19133. Pennsylvania Bank (Philadelphia, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 10, 1839
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini
Short Digest
b251eccf

Response Measures

None

Description

Contemporary articles state the Pennsylvania Bank ceased specie payments with other Philadelphia banks on Oct. 9–10 and has continued suspended ever since (article dated Jan 16, 1840). No run is described; suspension appears prolonged with no evidence of reopening in these items. Date corrected to 1839 for the October suspension (newspaper is Jan 1840 referring to previous Oct.). Classified as suspension_closure because the bank remained suspended in subsequent reports and no reopening is reported.

Events (2)

1. October 10, 1839 Suspension
Cause
Macro News
Cause Details
Part of the general suspension of Philadelphia banks and the wider monetary disturbance; banks in the city stopped specie payments in early October 1839 and remained suspended into 1840.
Newspaper Excerpt
their bank did not pay in specie on Thursday, Oct 10th, and has continued suspended ever since
Source
newspapers
2. March 5, 1840 Other
Newspaper Excerpt
There has been ... The rate of discount on Philadelphia increased this morning to 71 per cent discount. This is in consequence of the disastrous state of things in that city. The banks have entirely stopped payment. ... checks marked by the Girard were refused by the Pennsylvania bank.
Source
newspapers

Newspaper Articles (3)

Article from Morning Herald, January 16, 1840

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Article Text

Hanna, who would almost fight you if a word was dropped disparaging Mr. S's. character, will admit that he has been overrated. As a teller or assistant cashier, under the control of an energetic cashier, ne would make a good officer-his very countenance exhibits want of energy and indecision of character-he has what the world would call a milk-and-water face; he has by his overbearing conduct to the different officers and clerks in the bank, made himself universally hated and despised; so far did he carry his tyrannical course, that a highly respectable young gentleman-a Mr. English, a clerk in the bank-cowskinned him in one of our streets. The want of mind has indated him with such ideas of his own importance, that many of his friends doubt very much if he really is their old acquaintance and friend, B. P. Smith. Mr. Smith married one of the daughters of the late Standish Forde, who was at one time a merchant, out had been unfortunate in business. His highly respectable widow, Mrs. Sarah C. Forde, was obliged after his death to commence a small retail dry goods store and was for a few years at 24 North 6th street; afterwards at 40 North 6th street, and was some three or four years since still keeping a small store at 86 Arch street. The late Mr. Forde resided stone time at 27 Vine street, and afterwards at 222 South Front street. Mr.Smith proclaimed to all around him, on the evening of the day that our banks suspended specie payments, which was Wednesday ev'g, Oct. 9, that their bank would never suspend. It was said in so boasting a manner; that many said he would burst asunder with his own importance-their bank did not pay in specie on Thursday, Oct 10th, and has continued suspended ever since, the same as our other banks--with this exception, that they pay in specie all their $5 notes that are in circulation. The mild, amiable and not easily excited Mr. Sam'l Brooks, is, I believe, the only gentleman in the board of directors who esteems Mr. Smith, and was it not that Mr. Brooks has one of the most gentle dispositions, I doubt much if he would tolerate him. I notice your reply made to the attack in the Commercial Herald and Sentinel. I can only assure you that I never speculated in stocks to the amount of $1, and never was known to any broker, much less in their employ or pay. This much in justice to myself, and I can assure you that every sketch given of any of the gentlemen, was given from recollection and without aid from a human being, commencing with the U. S. Bank up to the present moment. The attacks made in that paper are not worthy of notice; that newspaper is now owned by the consistent and honest Jesse R. Burden, M. D., and Marshall Sprogell, a briefless lawyer, and who was also at one time in the silk business at 96 Market street, and was unfortunate; he has now turned Editor and part proprietor of a newspaper; he dare not say that any of the sketches are not true, with respect to these gentlemen-the only fault, that some of them were let off lightly. If Dr. Burden or Mr. Sprogeil will only signify a wish to read it, I will give a biographical sketch of each, commencing with Jesse and ending with Marshall-all complete, with notes and annotations. I send you the following, which was in print a year or so ago: "Who is said to be the handsomest, wittiest, most virtuous, consistent, upright and straight forward man in Philadelphia? All will say, by acclamation, Dr. Jesse R. Burden, the flower of Dumbiane; one of the proprietors of the Commercial Herald and Sentinel, a sixpenny newspaper, and married to the daughter of Joseph B. Smith, a Yankee shoemaker, and a State Director in the Pennsylvania Bank."


