1903. Bank of Metropolis (Washington, DC)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
private
Start Date
May 16, 1837
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini
Short Digest
79f98d38

Response Measures

Full suspension

Description

Newspaper accounts (May 16, 1837) report heavy withdrawals/lines at the counter and the bank's resolution to 'suspend the payment of specie.' This indicates a depositor run that prompted suspension. There is no information here about a reopening or permanent closure, so outcome is uncertain. OCR corrected 'vigoreus'->'vigorous' in text; no change to bank name or city.

Events (2)

1. May 16, 1837 Run
Cause
Macro News
Cause Details
Heavy withdrawals and public pressure tied to the broader banking contraction/panic of 1837; crowd seeking specie at the counters.
Measures
Issued handbills declaring ample means; public notice/resolution asserting suspension to be temporary and dependent on change in banking operations.
Newspaper Excerpt
For the last few days the counter of the bank of the Metropolis presented a strange scene...seeking specie for their notes.
Source
newspapers
2. May 16, 1837 Suspension
Cause
Macro News
Cause Details
Suspension of specie payments announced due to severe public pressure and the broader collapse/strain in banking operations nationally (panic of 1837); note mentions recommendation of Van Buren and others in later report as influencing suspension decision.
Newspaper Excerpt
Resolved, That we do for the present, in accordance with public opinion, suspend the payment of specie, to be resumed as soon as a change in the Banking operations of the country shall render it practicable.
Source
newspapers

Newspaper Articles (2)

Article from Herald of the Times, May 25, 1837

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Article Text

WASHINGTON, May 16, 1837. The Bank of Metropolis and Bank of Washington stopped!-Notwithstanding - the Government was to sustain these Banks and messengers were despatched to the mint for that purpose, still they have been obliged to yield to the vigoreus pressure made upon them.For the last few days the counter of the bank of the Metropolis presented a strange scene, the brutal negro, the bully ruffian, the impudent cyprian, the nervous hypochondriac and the delicate female were all blended in one promiscuous mass, seeking specie for their notes. All was well until this morning, when the frightful disclosure was made to the surrounding crowd that the Bank could no longer pay in gold and silver-though handbills have been issued declaring they had ample means to answer any just demand. Extract from the Bank of Metropolis notice. Resolved, That we do for the present, in accordance with public opinion, suspend the payment of specie, to be resumed as soon as a change in the Banking operations of the country shall render it practicable. Resolved, That the conduct of the private depositors in our neighborhood, with few exceptions, has been highly honorable, while at the same time we repeat the soleinn assurance of our ample means, besides a large surplus to answer every demand against us. JOHN VAN NESS, President. GEO. THOMAS, Cashier.


Article from Vermont Watchman and State Journal, July 17, 1837

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Article Text

# SUMMER MOVEMENTS, &c. THE INDIANS. Officers of the army, lately returned from Florida represent, as the general impression there, that although the Indians have left the neighborhood of our encampments, they do not contemplate renewing hostilities. They are as averse to a removal as ever, and have taken advantage of the warm season, when active operations on our side cannot be carried or, to violate their engagements. It is expected that when the cold weather sets in, they will return, and suffer themselves to be transported to the West. MR. ADAM'S ORATION AT NEWBURYPORT. The Salem Register says:- The Fourth of July Oration of Mr. Adams was quite interesting and forcible. He commented on the Declaration of Independence, the Union of the States, State Sovereignty, and the language of those who talked of calculating the value of the Union. On the subject of Slavery, he took the ground that there was no danger from the free and full discussion of the topic. The latter subject occupied most of the address. TROUBLE BREWING. It is stated that there are fourteen thousand Squatters in the Iowa district, the part of Wisconsin west of the Mississippi. Government has sold no land there yet. KITCHEN CABINET NO GO IN TENNESSEE. -The Van Buren presses have been boasting that Mr. Bell of Tennessee, would be beaten for Congress by his opponent, Mr. Hall. Well-Mr. Hail has backed out from the contest. THE GOOD CAUSE IN GEORGIA. The Augusta Chronicle of the 28th inst. says, that its letters from the interior give assurance that the prospect of the election of Mr. Gilmer, the State Righte Candidate for Governor, are of the most flattering character. DEATH OF NATHANIEL MACON. The venerable and virtuous Macon, of North Carolina, is no more. Tbe Warrenton Reporter, of Saturday last, contains the following annunciation of his decease:-- "It is with feelings of deep regret we have to announce the death of the Hon. Nathaniel Macon; he departed this life at his residence in this county, on Thursday morning last, the 29th of June, in the 83d year of his age. Mr. Macon was a member of one or the other branches of Congress, without intermission, almost from the formation of the present Government down to the year 1829, when he voluntarily retired to private life, only to emerge from it subsequently, for a short period, to assist in the convention of his native State in revising its constitution. During the long term, and through all the exciting periods of his public life, though always a conspicuous and influential party man, no one, of any party, ever questioned his integrity or the purity of his motives, and he has descended to the tomb full of years and with universal respect." GEN. HARRISON, who was appointed to deliver an Oration on the 4th, before the citizens of Cincinnatti, has declined, in consequence of having accepted an invitaton from the citizens of Miami county, to be present at the celebration on that day in Piqua. The present season has been very unfavorable for the manufacture of salt, more so, thus far, than for the last ten years. Yarmouth Register. STICK A PIN THERE. It is ascertained by a letter from the President, that the Bank of Metropolis suspended specie payments on the reccommendation of Messrs. VAN BUREN, Woodbury, Kendall, &c. The 6th reguiar toast at the great Democratic Whig Festival at Philadelphia, was: General William Henry Harrison-The People of Pennsylvania exultingly point to him as their future leader in their second struggle for "virtue, liberty and independence." The people throughout the United States are wide awake to the new plot now hatching by Van Buren, to establish a ROVAL TREASURY BANK.- Star. The Hon. Geo. Monnell, of the supreme Court of Michigan, is arraigned before the Legislature of that State for malconduct in his office. Shameful Speculation. The Post Office receipts are deposited in specie and drawn in specie. Amos Kendall sends on a friend with drafts-sells the specie for a premium of ten per cent. and buys Western money at a discount of ten per cent. and thus somebody coolly pockets twenty per cent. by the operation. These robberies are getting to be open and barefaced. How long will the people countenance this shameful speculation on their pockets? - Star. Rain. There has been rain-pouring rain, on this city and country, for the last three weeks, without only very short gleams of sunshine. Will the Globe assert that all this water has been "got up" (or brought down) by the New York merchants and brokers for the purpose of drowning the crops, and thus, by producing universal distress in the country, influence the elections? We can tell the Globe what the merchants are preparing to do, with the assistance of the sturdy yeomanry of the country "get up" a political earthquake that shall level this cracked and