1928. Bank of the Republic (Washington, DC)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
October 10, 1852
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini
Short Digest
3dbc8c62

Response Measures

Accommodated withdrawals

Description

Multiple contemporaneous Washington and New York papers (Oct 11–14, 1852) report a run on the Bank of the Republic triggered by the failure/suspension of the Bank of the Union. The Bank of the Republic remained open, redeeming notes in specie (kept open until 8 p.m. and reopened next morning), and there is no mention of any suspension or closure of the Bank of the Republic in these items.

Events (1)

1. October 10, 1852 Run
Cause
Local Banks
Cause Details
Panic and heavy withdrawals followed the failure/suspension of the nearby Bank of the Union, prompting depositors to present small notes for specie.
Measures
Remained open late (until ~8:00 PM) and redeemed notes in specie as presented; reopened early the next morning.
Newspaper Excerpt
The Bank of the Republic ... kept open till eight o'clock last evening, and probably cashed all its bills which were presented.
Source
newspapers

Newspaper Articles (8)

Article from The New York Herald, October 11, 1852

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From Washington City. THE BANK PANIC-MILITARY FUNERAL. WASHINGTON, Oct. 10. 1968. Quite a panic was created here yesterday by the failure of the Bank of the Union, an irresponsible COM cern. owned by Mr Gallaher. of the Richmond Republican All the banks issuing small notes were run upon. The Bank of the Republic, the only institution of the kind which redeems its notes in specie, kept open till eight o'clock last evening, and probably cashed all its bills which were presented. There is now a disposition on the part of the public here to set their faces against the issue of individual and irresponsible bank notes. The remains of the late Sergeant Major Pulozzi, of the U. S. Marines, were buried, from the Navy Yard, this atternoon. A large body of citizen soldiery attended the funeral.


Article from Daily American Telegraph, October 11, 1852

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City Items. Yesterday, some person or persons posted handbill at various public places in the city, calling the holders of the "Bank of the Union" notes to the Third Auditor's Office to have them redeemed. This morning, another was posted, denying that any authority was given to the authors of that handbill to publish any such call. It is new to us to see the relatives and connexions of a bankrupt thus menaced, insulted, and annoyed; nor do the sentiments of the people of this city approve it. We notice in the Republic this morning that the cashier of the "Bank of the City" has not reopened his effice, although the " three or four days" in which the "city circulation" was to be redeemed have elapsed long since. The Columbia Musical Association offers a very fine programme for the concert at Carusi's this evening, (their first of the season.) They have the assistance of Mrs. Muller, which will greatly aid in attracting a large and fashionable audience. As to the ability of the instrumental performers, it is the wish of the association, no doubt, that the able critics who will fill the saloon to-night may be the judges. Biscaccianti has given towards the erection'o the National Monument the profits of one of her California concerts, amounting to over $500. UNFORTUNATE ACCIDENT.-We regret to learn that an accident of a somewhat serious nature occurred yesterday to our estimable fellow-citizen, Mr. Hudson Taylor, of the firm of Taylor & Maury. The spouting of the rear portion of his house had become damaged or obstructed in some manner, and to remedy it he went on the roof during the rain, where he lost his footing and fell to the ground, a distance of about fifteen feet. He came down upon his feet, and seriously injured his left ancle. His other injuries, we are gratified to learn, are very slight; but it is likely that weeks will pass before he will be able to walk again. James Grandison, better known as Jim Darkie, was arrested yesterday by officer Handy, and sent to jail by Capt. Goddard for stabbing Thomas Parker with a pitchfork. Parker was stabbed once in the face and twice in the left breast. Both the parties are negroes, and the quarrel was about some colored damsel. Jim fought hard in Mexico and established his military reputation by following Capt. Boyle through the whole fight at Monterey; but his services there can't be plead with much effect in this case. not The funeral of the late Sergeant-Major Pulizzi took place yesterday afternoon, and was attended by a battalion of our volunteer companies and a detachment of United States Marines, with the bands of the Light Infantry and the Marine Corps-Gen. Menderson having ordered all the marines and the full band to report for duty to the officer commanding the escort. The funeral train was large, and many persons were there who have known the deceased from boyhood, and regret his death as that of a brother. BO Last night the drug store of Mr. Chas. Stott, on the Avenue, near 7th street, was entered by burglars and robbed of the money in the drawer and some cigars. The scamps got in by cutting a pane of glass from the window. The loss was small, but entirely sufficient to warn the citizens to look out! The protracted meeting in the E street Baptist Church is still in progress. Six candidates were immersed in the baptistry at the close of the services yesterday morning. We never saw a more mild and pleasant October than the present. The private banking establishments of this Distriet have been the subject of considerable comment, since the publication made of the stoppage of the Bank of the Union by its proprietor. The butchers of Georgetown on Saturday last issued a manifesto declaring what notes, and what notes only, receive are Washat of Patriotic their those stalls. issued Bank, in They the Bank District of the the Bank they of will ington, Metropolis, Farmers and Mechanics' Bank, Bank of Commerce, Corporations of Georgetown and Alexandria. Within the last ten days $40,000 of Georgetown Corporation notes have been returned and redeemed at their office, and the notes destroyed. This results principally from the operation of the Maryland act of last session. During Saturday a steady run was made upon the small banks generally, but they continued to redeem their promises up to the usual hour of closing; and one of them, as we learn, (the Bank of the Republic,) located near the Centre Market, continued to redeem its notes in gold until eight o'clock in the evening.-Nat. Int. Caution to the Public the instant had


