18962. Bank of the United States (Philadelphia, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Start Date
March 12, 1811
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini
Short Digest
712fc5ef

Response Measures

None

Description

Articles discuss congressional refusal/charter non-renewal and resulting dissolution/winding up of the Bank of the United States (1811). No explicit depositor run is described in the excerpts; the event is a charter expiration/forced winding up (closure). I classify this as a suspension leading to permanent closure (voluntary_liquidation/charter nonrenewal).

Events (1)

1. March 12, 1811 Suspension
Cause
Voluntary Liquidation
Cause Details
Congress/committee declined to grant an extension of the Bank's charter; discussion of dissolution and winding up of the corporation following charter nonrenewal.
Newspaper Excerpt
the committee are happy to say, the appreYour from a satisfactory source, as that to the distress which were of the from realised a in Philadelphia, It to from has been confined. in the resulting learn, far hensions information being indulged, charter, was long circula which are their that the vacuum, be produced since obvious, the country, which was to of the Bank of the withdrawal of the paper paper issuing from U.S This operation is now of the the tion ther by of banks would be filled by Bank actually U.S.is tak go. o ing on:
Source
newspapers

Newspaper Articles (2)

Article from The Enquirer, March 12, 1811

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Article Text

pubscup Bank, for a further period. parate powers of the such of its concerns as may tc enable it to settle March, 1811, respect the following fully be depending offers for on the the 3d consideration of of the Senate, REPORT your committee have and duly deliberately weighed " That of the memorial, the views of the the such explanations of to to as they have thought holding proper the memorialists attended contents That pre- that osent through their agents: of the committee do) oripinion (as a majority did not authorise Congress as a neto of that constitution the charter, it follows, that an of it, even is ginally the tension cessary consequence grant k-holders, under the restrictions opinion, equally were possible contem- repug ex plated nant by the constitution. But, ifit objection, and if to the this fundamental session to surmount which forbids, during of the a same proposition of that the rule decided, Senate, the were re-agitation disregarded, find any your sufficient commitonce would still be at a loss to political existence of the corporation, reasons tee for prolonging for the the purpose of winding up its As it affairs. respects For, laws, the body through itself, the it afford instrumental- is believed as amthat the existing properly constituted. f the charter pl itv means of trust as the a qualified liquidation continuance of its accounts, of its funds and for and final distribution the should any inconvenience are persuaded it But the committee state this would, subject, collection and such as the be experienced authorities, provide will on be very partial. application, would not fail to upon proper a competent relation remedy to the community, for. And, if were the corpora- to fulfil In of its banking powers, affairs, y a: bona tion, stript fide the duty of that closing any its material advan tage ccmmittee would cannot be d lived. see Whilst, but should on the avail contra itself ry, if it should not rol so ngation, act, in order to it might effect 'n of more the lempora durable become extension a serious of its charter, scourge that they its operations committee are happy to say, the appreYour from a satisfactory source, as that to the distress which were of the from realised a in Philadelphia, It to from has been confined. in the resulting learn, far hensions information being indulged, charter, was long circula which are their that the vacuum, be produced since obvious, the country, which was to of the Bank of the withdrawal of the paper paper issuing from U.S This operation is now of the the tion ther by of banks would be filled by Bank actually U.S.is tak go. o ing on: The paper of that the of other banks is rapidly turning, The and ability to enlarge enhanced, their & when accom- it ing its place. is proportionately removal into furthertinereased by a the vaults shall be of those deposits which U S. the are injurious in sion modations Bank of the will be posses effects found their of the of the corporation of the ac of a dissolution in accelerated disclosure been support to consist condition an of those who have whose insolvent or tual ed by the situation, credit of known others, but to the bank, has been Your tottering concealed committee from the public beg leave at large. to present the following Resolved, resolution That the prayer of the memo ought not to be granted." rialists COMMERCIAL INTERCOURSE. inter concerning commercial and Great The bill the United States dependencies, and course.between Bri in for and other France purposes, and their was read a third time. Bradley loved that it be referred of insert- to selec Mr. committee, for the purpose a following section: it further event And of its appearing the to decrees the of France ingt be States that enacted, modified President That in as the to of the United not been so revoked or commerce of the have cease to violate from the and neutral after the 2d ited day of 1811, the proclamation shall Feb. United declare States the President fact shall by of the be U conclusive States ope and esaid preclamation the vidence the of the fact, and thereupon of such parts of of this apt, and also is a supplement, proclamation act to into operation by November he last, the as ration were pu which of the this 2d act of President's and determine." shall cease motion. Messrs. Anderson. Horsey, Bayard, For Bradler, the Dana, Goodrich, Lioy Picker motion ng. Messrs Brent, Condit, Franklin, Against the Pope-9. Gaillard. Camp. Mat Gerbell, Clay Gilman, Gregg, Lambert. Md.) Leib, Smith thewson, man, Robinson, Taylor, Smith Turner, (of Worthing on-20 N. Y.) Tair, (of there Whiteside, were On the Anderson, passage of the bill, Brent, Clay, Matthewson Campbell, For the bill Lambert Condit, Messrs. Franklin, Gaillard. Pope, Gregg, Smith of (Md.) Smith of (N.Y.) Turner, Whiteside, ington-20 Gilman, Robinson. Tail,Taylor Bradley, and Worth- Dana. Against Messrs Bayard, & Pick ring -7. Horsey, Lloyd he insidevation the The motion Senate made by Mr. on the Pick paper- ring confiden Goodrich. of secrecy resumed that the in the of tially injunction communicated and 1805 relative o the Senate to thereof, Louisiana, so years West 1803 Fiorida, or any part title of claim and papers respect the be far the as such United States to these territories, and of hereby is taken off." motion by Mr. Bayard, secrecy On The the injunction of of the Senate r lation to the vote the be ken D the res fution off red on Resolved, off above.] 1st this March, day, by on Mr. Pi kering-[ is the vote: On there were The the following question to agree 10 Mr. Picker rich, ing's For motion Lioyd, the motion Pickering Messrs. Reed, Bayard. Smith, (N.Y.) GoodTaylor, Tarner-8 Messrs. Anderson Condit, Against Cutts, the Franklin, motion, Gaillard, Gregg,


