18877. City Savings Bank (Richmond, VA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
December 23, 1854
Location
Richmond, Virginia (37.554, -77.460)

Metadata

Model
gpt-5-mini
Short Digest
8a2c881fdee786eb

Response Measures

None

Description

Multiple notices in March 1864 state the City Savings Bank has determined to wind up its affairs and instruct depositors to withdraw by March 28, 1864; thereafter funds will be invested in 4% Confederate bonds. No article describes a depositor run; this is a voluntary winding-up/suspension that results in permanent closure/liquidation under Confederate currency provisions.

Events (2)
1. December 23, 1854 Other
Newspaper Excerpt
The capital of the City Savings Bank is $60,000 ... in seventeen years the City Savings has not made a single bad debt.
Source
newspapers
2. March 28, 1864 Suspension
Cause
Voluntary Liquidation
Cause Details
Board resolved to wind up the bank's affairs and convert remaining deposits into 4% Confederate bonds under recent currency legislation; depositors instructed to withdraw by March 28, 1864. This is an internal/voluntary liquidation tied to Confederate currency changes, not described as a regulatory receivership or run-driven suspension.
Newspaper Excerpt
The City Savings Bank having determined to wind up its affairs, notice is hereby given to its depositors to come forward at once and withdraw their funds. Those who fail to do so prior to the 28th March, 1864, are hereby notified that the Bank will then invest in four per cent Confederate bonds for their benefit, as authorized by act of Congress under the first section of the recent Currency bill.
Source
newspapers

Newspaper Articles (3)
1. December 23, 1854 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, December 23, 1854

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Article Text

THE DAILY dispatch. SATURDAY MORNING, DECEMBER 185 THE SAVINGS' Banks.-Aren upon these Institutions in this city has taken place just as it has in other cities; and the reasons for in many instances, are just as founded as in the case of the old lady who went to the Webster Bank of Boston, on Monday, with a demand for specie,'because she had heard that Mr. Webster was dead, his estate insolvent and that his bank must fail! Às heavy as the been, all the banks have promptly met the demands upon them, except perhaps the most extensive and best known of them all-and that exception is owing to the large deposites from the country, and the heavy demands from the country depositors, which are so much beyond their receipts that of necessity a little time is required to pay. These Savings Banks are established upon shares subscribed by the corporators, and in the oldest these shares have accumulated to very heavy amounts. The capital of the City Savings Bank is $60,000-every dollar of which must be lost before the depositor can lose a cent. A similar protection in proportion to the magnitude of the institutions is afforded by others. Their funds are not invested in stocks; but in discounted commercial paper. Conducting business in this way, we may mention as proof of their success as well as the safety of their investments, that in seventeen years the City Savings has not made a single bad debt. Another old institution has not made a bad debt in thirty years! There could not be better proof of proper management. If a man deposites his money any where at all we don't see that he could put it in safer hands. What Bank could stand a sudden demand bybill-holders and depositors to pay up every claim against it? Not one. Time, in such a run as that, would be necessary; for it is forcing the Bank to wind up, and renders necessary the collection of all due it, that it may pay all it owes. Many that have drawn their money have done so to invest it in stocks; but a great many have putit in their own peckets, afraid to invest it. They thus lose their interest and subject themselves to dangers of loss from robbery and fire. Others again having money idle by them may be tempted into speculations or loans that may subject them to heavy loss. Therefore, we say to our friends in town and country, that as their funds are perfectly safe in the Savings Banks of Richmond, they need feel no anxiety or apprehension whatever with regard to them. REVOLUTIONARY RELIC.-We have seen the 1st volume of Blackstone's Commentaries which belonged to Richard Henry Lee, the Revolutionary Patriot and signer of the Declaration of Independence. It is in the possession of Mr. George L. Brent, of this city, whose ancester Mr. Lee was. He designs presenting it to the Virginia Historical Society. This volume is interesting because of a few foot notes in Mr. Lee's own hand writing, and which indicate the ideas and principles which then absorbed his great mind The book came into his possession in 1772, according to an entry made by him -and in 1785 it was in the possession of Ludwell Lee, his son, then at William and Mary College. Seven years before this book came into his possession Lee seconded Patrick Henry in his famous resolutions against the Stamp Act; and not long afterwards planned and effected an association to prevent the operation of the Stamp Act; which association was bound together in their objects "at every hazard and paying no regard to danger or to death." In 1773, on his motion, corresponding committees of the Legislatures of the Colonies were established, and at his suggestion Clubs among the "lovers of liberty" were formed throughout the Colonies. About that time, it is probable that the notes referred to were written. We copy two of them In the book on the "rights of persons" the author is speaking of the Representative character of a member of Parliament. He assumes that every member though elected by a particular district, as soon as he is returned, serves for the whole realm; "for the end of his coming thither is not particular but general; not barely to advantage his constituents; but the common wealth." "And therefore" he says "he is not bound, like a deputy in the united provinces, to consult with or take the advice of his constituents upon any particular point, unless he himself thinks it proper and prudent to do so." Mr. Lee appends to this the following note "This is not sound docirine. The general good "must result from that of individuals; nor can the "latter ever prevail against the former where plu"rally of votes determines every question. A "wide door is opened for corruption where the Re "presentative is not bound by his Constituent. The 'declared will of the latter being a thing of notorie. "ty, but the pretended conviction of judgment in a "the Representative may as well happen, [from "bribe as from reason. R. H. LEE." We add one other note from the inside of the back of the book Boads 130 MD