Article from Daily American Telegraph, October 11, 1852

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no On account of the failure of the Bank of the Union, quite a panic occurred among the bill-holders of the different banks of the District. The new bank (Bank of the Republic) not only opened at7 o'clock, but remained open until 8 p. m., and redeemed all their notes in specie as fast as presented, this being the only bank that issued small bills redeemable in specie. It will open again at 6o'clock to-mor row morning.


Article from The Daily Dispatch, October 12, 1852

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THE LATEST NEWS. SMALL NOTES.-Considerable excitement existed in this city yesterday relative to the suspension of the Bank of the Union, and holders of small notes generally exhibited a great degree of anxiety to dispose of them. The subjoined article from the National Intelligencer conveys definite information regarding the Banks in Washington : "The private Banking Establishments of this District have been the subject of considerable comment since the publication made of the stoppage of the Bank of the Union by its proprietor. The butchers of Georgetown on Saturday last issued a manifesto declaring what notes, and what only, of those issued in the District they will receive at their stalls. They are. the Bank of Washington, Patriotic Bank, Bank of the Metropolie, Farmers and Mechanica' Bank, Bank of Commerce, Corporations of Georgetown and Alexandria. Within the last ten days $40,000 of Georgetown Corporation notes have been returned and redeemed at their office. and the notes have been destroyed. This results principally from the operation of the Maryland act of last session. During Saturday a steady run was made upon the small Banks generally, but they continued to redeem their promises up to the usual hour of closing; and one of them, as we learn, (the Bank of the Republic.) located near the Centre Market. continued to redeem its notes in gold until o'clock in the evening." The Washington papers of yesterday contain the following notice, signed by John A. Linton and Samuel Chilton, trustees "The undersigned have been appointed trustees of the Bank of the Union, to wind up its affairs. We are requested to take, hold, and render available, as fir as may be, the assets of the Bank for the benefit of its 'creditors and note-holders.' We have proceeded to take possession of its assets, will wind up its affairs as soon as practicable, and apply such proceeds may come to our hands to the purposes of the trust."


Article from The Daily Dispatch, October 13, 1852

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THE DAILY DISPA TCH. Correspondence of the Dispatch. WASHINGTON, Oct. 9th. Yesterday, at noon, the "Bank of the Union" in this city, suspended payment. In due process of time, the trustees, to whom has been referred the affairs of the bank for adjustment, will redeem its issues as far as practicable. The notes of this concern were widely circulated, hereabouts and elsewhere, and the excitement created by this suspension has been very great. The blow falls heavily on the poorer classes, many of whom have lost their all. To-day a run has been made on the "Bank of the Republic" and other mushroom affairs of the same ilk. and most it not all of them, must go by the board. People at a distance should beware how they handle the worthless trash issued by irresponsible, and. in some cases, imaginary banking concents in Washington. We have seen notes on several banks purporting to be located in Washington, and the most searching enquiries as to their whereabouts, have so forbeen unavailing. Neither Presidents nor Cashiers el these concerns are known, and it is very questionable if they have a local habitation, at all. I would caution the people of Richmond against the notes of all private Banking Hou. ses in Washington, except that of the Exchange Bank of Selden, Withers & Co. In fact. it would not be safe, I imagine, to deal to a great extent even in the issues of this con. cern. Corcoran & Riggs do not issue notes of any denomination. The Bank of the Metropolis, Bank of Washington, and the Patriotic Bank, are the only reliable and safe institutions of the kind, in this city. These are old and well established Banks, and as sound as any in the country. Their issues are all very limited; indeed it is a rare thing to see or meet with a note on either of these banks, in circulation. HENRICO.