Article from The Indianapolis Journal, December 19, 1897

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Article Text

go realized $488,655, the teas selling for $2.50 a pound. Girard never trusted a cargo in the Montesquie again. He sold her and she was lost on her next voyage. Of all the fleet of fine ships the Rosseau survived the longest. Two years ago she lay at the wharf at New Bedford a dis- mantled whaler, to be broken up for her copper fastenings. Years after her degra- dation one instance of her positive good luck is on record. She made what was known in sailor tradition as the "plum pudding voyage," leaving New Bedford for the Pacific. She struck a school of enor- mous spermacetis off the Brazilian banks and took in a cargo of oil in fifteen days worth $350,000. The Voltaire was sunk in the harbor of Charleston in 1863 to keep the rebels from coming, and the same fate befell the Wardrop Sims, another famous Philadel- phia merchantman. As an instance of his good fortune, his cleaning out of a balance of over $1,000,000 in the hands of the Barings in London just before the war broke out is an evidence. He bought from English holders stock of the Bank of the United States at $420 per share, and at the closing of the institution was paid, par, $500. Moreover, he bought their bank building on Third street for $120,000-it had cost $340,000-and began bank- ing. 1816 was a panic year. There was frost in every month, snow lay in the woods in July, all crops were cut off and wheat sold at $3 per bushel. Girard alone, of all the bankers, redeemed his notes in specie, but they were as scarce as gold, as he never paid them out, if pos- sible. It was Girard's real estate purchases that made his works of beneficence per- manent. In 1807 he bought from John Dun- lap the square of ground bounded by Chest- nut, Market, Eleventh and Twelfth streets, paying $100,000 for it, and this produces to- day an income of $500,000. He also owned 568 acres of fine farm land in the Neck, and this, sold at high prices, has greatly strengthened the estate. But after his death troubles came thick and fast. After he made his will he bought considerable property, and after long litigation it was decided that this was not included in the dispositions of the will. He had bought from the trustees of the Bank of the United States four tracts of coal land in Schuylkill county, and in 1853, just as the property began to yield a large income, the Girard heirs in this coun- try and France brought suit and recovered them, while at the same time a large tract of land and slaves in Louisiana worth half a million were lost to the estate. The $2,000,- 000 he set apart for building proved inade- quate, owing to the shrinkage in value of the securities, due to the failure of the Bank of the United States, so it became necessary to draw upon the fund set aside for per- manent endowment. The college cost $1,9.3- 821.78. Among the executors were Thomas P. Cope, a sagacious old Quaker who had no faith in the management of the Bank of the United States, and, after much opposi- tion, he succeeded in persuading his co-ex- ecutors to sell a large block of the stock, and this eventually saved the estate nearly $2,000,000. So slowly did the estate gain in resources despite the most careful nursing that it was fully believed that it would be necessary to appeal sooner or later to the State for aid in maintaining the college, but the enormous enhancement in value of real es- tate that came with the termination of the