19209. U. S. Bank (Philadelphia, PA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Start Date
May 18, 1837
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini
Short Digest
49da7f8d

Response Measures

None

Description

Contemporary reports (May 1837) state the U.S. Bank in Philadelphia suspended specie payments simultaneously with other banks during the widespread panic. The articles report a general suspension (no specific depositor run is described). There is no clear, contemporaneous statement of permanent closure in the provided excerpts; classification as suspension_reopening chosen because only a suspension (no run) is described and no receiver/closure is reported in these items. If later evidence shows permanent winding-up, episode_type would change.

Events (1)

1. May 18, 1837 Suspension
Cause
Macro News
Cause Details
General suspension of specie payments across Philadelphia and the Union during the panic of May 1837; coordinated action to avoid being drained of specie by outflow to brokers and correspondent cities.
Newspaper Excerpt
U. S. BANK.-This institution, it appears, suspended specie payments Simultaneously with the other Banks in Philadelphia.
Source
newspapers

Newspaper Articles (3)

Article from The Herald, May 11, 1837

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Article Text

$125,766,121 Meantime, while the banks are in this state of confusion, the news generally will astound the country, and cause a general suspension of the banks over the state, and the Union. The Mechanics' Bank, and others, sent an agent to Philadelpkia yes. terday, to drain the U. S. Bank. The pet banks here having suspended, they will try to make the "monster" suspend also. There will be a terrible tug to bring down the U. S. Bank. Throughout this state, the whole confederacy of banks are gone. We have HOW a paper currency; nor can any body tell when specie payments may be restored. Great efforts will be made by speculators to start on fresh speculations. Prices will rise, valued in paper currency, and things may appear to flourish for a few months: but it will lead to terrible ruin in the end. The suspension of specie payments is merely an effort of jugglers and speculators to sustain themselves for a few months longer, against the consequences of their own folly. Neither honor, nor virtue, nor patriotism-notwithstanding what Mr. James G. King said in his speech on this point- nor truth-nor skill-nor purity-nor integrity-nor meanliness-characterise the movement. It is a matter of stern necessity. A man overtrades and breaks-a bank overbanks, and also breaks. That's all. The thing will be tolerated because we can't help ourselves, and have no redress. What do the Wall street prints now think of the state of things? Does the Courier believe it suicidal?


Article from Staunton Spectator, and General Advertiser, May 18, 1837

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Article Text

U. S. BANK.-This institution, it appears, suspended specie payments Simultaneously with the other Banks in Philadelphia. The U.S. Gazette, speaking of the necesity of the general suspension, says / "But for this resolutien, ourcity would have been drained of its specie within forty-eight hours, to answer the demands, and accommodate the Brokers of New York and Baltimore. A large portion of the benefit of the measure would have been lost if any bank had declined to join with the rest. Great credit is due to the United States Bank for her accord, by which step, Mr. Biddle has surren-


Article from Vermont Telegraph, May 31, 1837

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Article Text

The Philadelphia and Baltimore Banks have all suspended specie payments. - The U. S. Bank is also reported by passengers in the steamboat from New- York as having suspended. --Boston Press.