Article from New-York Daily Tribune, October 13, 1852

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Total 4,012,017 6,083,915 18,879,641 14,025,096 The Baltimore Sun gives a list of the various banks purporting to "exist" in Washington. Within the last few weeks a flood of bills have been issued, some of them 80 obscurely drawn, that it is hard to tell what they are, or where, if at all, they are redeemable. Here is the list American Exchange Bank, Georgetown-not known; no place of redeemption. Bank of America, Georgetown; Geo. Smith, President- fivesin Wisconsin. Bank of the City, Washington-close Bank of Commerce, Georgetown. D. C.-current all banks, and considered equal to any. Bank of the Metropolis, Washington-old above all suspicion. Bank of the Republic- new York branch bank-between 7th and 8th-sts., Pennsylvania-av. Bank of the Union, Washington closed; suspended. Bank of Washington- one of the old chartered banks. Central Bank. Washington-no known: no place of redemption. Columbia Bank, do. do. Citizens' Bank, do. do. City Bank, J. Bradley, President: circulation withdrawn. Eastern Bank of Washington : J. B. Coddington, President: Combs. Cashier New-York anch-redeemed at the Potomac Savings Bank. Empire Bank, Georgetown-unknown; no place of redemption. Exchange Bank of Selden, Withers& Co.-well known. Farmers' and Morchants Bank of Georgetown-0 of the chartered. Farmers' and Merchants' Bank, Washington-a Lynchburg branch : Pennsylvania avenue, near 4) street. Freeman's Bank,--NewYork branch. Fulton Bank, Washington-unknown Mechanic's Bank, Georgetown-unknown; supposed NewYork. Merchants' Exchange Bank, Washington, unknown; supposed New-York Merchants' and Mechanics' Bank, Washington-a Virginia branch ; no office. Merchants' Eank,Washington-New-York branch : redeemed at Potomac Saving Bank. Metropolitan Bank-unknown; no office. National Bank, Washington-New-York branch; redeemed at Selden, Withers & Co.'s Bank. Ocean Bank, Washington-said to be a fraud. Patriotic Bank, Washington-fir rate. Potomac Savings Bank, Washington; John F. Callan, President-one of the old and reliable banks: 7th-street, near E. Railroad unknown. Southern Manufacturers' Bank, Washington ; C. H. Purcell, Cashier-a Richmond branch received at the Potomac Savings Bank. The Washington correspondent of The Philadelphia Ledger states that the failure of the Union Bank at Washington caused a general call for specie upon the individual banks of that city. He says:Selden's, Wither's and Latham's banks enjoyed such a degree of confidence in the public mind that the eagerness for redemption soon abated. The Patriotic Savinge' Bank, of which JOHN F. CALLAN, Esq., is the President. the junior of the former, but also abundantly established, stood the pressure cheerfully, promptly and without flinching, until every body became satisfied of its ability to meet all demands, and soon every thing was quiet there. The Bank of the Republic, (BAILEY, treasurer,) had a tremendous run, but up to the closing of this has redeemed every note in specie and says he will advertise in the afternoon papers to keep open until eight o'clock to-night. I have heard, after careful inquiry, of no other stoppages or suspension. The Poughkeepsie Eagle says of the Hudson River Railroad The work of laying down a double track, to extend ultimately throughout the whole length of the road, has been commenced and is vigorously prosecuted on three different sections the first from East Albany, south the secci fre m Tivoli to Hudson, and the third from Fishkill Landing to this place. On the Northern section it is nearly finished as far down as Castleton: between Tivoli and East Camp it will soon be ready for the raile, and also from Fishkill Landing to New-Hamburgh, The Directors have decided to have it all completed from this place to Peekskill, to make a continuous double track to New-York, 88 soon as possible. The different sections of double track will be brought into use as fast as completed. The Saratoga Whig says that the work of the Albany and Eagle Bridge Railroad is in rapid progress along the whole line, and is nearly completed, and will soon be in operation as far north as Waterford, passing through West Troy and Cohoes. The abutments for the bridge over the Hudson River, three miles north of Waterford, will soon be finished and ready for the superstructure, and much of the grading on either side of the river, for several miles, has been finished. It is predicted that this road, when completed to Eagle Bridge, will do an extensive and profitable business. The Boston Journal says Money rules at from 6@7 P cent. for first class Loans, either on call or paper of good stamp. No trouble, however, is experienced in procuring reasonable accommodations the Banks. Stocks are feverish and irregular, particularly in the fancy line. At Philadelphia the isno change in Money. The citizens of Dubuque, Iowa, decided on the 29th of September, by a vote of 429 to 9, to subscribe to one hundred thousand dollars of the Stock of the Southern Wisconsin Railroad. The citizens of the place had previously subscribed fifty thousand dollars to the work. Exports for the week ending Oct. 11: LONDON 900 bbin. Flour, 2,923 do. Naval Stores, 50 do. Beef, 38 do. Pkd. Fish, 3 do. Dried Fruits, 700 da Oil Cake, 666 bags do., 326 cks. do. 74,944 Ibs. do., 16,000 Staves, 1 los Mahogany, 99 cks. Wine, 40,814 gallon* Sp. Oil, 8,000 IB Manf'd Tobacco, 5,041 do. Wax, 10 cks. Dried Fish, cases L R. Goods, 5 do. Ese. Oil, 21 do. Bal. Copaiva, 18 do. Shell Lac, 9 ceroons Indigo, LIVERPOOL-1,757 bules Cotton, 5,425 bbla. Flour. 310 do. Naval Stores, 19 do. Manganese, 54 do Apples, 1,876 bushels Wheat. 100,029 to Manufactured Tobacco, 7,225 to Wax, 193,075 TO Lard, 3 casks Hern Tips, 164 boxes Clocks to gals. Sperm Oil, 57 cases India Rub ber Goods, Odo, Cobalt, do. Books, 12,400 Staves, 231 twos Loe word, 1 reroon Indian Wheat LIMERICK -14,000 busbels Wheat. GLANSON-242 bales Cotton, 576 bbla. Naval Storee, 79 do Plums, 48,000 to Hoofs, 3,600 Steven, 47 casks Acet, him Whent. 124 tous Leawood, 8 CareeCottons HAVEL-1,13 ( Late, COROL, 1,001 g parta 09,000 bble Flow,