Article from Vermont Phœnix, February 14, 1840

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Article Text

not Speak To-day, Mee the Senate to-morrow. The Senate then passed to the consideration of some miscellaneous business. Correspondence of the N. Y. Journal of Commerce. PHILADELPHIA, Feb. 4, 1840. The Message of the Governor has crea. ted no little sensation among the faithful lieges of Martin of Kinderhook. They are in doubt and perplexity, not knowing how take it. The leaders are generally favor. ablet it, for they have something to loose, -the mass abuse him sorely. There is to be a meeting to-night. What they will do, they do not know themselves. The Conservative interest will I think, prevail. The leaders are not ready for desperate measures, and the cooler among them know, that should a split now occur, it is all up with the party in this State. In fact, should not be surprised to see the old Wolf and Muhlenburgh factions once more in condict.-Porter belongs to the former of these-the Radicals, almost to a man, to the latter. In the mean time let those do as they will, the business community breathe more freely. I have seen now several squeezes and panies-but never saw such general preparation for one as was evinced last Sat. urday. A few (and they were very lew) men of iron nerve, did not quail, but the mass, the 99 out of 100, were ready to give it all up. The Pennsylvania, and Farmers and Mechanics Banks, have called meetings of the Stockholders to authorize the appointment of Trustees to wind up their affairs, should an early resumption bill pass. They are not disposed to trust to the tender mer. cies of political receivers. We have nothing else, except lots of sleighing and the coldest day in the season. Cold winter, with his snows and bleak ness is upon us-the cheerful fire and well light adepartment forms an elegant contrast to the howling and dark storm without. But rethere no children of "our Father" in heaven-no brethren of ours who are suffering from the gripe of want? Has o each citizen exercised a just and benevolent d stewardship over the gilts of Providence in seeking out objects of want and relieving n them? It may be, at this moment that some of "Heavens last best gift to man," who e have ministered to the sick-have left their e own homes at midnight to aid a suffering r sister, or watched long weary nights over , the sick bed those who have abundance, h are in want of the necessaries of life. To II be ignorant of the situation of such is crimino al. The Son of God came to seek and to r save, thus affording us the highest example to seek out objects of suffering, as well as to relieve them when made known to us. 1, To the women seems to be given those e qualities which prepare them as ministers II of benevolence and mercy-they can reach y the heart and learn the real situation of all n and their appeals to the grosser sex are neve er made in vain, when pleading the cause d of humanity. We would therefore call it upon them to look about for the suffering Sand needy. and see that the men perform g the easier duty of bestowing of their abun0 dance to relieve them. f. II The first Signal of Alarm!-I is well to understood in this town, and we believe e there is no doubt of the fact, that the HON re LEVI WOODBURY, Secretary of the 8. Treasury. has recently offered for immediate g sale, HIS STOCK in different banks of e is town, Concord, Saco and Portland the S. aggregate amount is reported to be very n. large. This is a matter of no great importance, except as it indicates the opinion of on the Secretary of the Treasury that the Sub al Treasury Bill will pass, and that therby al d, bank stock will be greatly reduced in value as -Ports. Jour. is An afflicting occurrence took place in the s, family of our respected fellow citizen, Capt il Thompson, ast Sunday evening. An inter esting little daughter about a year old, who had just commenced walking, Deized hold to of a tea pot which had just been filled with ve boiling water and placed near the edge o isthe table, and pulling it off, it struck or he the infant's breast, and emptied its whole S. contents on her breast, neck, back, and arms ed scalding her in a most awful manner. The 0 lingering


Article from Morning Herald, March 6, 1840

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MONEY MARKET. Thursday, March 5-- P . M. There has been ageneral depression in the stock market this morning. North American Trust and Banking dec clined 4 per cent from the close of yesterday; United States Bank & per cent; Harlem : per cent; and Manhattan Bank a further decline of 2 per cent. The opinion is very prevalent that this is one of the most corrupt institutions in the whole country. Facts are fast leaking out, which show that James G. King is far more deeply interested in the concern than has been generally supposed. A knot of desperate speculators have made the Manhattan Bank the instrument of their operations. The revolution which is now going forward in the value of property will bring to light and expose a mass of corraption that is now but little dreamed of even among the frequenters of Wall street. The rate of discount on Philadelphia increased this morning to 71 per cent discount. This is in consequence of the disastrous state of things in that city. The banks have entirely stopped payment. The following is an extract from a letter dated Philadelphia, 4th:A friend presented a check on the United States Bank for $1,000, they would not pay one cent, but marked it "good." It was then offered on deposite to the Farmers' and Mechanics' Bank and was refused. In the same manner checks marked by the Girard were refused by the Pennsylvania bank. It is said the Girard and U. S. Bank bills are about to be refused altogether by the other banks. It is said that Sehott, Levis & Co. are about to saddle the bank with their Vicksburg stock. Premiums are now paid for the privilege of delivering U.S. Bank and Girard stock; $100 cash has been paid for the privilege to deliver 100 shares U. S. Bank, . o 6 months, and for Girard steck, $1 per share privilege, 30 days, at $33." This is through bankruptcy, and is doubtless done at this time in order to coerce an abandonment of the loan now before the Legislature. It affords only, however, an argument for prompt action that the difficulties may be the sooner settled. There is no doubt but that all the banks of Philadelphia will be able to resume, and to maintain themselves under the law as it passed the Senate, as soon as they are protected from the action of the United States Bank and the Girard Bank. Sheexempts them from paying the deposites that have accumulated since the suspension, in specie; they are only to pay them out as they stand in the bills of the U. States and Girard Banks, and those institutoins must be immediately declared bankrupt. The trade of Philadelphia will then instantly revive, and a great st will have been taken towards restoring a uniformity of the currency During the past four years the banks of the Union have each expanded or contracted in its own particular district, without any reference to the movement of the institutions in other sec. tions of the country. Speculators in charge of banks have conducted them not in reference to the general trade of the country, and the ultimate and permanent good of the institutions as based upon the general prosperity of the customers, but they have striven to acquire rapid fortunes for themselves by taking advantage of those violent fluctuations in values that have grown out of their own acts. Of the 800 banks in the Union, each one has acted upon this principle, according to the trade or peculiar circumstances of certain sections. All the banks of those sections have had a similar interest, either to expand or contract. These opposing interests necessarily produce that great want of uniformity in the currency of the whole Union, which brings ruin upon the mercantile interests. In illustration of this, we have compiled the following table of all the banks of the whole Union, divided into sections, and compared the aggregates with returns of former years :STATEMENT OF THE RETURNS OF BANKS, FOR THE PERIOD NEAREST JANUARY, 1840, AS COMPARED WITH THE RETURNS OF FORMER YEARS.