Bank of Susquehanna County

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: January 23, 1848
Location: Montrose, Pennsylvania (41.833, -75.877)

Metadata

Model: gpt-5-mini
Short Digest: 164fa699

Response Measures

Accommodated withdrawals

Description

Newspaper (Jan 23, 1848 letter) describes persistent rumors that the bank was 'broken' but states the bank continued to redeem notes in specie and paid out large sums ($65,000 over two or three weeks). This indicates heavy redemptions/withdrawals driven by rumors, but no suspension or closing is reported, so classify as a run-only episode.

Events (1)

1. January 23, 1848 Run

Cause: Rumor Or Misinformation
Cause Details: Persistent false reports in city and country papers that the bank was 'broken' or 'failed' led to heavy redemptions.
Measures: Paid out specie at the counter; redeemed large volume of notes (about $65,000) over two to three weeks.
Newspaper Excerpt: Montrose, Jan. 23.-The Bank of Susquebanna County has continued to redeem its bills in specie at its counter--dollar for dollar-and will continue to do so, notwithstanding all that has or can be said. She is sound, and has proved herself so by redeeming in two or three weeks $65,000 out of a circulation of $75 or $80,000.
Source: newspapers

Newspaper Articles (1)

1. February 17, 1848 Jeffersonian Republican Stroudsburg, East Stroudsburg, Milford, PA

Article from Jeffersonian Republican, February 17, 1848

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Article Text

Bank of Susquehanna County. The Susquehanna Register of the 10th inst., says: Some of the city papers and some remote country papers have persevered with the most dogged obstinacy, in reporting the Bank in this place as 'broken,' in spite of the fact repeatedly attested by gentlemen of the most unimpeachable integrity in this place who know, that the Bank has continued to redeem her notes at the counter without interruption ever since the panic began. The Lewisburg Chronical, however, gives the following just remarks upon the subject "The Philadelphia papers have for several weeks quoted the notes of the Susquehanna County Bank, at Montrose, with a -, or as failed,' closed," or 'broke,' or at best 50 or 75 per cent. discount. The money shavers there must have made a fine speculation out of the panic thus got up. As evidence of the soundness of the Bank, we copy from two letters received by us from good authority. Montrose, Jan. 23.-The Bank of Susquebanna County has continued to redeem its bills in specie al its counter--dollar for dollar-and will continue to do so, notwithstanding all that has or can be said. She is sound, and has proved herself so by redeeming in two or three weeks $65,000 out of a circulation of $75 or $80,000.' Tunkhannock, Jan. 26.--There were bad reports about the Susquehanna Bank, but they are paying gold and silver by the wholesale, and it is good as gold here now.' This Bank has been managed by sagacious and prudent persone, for the accommodation of the merchants and drovers of that region, and not for speculation, and has proved its entire soundness. In addition to the Philadelphia Brokers, the Bank of Northumberland has joined in the hue and cry (by which doubless many people have sacrificed their money) by refusing the notes of the Susquehanna Bank."