2. March 18, 1864 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, March 18, 1864

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Article Text

March 10, TOTICE this company other to prior the March, 1004, for payment or before that day. checks drawn, nor drafts honored, nor made at this office from that day to 2d of April proximo. All ebecks and drawn, or debts due prior to the of March, presented for payment after the Jet proximo, will be paid in the present currency its par value, or at the option or the company In the the Confed erate States, or in the new currency at the rate of three dollars of the present for two of the new fixed by act of Congress, passed Feb 17th. 1004. mh 10 HARWOOD, Treas. OTICY All parties Indebted to me are re spectfully requested to and make payment before the day of March, 1800, as I shall be compelled to refuse the present jasus thereafter, un less subject to the discount of per cent. as provideo by law after the 1st of April next Persons holding my checks, or to whom am indebted, must present their claims before tost day; if after that day they will be paid in the present currency or the new at discoant of 3814 per cent Bia ple, H J S nith, and w Cshil excepted mb 14-10 TIMOTHY KERSE. S PECIAL NOTICE All partice holding my checks and those of Jumes M Taylor & Son, are re quested to present the samo as the Bank of the Com ironwealth prior to the 26th instant, where money is depoeited to meet them and aleo all parties hav ing moneys in my bands and in the bands of Jamea M Taylor & Son, arising from sales of rasiestate or otherwcae, are hereby notified to draw the same prior to the 25th instant, or such moneys will be paid only in the old currency or in four per cent. bonds. mh 14-6t JAB. M TAYLOR NOTICE.-All persons indebted to me are request ed to make payment previcus to the 25th day of March, an I will be compelled to refuse the present issue therent ; and all persone holding my checks fo. goods sold on consignment must present them for payment previous to that date, otherwise they will be paid in the present currency mh 14 GIDEON GARBER. NITRE AND MINING RUREAU, Richmond, March 12:h, 1864 N OTICK - On and after the 25th day of March, and until the 10th day of April, 1884, all pay ments will be suspended at this office and LO money received except the new issue of C's Treas sury notes All outstanding claims against this department made prior to 1st of March will be paid in the old issue FREARDON, mh 11-Sw Disbursing officer OTICE All persons indebted to us on ad. vances or otherwise, are notified that we will receive payment in the present currency up to the 25th inst, after which we can accept nothing but the new currency provided by the Confederate Government on the 1st pril, and all parties having balances in our bands, or checks of ours on the bank, must collect them by that day, failing In which, the present currency will be get aside for them as a special deposit. mh 11-8w SL.UGHTER, WATKING & Co. OFFICE OLD DOMINION Iron AND NAIL Works Co. Richmond, Va. March 10, 1864. LL persons having claims against this company are requested to present them for payment by A of the 25th inst, as all claims outstanding on the 1st April will be paid in four per cent bonds. mb 11-6t R BLANKENSHIP, Agent OTICE - The Manufacturers' Savings Bank hav N ing determined to wind up its affairs, notice is hereby given to depositors to come forward at once and withdraw their runda Those who fall to do prior to the 28th day of March, 1834, are hereby no tifled that the bank will then invest in four per cent Confederate bonds for their benefit, as authorised by act of Congress, under the first section of the recent currency bill By order of the Board. mb 11-6th CHAS SINTON, Treas. All persons having balances duethem NOTICE in our hands are hereby notified to draw the same on or before the 28th of the present month, as also all holding our checks are requested to present them for collection by the time specified above, otherwise they will be paid in the pregent currency, or the new at 66% cents to the dollar mh 11-1wt LEE & BOWMAN. NOTICE. I hereby notify all persons indebted to methat I will receive the present currency in payment of their debts until the 26th inst, after that date shall require payment in the new currency, or the old at 8312 per cent diso unt. Persons holding my checka, or to whom am indebted, must present their claims before that date, as after that date shall pay team in the present currency or four per cent Confederate bonds. mb 10-6t° JAB A MOORE OTICE.-[ bereby notify all persons holding N if claims against me, or orders for money that not presented for payment by the 25th of March, they will be subject to the discount of SSK per cent. mb 10.-61* JOHN H ITLM TOTIOE--All persons holding checks drawn by us are hereby notified to present the same at Bank before the 25th of March, 1864, and all persona to whom we are indebted are requested to eall and receive the amount due them before the above date, as after the 95th of March, 1864, all such checke and debts will be paid in the present currency or its equivalent in the rew currency TOWERS & VALENTINE. outer TOTICE-The City Savings Bank having deter mined to wind up its effsire, notice is hereby given to its depositors to come forward Bonee anti withdraw their funds. Those who fail to do so prior to the 28th-March, 1864, are hereby notified that the Bank will then invest in four per oent Confederate bonds for their benefit, as authorized by act of Congress under the first section of the recent Currency bill. By order of the Board. mh 4-3tawt28thMh N AUGUST, Cashier. Osmos MONDOND & PETERSBURG R K CO Richmond, Va., March 8, 1864. TOTICE.-Allchecks drawn by this company and all demands against it, due previous to the 25th just, must be presented for payment on or be fore that day. All claims due prior to that date pre sented for payment after the 1st proximo will be paid

