18800. Lewistown Bank (Lewistown, PA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
March 24, 1842
Location
Lewistown, Pennsylvania (40.597, -77.572)

Metadata

Model
gpt-5-mini
Short Digest
8513a4ee

Response Measures

None

Description

Newspaper excerpts (1842) state Lewistown Bank resumed specie payments / redeemed in full. They previously had been out of specie (i.e., suspended payments), but no explicit run is mentioned. Suspension date not provided; resumption reported March–August 1842.

Events (2)

1. March 24, 1842 Reopening
Newspaper Excerpt
The York and Lewistown Banks redeem in full. ... So much for Pennsylvania. [Phila. Spirit of the Times, March 22.] (Richmond Enquirer, 1842-03-24) and New-York Daily Tribune (1842-08-06) also report Lewistown Bank is about to resume specie payments or has received coin to resume specie payments.The Lewistown Bank, Pa. it is said is about to resume specie payments, having received a considerable amount of coin. (1842-08-06).The Erie and Lewistown Banks, have began to redeem their 'promise to pay' notes in specie. (Jeffersonian Republican, 1843-04-19).
Source
newspapers
2. * Suspension
Cause Details
Article implies prior suspension of specie payments (did not redeem in specie) but gives no explicit cause for suspension.
Newspaper Excerpt
The York and Lewistown Banks redeem in full.
Source
newspapers

Newspaper Articles (3)

Article from Richmond Enquirer, March 24, 1842

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Article Text

# THE WORK GOES BRAVELY ON All the Banks in the city and county of Philadelphia now pay specie. The Chester County Bank resumed on Saturday. The York and Lewistown Banks redeem in full. The Pittsburg Banks are rolling out the specie. The Reading and Bucks will resume in a few days. The sixteen Banks represented in the Convention at Lancaster a few days since, notwithstanding they resolved not to resume, are beginning to think better of the subject, and will all resume, it is said, by the first of April. So much for Pennsylvania. The Banks of Wilmington, Del., pay specie. The other Banks in the State will follow suit shortly. The Banks of West Jersey have resumed specie payment, and of course their notes will be at par in Philadelphia. The Mechanics' Bank of Burlington, N. J., has made arrangements with the Bank of North America in this city for the redemption of its notes. Twenty-one of the Ohio Banks pay specie. All which were in an unsound condition, have either failed entirely or assigned their effects. [Phila. Spirit of the Times, March 22.


Article from New-York Daily Tribune, August 6, 1842

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Article Text

N. 6 Nashville a 1 Charleston 23 3 Louisville a Augusta 2 4 St. Louis 28 a 30 Columbus a 4 Cincinnati 28 a 30 Macon a 75 Union, Florida There is no change In specie. The stock is very large and the exported demand limited. Small lots are coming in daily from different parts of the country and the aggregate here must be much larger than our wants require.Mexican dollars are at a 1 prem. Spanish dollars a per cent. Eight thousand dollars of the bonds of the MerchantsExchange Co. were sold yesterday at auction at 22 a 15 cts on the dollar. We understand that some of the tenants are offering the coupons of the Company in payment of rent. The following are fair quotations for the broken bank notes of this State: Lewis County 12 a 15 discount; Commercial Bank of Buffalo 25 a 30; Commercial Bank Oswego, Watervliet and Clinton County 40 per cent dist, The late Cashier of the Bank of Buffale, Mr. J. R. Lee, has answered through the Albany Daily Advertiser, the communication of Mr. Bank Commissioner Starr. His answer is meant as an exculpation of himself from any blame that might attach to him. He says, It now appears that printing has been done of which no account has here. tofore been rendered by the engravers amounting to $75,000 at least." He promises to publish a full statement soon containing the history of the Bank from the time it was enjoined in May, 1887, to the decease of its then President, from which the public can judge how this over-issue o notes arose and on whom it should rest. The silliness of Mr. Tyler's John Jones is excruciatingly amusing. He has not yet gothis eyes open as to the "saw' which some relentless wag is running on him. Although the State debt story is too ridiculous for description yet the American has made it the subject of actual calculation and shown that all the stocks of the States, which the Madison' ian's enterprizing "capitalist" is to give $140,000,000, aud $21,000,000 more in bribes, corrupting the press, &c. could now be brought in open market at $95,000,000. Mr. John Jones's story is almost too rich. It can't be that he is intended for long life. At Buffalo the Canal Bank had depreciated to 50 per ct. Bank of Buffalo was selling at three per cent. Indiana funds had slightly improved. One per cent premium was the rate. A statement of the condition of the State Bank of Illinois is preparing for publication, by whic h it appears that the circulation of the bank is $1,764,895, and its specie on band $518,902. The bank has reduced her circulation since February last about $1,500,000. By a report sent to the Senate the amouht paid out of the Treasury on private claims was in $155,885 99 1836 101,235 40 1837 268,105 9 91 1838 173,459 08 1839 74,722 71 1840 218,156 09 1841 $991,565 18 Total A day or two ago the Secretary of the Treasury sent a report to the Senate, stating that the Public Money was kept by the State Banks as follows Exchange Bank, Pittsburg; Piscatqua Bank. New-Hampshire; Farmers' and Merchants,' Hartford; Bank of Philadelphia; Merchants' and Bank of America, New-York; Norwalk Bank, Ohio Ohio Life and Insurance Bank, Cincinuati : and the Columbus Bank, Ohio. These have been the selections since Mr. Forward has been placed at the head of the Treasury Department. State stock has a tendency to improvement in Philadelphla, though the transactions are light. Thirty-six was bid, which is an advance of one dollar. The Lewistown Bank, Pa. it is said is about to resume specie payments, having received a considerable amount of coin. Last week about $30,000 of Relief Notes were burned at Harrisburg. A law of the State requires that one-fourth of those received into the Treasury shall be burned every six months. Counterfeit notes of the Bank of America, Philadelphia, tens, have been pnt in circulation at Chester, Pa. Gov. Corwin of Ohio has applied to the General Government for that State's proportion of the proceeds of the sales of the public lands. At Nashville, the banks are checking on the East for their counter notes at S per cent prem. The rates of paper paya ble out of the city fluctuate from 3 to 5 per cent, according to amount and date of exchange wanted. Specie is pretty freely paid out by the banks this week, and on Monday the resumption will be complete. At Louisville the money market continues quite easy, and business is as good as could be expected at this season. The banks are discounting freely all the good paper and bills offered them. The banks continue to draw very sparingly on the East, for their customers, at 1 per cent. Out of deors it is worth 1 a 14. In Tennessee the resumption on the 1st of August is now considered certain. Kentucky 30-year bonds are 75-Kentucky $5 scrip, 70 a 75. The currency at New-Orleans continues in a very disordered state. The Municipality notes are used to extent in business, but pass only for value in coin. The Third Municipality notes had fallen off. The Mobile Chronicle of the 27th ult. says-" At the As signee's sale on Monday, paper of Hamilton & Cole' to the amount of $40,000 was sold for Five Dollars:-ourexcellent friend Col. Holmes being present. This is a bad sign.' Markets.


Article from Jeffersonian Republican, April 19, 1843

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Article Text

More Resumption. The Western papers announce that the Erie and Lewistown Banks, have began to redeem their " promise to pay" notes in specie. These two Banks were heretofore considered among the worst in the Commonwealth and their paper was held at a ruinous discount. Their resumption must therefore be a great relief and bene fit to the people, as a large number of their notes are in circulation.