19230. banks in Philadelphia (Philadelphia, PA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
May 19, 1837
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini
Short Digest
07234631

Response Measures

None

Description

Multiple contemporaneous newspaper reports (May 1837) state that banks in Philadelphia suspended specie payments (temporary suspension to resume later). No specific individual bank named; articles frame this as part of a nationwide suspension of specie, implying a systemic/macro cause and an intended temporary suspension rather than permanent failure.

Events (1)

1. May 19, 1837 Suspension
Cause
Macro News
Cause Details
Part of the widespread 1837 suspension of specie payments tied to national financial/political policies (Jacksonian experiment and ensuing panic); systemic contagion rather than a single-bank insolvency.
Newspaper Excerpt
all the banks in the cities of New York, Philadelphia, and Baltimore, have suspended specie payment, to resume it when it pleases God to bring our rulers sufficiently to their senses
Source
newspapers

Newspaper Articles (2)

Article from The Hillsborough Recorder, May 19, 1837

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Article Text

From the Nati a Intelligencer. THE " EXPERIMENT." Such an accident! Mercy on us! Haly.jun Speak: tibel. I was using the ingredients of and substitute for gampowder, when someit blew up, and set the curtains on fire, Handy jun. Curtains! zounds, the room's 12 shhat's to be done? Where's your preparation for extinguishing flames? Sir fbel. It is not mix d. Handyjun Where's your fire escape? It is not fixed. Hindy, jun. Where's your patent fire-engivil Abid 'Tis on the road. Harry jun Well, you are never at a loss. Sir Abel. Never. Handy,jun What's to be done? Sir Abel. I don't know. say. Bob, have it will out of itself! Handy jun Go out! it increases every minote Let us run for assistance. Let us alarm the mily Sir Abcl. Yes, dear me! dear me! Servant (Without 1 Here, John! Thomas! some villain has set fire to the castle. If you Gat the rascal, throw him into the flames ABEL FULL off. and the alarm bell rings.} The condition of the country, at the present moment, is but faintly imaged in the above extract from a good old comedv. which we dare say has afforded to most of our readers, before now, many an honest laugh, at the expense of .. that ingenious machinist." as he calls himself, Sir Abel Handy. In the midst of the "experiment" instituted by the late Presilent of the United States -just as the ingredients of his substitute" for the best currency the world has ever known were in 3 state of complete fusion, and about to precipitate the ingot of GOLD which the jugglers had promised him. the grand substitute has blown up, and set fire to the financial edifice which it was to gild with an immortality of glory! Our readers will find, from 3 perusal of various articles in other columns of day's aper. that all the banks in the cities of New York, Philadelphia, and Baltimore, have suspended specie payment, to resume it when it pleases God to bring our rulers sufficiently to their senses to cease their lawless experiments, and content themselves to be sharers, instead of inventors, of a sound and wholesome currency. It is hardly worth while now to enter into an elaborate review of the history of "the Experiment." It will be sufficient here to allude briefly to its main points, to which perhaps a sense of suffering may now induce some to pay attention who have heretofore slighted and contemmed the warning voice of the true friends of popular rights. The fundamental vice, then, of the experiment, was not the antipathy of General Jackson to the late Bank of the United States, provoked by the political integrity of that institution, which would not yield its independence even to his command. His could not caused the destruction of fiscal and of had his been that the the ill-will mischief valuable currency, alone agent by animosity have regulator produced confined within the proper limits of his constitutional authority. Notwithstanding his hostility to that institution, a bill was passed by both Houses of Congress under strong convictions of its utility, to recharter it; and against that expression of the will of the People by their Representatives, he oppssed his single will, by exercise of the veto and defeated the power, thus the will of the People. When called the attention he subsequently again of Congress to the subject, th House of Representatives, by a vote o 109 to 46, declared their confidence in the solveney of the Bank of the Unite


Article from Maumee Express, May 20, 1837

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Article Text

# STOPPAGE OF THE BANKS.- The banks in the city of New York have suspended specie payments. Those in different parts of the state have mostly followed their example. The doors of the banks at Buffalo have been closed by injunction. The Philadelphia, the Baltimore, and most of the Washington banks have also refused to redeem their notes with specie. The western institutions have closed their doors. Detroit, Monroe, Cleveland, and many other western banks, are in the same situation. Nobody starts now to hear of the failure of a bank. Stoppages are as familiar as household words. What is to come next?