18833. Mauch Chunk Bank (Mauch Chunk, PA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
September 26, 1857
Location
Mauch Chunk, Pennsylvania (40.873, -75.736)

Metadata

Model
gpt-5-mini
Short Digest
041b3456

Response Measures

None

Description

Newspaper items (Feb 1858) state the Mauch Chunk Bank resumed specie payments with the city banks (resumption reported Feb 3, 1858). Earlier suspension of city banks occurred Sept 25–26, 1857. No article describes a depositor run on this specific bank; sequence is a suspension followed by reopening.

Events (2)
1. September 26, 1857 Suspension
Cause
Macro News
Cause Details
Part of the general suspension of city banks in late September 1857 (systemic banking suspension/panic).
Newspaper Excerpt
The Bank of Pennsylvania suspended on Friday, the 25th of September, and all the other city banks the next day, the 26th.
Source
newspapers
2. February 3, 1858 Reopening
Newspaper Excerpt
The Mauch Chunk Bank, we learn by telegraph, resumed on Wednesday, with the city banks. / The Mauch Chunk Bank, we learn by Morsegraph, resumed yesterday. with our city banks.
Source
newspapers

Newspaper Articles (3)
1. 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 :-

2. February 6, 1858 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, February 6, 1858

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Article Text

Sales in New York, Toursday, of $1,000 Virginia 6's at 91%. $1,500 at 91, and $4,000 at 90%. The New York Journal of Commerce of Thursday afternoon says: "The activity noticed yesterday still continues, and the market to quite animated, money being Dienty, and rates of interest in favor of the borrower. "The news from Philadelphia and Baltimore. giving an account of the resumption of specie payments by the banks, has contributed to increase the buoyancy of feeling. and it is now supposed that the movement for resumption will extend to all parts of the Mouth where there has been any suspension, a great improvement in Exchange and a farther revival of business is anticipated." The Philadelphia papers announce that the banks of that city, by a resolution of a convention of their Presidents on Wednesday, resolved to resume me the payment of specie on all their liabilities forthwith. The announcement created little or no surprise, from the fact that coin has been paid to all who demanded it for the last two or three weeks. There is no probability that there will be any unusual demand for it, but If there should be, the banks have taken care to provide themselves against every contingency likely to occur. The country banks, we suppose, will generally resume. The Mauch Chunk Bank, we learn by telegraph, resumed on Wednesday, with the city banks. The Bank of Pennsylvania suspended on Friday, the 25th of September, and all the othor city banks the next day. the 26th They have conseque ntly been suspended 130 days. Coin, for at 1 st one-third of this time, has circulated 80 freeIv that the inconvenience of suspension was hardly felt. LAND WARRANTS.-Messrs Thompson & Brothers quote Land Warsants as follows:

3. March 10, 1858 The Nevada Democrat Nevada City, CA
Article from The Nevada Democrat, March 10, 1858

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Article Text

THE BANKS.-The Philadelphia banks resumed specie payments on all their liabilities, on the 3d of February. The Ledger of the 4th says : The announcement created little or no surprise from the fact that coin has been paid to all who demanded it for the last two or three weeks. There is no probability that there will be any unusual demand for it, but, if there should be, the banks have taken care to provide themselves against every contingency likely to occur. We have not heard from the country banks, but suppose they will generally resume. The Mauch Chunk Bank, we learn by Morsegraph, resumed yesterday. with our city banks. The Bank of Pennsylvania suspended on Friday, the 25th of September, and all the other city banks the next day. the 26th. They have consequently been suspended 130 days. Coin, for at least one-third of this time, has circulated so freely that the inconvenience of suspension was hardly felt. The Legislature of Tennesee passed on the 28th of Jan, a bank bill, designed "to enforce the resumption of Specie Payment by the suspended banks to offer to their acceptance certain amendments to their Charters, and for other purposes." The banks are required to resume specie payments ou or before the 1st of November, 1858; and they are prehibited after the 1st of July, 1858, from paying out the notes of foreign banks; also, from selling gold and silver at a premium. and from dealing in uncur. rent money. It is also provided that no bank while in a state of suspension shall sell exchange on any city in the United States at a higher rate of premium than 2 per cent. It is further required that the banks shall pay out only their own notes or those of their branches; and except in cases of parent banks, they are prohibited from issuing notes except at the place where they are to be redeemed. This provision takes effect on the first of September, 1859.