Towanda Bank - Towanda, PA

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: June 1, 1837*
Location: Towanda, Pennsylvania (41.768, -76.443)

Metadata

Model: gpt-5-mini
Short Digest: 79b7b494

Response Measures

None

Description

Article (1837-06-24) references 'Miner's Bank of Pottsville' in a summary of neighbouring banks that 'suspended specie payments' during the 1837 crisis. No run or receivership is described and no permanent closure is mentioned; this appears to refer to the widespread temporary suspension of specie payments (Panic of 1837). I infer a temporary suspension (hence suspension_reopening).

Events (1)

1. June 1, 1837* Suspension

Cause: Macro News
Cause Details: Part of neighboring banks' suspension of specie payments during the 1837 crisis (widespread panic/monetary crisis).
Newspaper Excerpt: Miner's Bank of Pottsville, 207,565 7,700 ... shows the cause why people have no confidence in these moneyed monopolies. ... when they suspended specie payments;
Source: newspapers

Newspaper Articles (1)

1. June 24, 1837 The Columbia Democrat Bloomsburg, PA

Article from The Columbia Democrat, June 24, 1837

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Article Text

own neighbourhood. Banks. Circulation. Specie. Northumb'd Bank $295,688 $43,668 Towanda Bank, 316,875 16,371 59,390 7,318 Wyoming Bank, Lumberman's Bank, 259,155 40,227 Miner's Bank of Pottsville, 207,565 7,700 TOTAL, $115,284 $1,132,673 Thus, only $115,284 in specie are held by these five neighbouring banks to redeem $1,132,673 of notes in circulation, being ten to one. This state of things exhibits the deplorable condition of the Banks when they suspended specie payments; and their own statement as above shows the cause why people have no confidence in these moneyed monopolies. Give us the METALLIC currency, and if we have but little, we have that little to a certainty.