-There is a run here upon the bankers. Messrs. Buzy & Miltenberger have suspended in consequence of the non-arrival of a supply of specie now in transitu. They will probably resume to-morrow Our other banks have promptly met all demands upon them.

9. October 2, 1857 Cooper's Clarksburg Register Clarksburg, WV
Article from Cooper's Clarksburg Register, October 2, 1857

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positors are payable on demand there was a run. The officers of these institutions generally assured applicants that all would be right, but that they must have patience and wait until they could make the needful arrangements with the banks and their own debtors. The Wheeling Argus of Thursday, contains the following In consequence of the prevalent depression of the money market throughout the country, our banks yesterday suspended the redemption of their paper. This event has been anticipaied by our citizens for several days past. Not that any had a doubt of the banks being able and prepared to redeem their circulation with the coin, but that the interests of the community in which they are located, required them to pursue this course. At a meeting on Saturday evening, a resolution was unantmously passed requesting the Presidents and Directors of the different banking institutions to adopt this method of protecting them during the monetary crisis through which the country is now passing, which shows that the movement met with the approbation of the public, and that there is no doubt entertained in regard to the solvency of the banks. The following is the very latest we have in regard to the banks. It is to be hoped that the Virginia banks will not find it necessary to suspend WASHINGTON, Sept. 29.-The Bank of Commerce, at Georgetown, which continued to redeem its issues in specie up to to day, has come into the arrangements between the District banks, and suspend. ed specie payments altogether. The Farmers and Mechanics' Bank of Georgetown suspended. RICHMOND, Sept. 20.-There has been but a moderate demand on our banks for specie so far, and they still express confidence in their ability to meet any demands which may be brought. NORFOLK, Sept. 29.-The Farmers' Bank, at Elizabeth city, North Carolina, has suspended. Brokers here are buy ing its notes at 50 per cent. discount. The Norfolk banks are all firm. ALBANY, Sept. 29.- The run on the Savings Bank here has subsided, gold drawn out under the influence of the panic yesterday being returned to-day. TRENTON, N. J., Sept. 29.-Messrs. H. H. Bottom, & Co., paper dealers, and Messrs. Bottom, Tiffany, & Co., machin> ists, have suspended. A later dispatch says the reported failure of the latter firm is contradicted. TRENTON, N. J., Sept. 29.-Money matters are quiet here. Our Banks are meeting all demands upon them. SALEM, N. J., Sept. 29.-The report from Trenton, in regard to the Salem Bank needs modification. The Salem Bank, influenced by the action of Phila adelphia, though prepared to meet its issues, has partially suspended. It redeems its fives, cashes the checks of depositors in its own bills and continues to exchange the notes of banks good at Philadelphia and New York. New YORK, Sept. 29.-The Burlington, Camden, Cumberland and Salem (N. J.) banks are reported as having failed. The East Jersey banks, including Trenton, will hold out while the New York banks remain firm. Money affairs are more cheerful here in consequence of a report that the banks are considering the expediency of expanding the loan to the extent of several millions. No large failures are reported. Exchanges are very variable and unsettled. There is no fixed price to quote. The brokers here are crying down Eastern and Jersey money. Some refuse to touch the former at any price. Later.Our bank presidents have recommended the extension of the discount line to three per cent. for the coming week, which will amount to over $3,000,000. Bosron, Sept. 29.-There is nothing new to notice in financial matters. There is a better feeling. however, and full contidence in the stability of the banks. Bosron.-Sept. 29.-At a meeting of the bank presidents to-day, a proposition to discount to the extent of tenth per cent. of their capital during the coming week, was unanimously favored, but definite action was postponed until to-morrow to allow absentees an opportunity to vote. The banks have gained $90,000 in specie today. PHILADELPHIA, Sept. 29.-The City and Southwark banks paid out specie to-day on their small notes, despite the agreement of yesterday. They received the notes of the other banks on deposit, except those of the Pennsylvania Bank. PHILADELPHIA, Sept., 29.-A dispatch from Bridgeton, N. J., denies the report that the Cumberland Bank has failed. It paid out liberally to-day, and confidence in its soundness is unabated. CHICAGO, Sept 29.-Messrs. Thinkham, & Co. have suspended, but there is no run on the other banks.

10. October 2, 1857 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, October 2, 1857

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FROM WASHINGTON CITY. WASHINGTON, Sept. 29.-The President returned from Wheatland to-day. The Farmers' and Mechanies' and Commercial Banks of Georgetown have entirely suspended Every thing is now settled down, but business continues dnil.