19633. Burrillville Bank (Burrillville, RI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 7, 1838
Location
Burrillville, Rhode Island (41.970, -71.685)

Metadata

Model
gpt-5-mini
Short Digest
9429da85

Response Measures

None

Description

Articles (1838–1840) describe commissioners appointed to settle the affairs of the Burrillville Bank, reports that affairs 'still remain unsettled' but funds 'would pay off all demands' and later (1840) the legislature closed the commission and 'burning the bills' and ordered payment to commissioners. No article describes a depositor run; this is a suspension/failure with commissioners/receivers winding up affairs and permanent closure.

Events (3)

1. November 7, 1838 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank affairs unsettled and insolvency/liabilities requiring commissioners to settle affairs; funds expected to pay demands but indicates failure of normal operations.
Newspaper Excerpt
The Commissioners of Burrillville Bank made their report. The affairs of said bank still remain unsettled... would pay off all demands against the bank, and leave something for stockholders.
Source
newspapers
2. November 6, 1839 Receivership
Newspaper Excerpt
The Bank Commissioners reported ... the committee to alter ... closing a commission on the Burrillville Bank ... the commissioners of Burrillville Bank made their report. The affairs of said bank still remain unsettled. presented Commissioners of Burrillville Bank made their report.
Source
newspapers
3. May 8, 1840 Other
Newspaper Excerpt
Mr. Stead offered a resolution closing a commission on the Burrillville Bank, and burning the bills. The rule was suspended and the act passed. A resolution passed for the payment of the commissioners of Burrillville Bank.
Source
newspapers

Newspaper Articles (3)

Article from The Rhode-Island Republican, November 7, 1838

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Article Text

RHODE.ISLAND REPUBLICAN, NOVEMBER 7, 1838. prevent prosecutions for breaches of the IN THE HOUSE. tives. tate. license law up to this time, was taken up The act relative to taking oysters in Point a commit. Petition of Betsy Lawton for leave to peand passed. Judith Pond, was again read and passed. tition for divorce-coutinued, with order o dolph,Pot The second resolution from the same notice. Adjourned to 2 1-2 o'clock, P. M. gentleman, amended by him, came up, to the Courts 1-2 o'clock, P. M. Petition of Thomas B. Harvey et al. relsuspend the operation of the law of Jane, was taken ative to taking oysters in Point Judith Pond The House adjournment. 1838, to the close of the January session, from Mr. --granted, and the act read once, and laid Mr. King reported resolutions appointing and to empower city and town authorities on the table. Generai, it Thursday, the 29th day of November, for a to grant licenses to continue up to that time, An act to emancipate all slaves brought day of Public Thanksgiving; which were for the retail traffic in ardent spirits. morning. into the state-read a second time, and postadopted. Mr. Whipple, of P. moved to restrict the undry ac. poned to next session. Act requiring children undertwelve years quantity to be sold under such license, to a erred to the Adjourned to 3 1-2 o'clock P. M. of age, who labor in factories. to attend quantity not less than one gallon, in towns 3 1-2 o'clock, P. M. school 3 months in the year--Referred with or city where license have been prohibited Speaker,in Report of the inspectors of the State instructions to report to next session. by vote of the freemen under the law of at the Oct. Prison.-The prison not having yet been On the bill relative to deposites of the June, 1838. An Act to occupied, land the board of inspectors not Mr. Smith moved an amendment, to the State's quota of the surplus revenue. The the money full, the report contained but little of public amendment authorized to loan the city of amendment, to permit tavern heepers to with this interest. Providence, 840,000 of said fund, was so sell in quantities less than one gallon, or in and refer The report was received, and referred to amended, as to authorize loans to other other words, exempting them from the nce. This the Committee on the State Prison. towns, in proportion to the population of operation of the amendment of Mr. Whipy deposited Bill relating to grave yards-prohibiting said towns, as such funds may be relinquishple. le Commis. the passage of turnpikes, rail roads or caMr. Simmons moved to amend so as exed by the banks where they are on deposite. other bank. nals, through grave yards, with consent of clude tavern sales on the Sabbath, which The amendment was adopted and the bill d a bill to the proprietors, and to prevent the mutilation amendment was accepted by Mr. Smith. passed. he assessing of grave stones, fences, &c. Read and laid The amendment of Mr. Smith was adopted Resolution to appoint Messrs. Rhodes, J. d a bill to on the table. Afterwards taken up and -27 to 10. H. Clark, and Holden, a Committee to inproceedings passed. The question was then put on the nquire into the expediency of instituting a re referred The Commissioners of Burrillville Bank mendment of Mr. Whipple, as thusamendgeological survey, and to report at the next ciary. made their report. The affairs of said bauk session. ed, and decided in the affirmative, 21 to still remain unsettled. , presented Commissioners of Scituate Bank report16. So the amendment was adopted. Bill relative to joint partners and joint dges. and a The resolution was farther amended by ed that they were progressing in the settletested in the debtors-bill relative to highways-to ment of the affairs, and that the funds fixing its extension to the 15th of February d adverse to late process against banks-for erecting instead of the close of the January session. would pay off all demands against the bank, r. C. stated, monuments between R. Island and MassaThe question was put on the adoption of and leave something for stockholders. chusettsproprietors of wharves ed only by the resolution, and decided in the affirmaPetition St. Luke's Church, South Kingsard volunta. --and petition relative to pedlars. give by yeas and nays, as follows-years 49, town, to change name to St. Paul's-Grantferred to a The Attorney General, by leave inquired nays 15.-So the resolution was adopted. ed. County, viz of the House, relative to the final dispositOn inquiry by the Attorney General, be Petition of G. W. Hazard et. al. relative ells, Spencer ion of Elijah Ball, 18 state Prisoner, whose was directed to drop all prosecutions, comto school district at Mumford's Mills.-sentence of death has been commuted for menced by him against persons for the vioGranted. y memorials perpetual imprisonment, no vote having lation of the law of June, 1838. Act directing a geological survey of the the present passed, to transfer hum to the State Prison. Mr. Clarke, of Providence, offered A resState postponed to next session. ils from E. The subject was referred to the Commitolution to pay Mr. B. Hazard $500, as Act to repeal existing license law for the h, Warwick, tee on the State Prison, removal of prisoncounsel for the State, in the case of Rhode sale of wines, &c. and to substitute the law ers &c. of N. Kings. Island against Massachusetts, in the Sucontained in the Digest of 1822-Read and w, were se* LICENCE Law.-On petition of A. D. preme Court of the U. States; and $500 discussed. to the same Hodges for repeal of the present Licence for the payment of other counsel to be asThe question WAS on the first seetion of Law, the Committee reported ought not to sociated with Mr. Hazard, by the Governor. the bill, to repeal the existing laws on the m. be repealed, but so amended as to permit Adopted. tee on Consubject. The question was taken by yeas wines and strong liquors to be sold in quanBy request, the N. E. Coal Mining Comand nays, and decided in the negative,vor of granttities not less than one gallon, and in smalpany had leave to withdraw their papers. yeas 35 nays 29-So the bill was rejected. ason Handy, ler quantities for medicine and the arts. Petition of Joseph Veazie, et. al. relative The amendmentto existing law, by the The report was received, and referred to to bank loans, and the subject of alterations 1. Burns, of Committee, to provide for granting license the Committee on the Judiciary, with inin laws relative to banks, were taken up by to retail wines and spiritious liquors, in eaiing a pea structions to bring in a bill in conformity Mr. J. H. