Bank of Philadelphia - Philadelphia, PA

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: September 19, 1816
Location: Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model: gpt-5-mini
Short Digest: 43976707

Response Measures

None

Description

The article (published 1816-09-30) describes the Bank of Pennsylvania (Philadelphia) admitting a bank note and acknowledging that all the banks suspended specie payments, with resumption to take place on the first Monday of July 1817. The supplied bank in the prompt was Bank of Philadelphia, but the text clearly refers to the Bank of Pennsylvania (Joseph P. Norris, Pres.). Cause classified as macro_news because suspension affected all banks (post-war liquidity strain). Date for the suspension is not given precisely in the excerpt; the newspaper copy is dated Sept 1816 and refers to an ongoing suspension with a planned resumption July 1817.

Events (1)

1. September 19, 1816 Suspension

Cause: Macro News
Cause Details: The article states that all the banks suspended specie payments (broad, system-wide suspension likely related to post-war/financial conditions), and a resumption was scheduled for July 1817.
Newspaper Excerpt: Mr. Norris admitted the fact and stated the circumstances which led all the banks to suspend specie payments ; a resumption of which will take place on the first Monday of July 1817.
Source: newspapers

Newspaper Articles (1)

1. September 30, 1816 The Alexandria Herald Alexandria, VA

Article from The Alexandria Herald, September 30, 1816

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Article Text

From the Aurora William Weft US. Amicable action ariThe Prefident Di. fing upon contract, nor rectors and comexceeding one hundred pany of the Bank dollars. of Pennfyivania. J 11 is.agreed abovenation be instit uted before Michae, Kappele an at derman of the city of 12 WILLIAM W EST Signed : JOS P. NORRIS, Pres. B. Penn. ********** Parties appeared. Plaintiff's demand is upon a Itemissory note called a bank note, signed by Joseph P. Nor ris, President, and Jonathan Smith, Cashier, by which " the President, di rectors and company of the Bank of Pennsylvania promist to pay A Small or bearer, on demand five dollars Philadelphia, March 3. 1813, The note being shewn to Mr. Norris, he admitted it to be genuine, and one issued by the bank. Plaintiff stated his having presented the note for payment in specie. Mr. Norris admitted the fact and stated the circumstances which led all the banks to suspend speci. payments ; a resumption of which wi take place on the first Monday of Jul 1817. OPINION The candid conduct displayed byte defendants in this cause, through gir president and representative Mr. DIris, deser ve commendation. No unnecessary trouble has becimposed on the plaintiff in requiringroof of the authenticity of the bank no. Its genuineness was readily admitte. No technical objections, has been made to the exercise of jurisdition by justices of the peace in case of this kind; and the liability of thebank to pay allits engagements in the gal coin of the United States, viz pecte, has been distinctly avowed, Under these admissions, further ob. servation is super fluous. The judgment rendered n this case is, for the plantiff five dollas I do hereby certify the fregoing to be a true copy of the proceedings, had before me in theibove cau as they remain of record. Wit ness my hand and real, this 19th September, 1816. MICHAEL KEPPELE, An alderman of the city. of Philadelphia.