19623. York Bank (York, PA)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
January 15, 1841
Location
York, Pennsylvania (39.963, -76.728)

Metadata

Model
gpt-5-mini
Short Digest
13d2681a

Response Measures

None

Description

Newspaper reports (Jan 1841) describe that Pennsylvania banks resumed specie payments and that the York Bank commenced redeeming its issues with specie and was only called upon for about $700 on the immediate days — described as not amounting to a serious run. No suspension or closure is mentioned. I interpret this as a small/limited run accompanying resumption of specie payments (a macro policy event), with the bank remaining open.

Events (1)

1. January 15, 1841 Run
Cause
Macro News
Cause Details
Public resumption of specie payments across Pennsylvania; withdrawal demand tied to resumption rather than bank-specific failure.
Measures
Commenced redeeming its issues with specie (resumed specie payments).
Newspaper Excerpt
The York Bank commenced redeeming its issues with specie some days before the time fixed by lawand on Friday and Saturday was not called upon for more than about $700.
Source
newspapers

Newspaper Articles (2)

Article from The Madisonian, January 23, 1841

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Article Text

RESUMPTION. We have entertained and expressed but one opinion on this subject from the beginning, and that has been and is, that, the banks should resume no conto the advice of a trary payment. We have Baltimore had financier, doubt, that, the banks generally, were able to maintain specie payments, and being able, justice and propriety dictated the policy of resumption with as little delay as possible. Events, on nearly every side, are confirming the correctness of oui opinion. The Harrisburg Intelligencer of the 19th, after three days' proof or experience of the effect of the measure, says: "The banks of Pennsylvania resumed specie payments on Friday last. We do not believe there was any serious "run" on any of them." The York Gazette of Tuesday remarks: We believe that the resumption of specie payments on Friday last, was general among the banks of Pennsylvania. We have not heard of an exception. In most instances, so far as we have been able to learn, the demand for specie at the counters of the banks was much less extensive than was expected-and scarcely amounted to what is termed a run, if we except the case of the United States Bank. "The York Bank commenced redeeming its issues with specie some days before the time fixed by lawand on Friday and Saturday was not called upon for more than about $700. The news from Philadelphia seems to leave no doubt of the success of the resumption there. A heavy run was made upon the U. S. Bank by New York brokers, but they seem to have exhausted themselves without shaking the bank. In Illinois resumption took place nearly a month since, and we learn that there has been no run upon the banks sufficient to affect their condition in any way. We learn, too, from Mr. McFarland, President of the Farmers' Bank of Virginia, who has passed through this city on his way to confer with the banks of Baltimore, that Virginia is ready to resume, and that gentleman is now endeavoring to get the Baltimoreans engaged in bringing resumption about. The Richmond Whig says: "If Baltimore is not prompt to name a day, we hope and believe that Richmond will resume without her." The Baltimoreans think this "bold language." It is the boldness of right, and we hope the right will triumph. We have no chartered banks now existing in the District of Columbia; but if we had, we have no doubt they would be ready and willing to pay specie. The Virginia Banks have published the following resolutions: At a meeting of the Presidents of the Bank of Virginia. The Farmers' Bank of Virginia, and of the Exchange Bank of Virginia, at Richmond, and being authorized to act in the premises, by their respective Boards, JANUARY 18th, 1841. Resolved, unanimously, That the Banks will resume simultaneously with the Banks of and that the specie Baltimore; payments President of the Farmers' Bank be requested to report this resolution to the Banks of Baltimore, with a request that an early day be fixed upon for the resumption. (Signed) JOHN BROCKENBROUGH, T


Article from Martinsburg Gazette, January 28, 1841

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Article Text

RESUMPTION OF SPECIE PAYMENTS. IN PENNSYLVANIA-The Harrisburg Intelligencer of the 19th, after three days proof or experience of the effect of the measure, says: The Banks of Pennsylvania resumed specie payments on Friday last. We do not believe there was any serious "run" on any of them. The banks of this place paid out a comparatively small amount of the precious metals. The York Gazette of the 19th, remarks on the same subject We believe that the resumption of specie payments on Friday last, was general among the banks of Pennsylvania. We have not heard of an exception. In most instances, so far ES we have been able to learn, the demand for specie at the counters of the banks, was much less extensive than was expected-and scarcely amounted to what is termed a run, if we except the case of the United States Bank. The York Bank commenced redeeming its issues with *pecie some days before the time fixed by law -and on Friday and Saturday was not called upon for more than about $700. RESUMPTION IN PHILADELPHIA.-The - New York Express of the 19th instant saya :--But very little specie has been received in this city from Philadelphia. Brokers and others who had any demands on the Banks there, gave orders to remit their funds here by drafts, at three-eights per cent. in preference to taking specie. The Banks there, and particularly the United States Bank, however, behaved in the most prompt and liberal manner. They offered the specie, or drafts at par on New York. This is doing the thing in the right way. It will secure to them the confidence of the public, and will enable them to sustain their position. RESUMPTION IN ILLINOIS.-It will be remembered that by the unexpected termination of an extra session of the Legislature of that State, a few hours, on a day, previous to the commencement of the regular session, the State Bank of Illinois was in a measure coerced into the work of resaming specie payments, somewhat sooner than it otherwise would have done. The resumption took place, if we mistake not, on the 21st of December. And we now learn from the St. Louis Republican of late date that the demand for specie on the State Bank of Illimois, had thus far been much less than was expected." We are sold, in fact, that There has been nothing like a run on the State Bank, or any of its branches. The resumption thus far is said to have had no influence whatever on the condition of the bank. RESUMPTION IN DELAWARE.-All the banks in Wilmington, Delaware, resumed specie payments on the 15th. There was no run upon them, and all passed off quietly.