3. March 21, 1864 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, March 21, 1864

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Article Text

claims against this company for dividends, or on open account, due previous to the Sith March, 1864, must be presented for payment on or before that day. No checks will be drawn, nor drafts honored, nor payments made at this office from that day to 1st of April prox All checks issued, and drafts drawn, or debts due prior to 25th March, 1864, pre. sented for payment after the let proximo will be paid in the present currency at its par value, or, at the option of the company. in the new currency at the rate of three dollars of the present for two of the new currency, as fixed by act of Congress passed 17th of February, 1864 J mh 7-dt25th B Treas'r. WINSTON, OFFICE OF THE R & R R R Co, Richmond, March 10. 1864 TOTICE checks drawn by this company, and all drafts drawn on It, and all other claims against this company, for dividends, Interests, or on open accounts or otherwise, due prior to the 25th of March, 1864, must be presented for payment on or before that day. No checks will be drawn, nor drafts honored, nor pay ments made at this office from that day to the 2d of April proximo. All checks issued, and draft. drawn, or debta due prior to the 25th of March, 1864 presented for payment after the 1st proximo, will be paid in the present ourrency at its par value, or at the option of the company in the four per cent bonds of the Confederate States, or In the new currency at the rate of three dollars of the present for two of the new, as fixed by act of ongrees, passed Feb 17th, 1864 mh 10-195th OF HARWOOD, Treas. OTICE. AG parties indubted to me a e ro N spectfully requested to call and make payment before the 25 day of March, 1864, as I shall 00 compelled to refuse the present issue thereafter, un. less subject to the discount of 8316 per cent. as provided by law after the is: of April next Persons holding my checks, or to whom am indebted must present to: Ir claims before that day: if after that iny they " ill be paid la the present currency or in the new at a discount of 88% per cent- W G Eta plea, H mith, and W F Cabill excepted mh TIM THY KERSE PECIAL NOTICE -All parties holding my checks and those of James II Taylor Son, are request to present the same at the Bank of the Com nonwerlth prior to the 25th fust mt, where mone is deposited to meet them and also all parties hav IDE moneys in my hands and in the hand of James M Taylor & Sco, arising from sales of raal state or therwase are hereby notice to draw the same prior to the 26th instant or such meney ys will be caid only in the old currency or in four per cent. bonds. mn 14-6t JAS. M. TAYLOR. persona indebied to me are TO quest ed to make pay ment previous to the 25th any of March, asl will be compelled to refuse the present and all persons holding my checks 0 goods sold on consigement must present for payment previous to that date, other they will be paid in the present currency mill 11-6:* GIDEON GARBER NITRE AND MINING HUREAU, Richmond March 13h, 1864 OTICE -On and sher the 25th day of March, and until the 10th day of April, 1864, all pay ments will be suspended at this office and no money received except the new issue of S Treas sury notes All outstanding claims against ment made prior to lat of March will be paid in the old saue H RE ARDON. mh 11-3w Disboreing officer. OTICE.-An persons ledebted to us on ad N vances or otherwise, are notified that we will receive payment in the present currency up to the 25th inst, after which we can accept nothing but the new currency provided by the Confederate Government on the 1st April, and all parties having balances in our hands, or checks of ours on the bank, must collect them by that day, falling in which, the present currency will be set aside for them as a special deposit. mh 11-3w SL:UGHTER, WATKINS & CO. OFFICE OLD DOMINION IRON AND NAIL W. RK8 9, Richmond, Va March 10, 1864. LL persons having claims against this company are requested to present them for payment by the 25th inst, as all claims interanding on the let of April will be paid in four per cent bonds. mh 11-6t R E BL