Article from Lynchburg Daily Virginian, October 14, 1852

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been returned and redeemed at their office, and the notes have been destroyed. This results principally from the operation of the Maryland act of last session. "During Saturday a steady run was made upon the small Banks generally, but they continued to redeem their promises up to the usual hour of closing; and one of them, as we learn, (the Bank of the Republic,) located near the Centre Market, continued to redeem its notes in gold until 8 o'clock in the evening." The Washington papers of yesterday contain the following notice, signed by John A. Linton and Samuel Chilton, trustees: "The undersigned have been appointed trustees of the Bank of the Union, to wind up its affairs. We are requested to take, hold, and render available, as far as may be, the assets of the Bank for the benefit of its "creditors and note-holders.' We have proceeded to take possession of its assets, will wind up its affairs as soon as practicable, and apply such proceeds as may come to our hands to the purposes of the trust."


Article from New-York Daily Tribune, October 14, 1852

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The movements in Cotton this season are as follows: 1852. 1851. Bules, Bales, 131,937 111,554 Receipts at all ports since 1st Sept 48,261 42,254 Exports Rt all ports since 1st Sept 35,473 Shipments from Southern to Northern ports. 26,889 130,471 127,832 Stocks at all ports 22.902 20,871 Stock at New-York 83,615 Stock at New-Orleans 68,041 The increasing receipts give the market a heavy character, as shippers are holding back for & material reduction. The Butchers' and Drovers' Bank, the charter of which expires on the 1st January next, will reoro anize under the Free Banking act, and increase its capital $100,000. Thompson's Reporter cautions the public against taking the notes of the Springfield Branch of the Ohio State Stock Bank, as counterfeits are in circulation, so well executed as to be almost impossible of detection. We notice by the Washington papers that the Bank of the Republic (Bailey's) kept open until 8 o'clock in the evening, to meet the run upon it. A new Bank is being organized in the neighborhood of Broad and South-sts. The leading firms in the Flour and Grain trade are connected with the movement. It will probably be located in the now building of the new Flour and Grain Exchange. The Express says: Intimations have been made by those who are interested in the fall of Cumberland that the payment of $15 per share on the scrip payable the day after to-morrow, will not be fortheoming. We are assured that no such apprehension exists, and that the subscribers are prepared to pay up their subscriptions promptly. The Chicago Bank is now in operation, $108,000 of State stocks having been deposited with the Auditor as the basis of its circulation. Additional deposits of stocks will be made soon. The nominal cipital of the Bank is $1,000,000. The following is a list of the officers : Thomas Burch, President; Alfred Spink, Vice President : I. H. Burch, Cashier. The Baltimore American states that the forthcoming dividends of the Baltimore and Ohio Railroad Company will be 7 per cent. perannum in stock for the Main Stem, and 4 per cent. cash for the last 6 months' business of the Washington Branch. A movement will be made in the Legislature of Michigan, at the next session, for the passage of a Free Banking Law in that State. The London Times compiles the following particulars from a Parliamentary return of the variations of the Public Debt of Great Britain during the