NKENSHIP, Ament N OTICE -The Manufacturers' Savings Bank bay ing determined to wind up its offairs, notice is hereby given to depositors to come forward at once and withdraw their runds Those who fail to do 60 prior to the 28th day of March, 1884, are hereby no tifled that the baok will then invest in four per cent Confederate bonds for their benefit. as authorized by act of Congress un ter the first eection of the re cent currency bill. By order of the Board. mh 11-01 CH AS BINTON, Treas. OTICE -All persons have balan 06 due them N in our bands are hereby notified to draw the same on or before the 28th of the present month, ME also all holding our checks are requested to present them for collection by the time specified above otherwise they will be paid in the prejent currency. or the new at 68% centsto the dollar LEE & BOWMAN. mh 1w1 hereby notify all pers DE indebted to me that will receive the present currency ID payment of their debts until the 26th inst, after that date shall require payment In the new Prency, or the old at 33% per cent dise ent Persons holding my checks. or to whom am indebted, must present their claims before that date, as after that datel shall pay them in the present currency or four per cent Confederate bonds IAS MOORE mb 10-8:* OTICE ---I hereby notify all per ons holding N claims against me, or orders for money, that it not presented for payment by the 25th of March, they will be subject to the discount 3333 percent JOHN II TYLER mh 10.-6t* ns are hereby notified to present the same at N OTICE-AN persons holding checks drawn by Bank before the 25th of March, 1861. and all persons to whom we are indebted are requested to call and receive the amount due them before the above date, 43 after the 25th of March, 1864. all such checks and debts will be paid in the present currency or its equiva ent in the new currency. POWERS & VALENTINE. mb 9-eod4t* to wind up its affairs, notice is hereby Notice The City Savings Bank having deter given to its depositors to come forward at once snti withdraw their funds. Those who fail to 10 SO prior to the28th March, 1864, are hereby D tifled that the Bank will then invest in four per cent Confederate bonds for their benefit as authoriz by act of Con. gress under the first section of the recent Currency bill. By order of the Board N AUGUST Cashier. mh 4-Stawi28thMb OFFICE ICHMOND & PETERSBURG R R Co, Richmond, Va., March 8 1864 and all demands against it, due previous to the N drawn by this company. 25th inst, must be presented for payment on or be fore that day. All aims due prior to that date pre sented for payment after the 1st proximo will be paid in the prosent currency at its par value, or at the op. tion of the company in the now currency at the rate the of two dollars of the new currency for three of M W YARRINGTON, present. Treasurer. mb 8-124tbM NPECIAL Notice.- Parties having lubds or Dat ances in our hands are hereby notified to draw the same prior to the 28th inst; otherwise all such balances will be paid in the old currency or in four per cent bonds. Balances due 113 not paid before the 28th will be received only in the new currency. JOHN N GORDON & SON mh 8-5 OTICE -I hereby give notice that all outstand ing checks drawn by me, and those that may be issued before the 28th of March, 1864, must be presented for payment by that date at the Bank of the Commonwealth: that all persons who has funds in my hands, whether from sales made or other. wise, are requested to draw them out by the 28th inst, and all parties indebted to me are quested to make payment by that time. GEO ARENTS. mb 11-193thMar OFFICE VA SAVINGS BANK, Richmond March 1st, 1884. T a meeting of the Board, held this day. the following notice was ordered to be publishe All depos to:s of tbls Bank must come forward at once and draw their deposits. Those who fail to do 20 prior to the 24th day of March, 1884, are notified that the bank will invest in 4 per cent Con federate bonds for their benefit. After that date all payment will be made in said bonds, as authorized by the T B STARKE. late act of Congress. Treasurer mb 5-104 OTICE.-O account of the new Curretcy Bill, recently passed by the Congress of the Confed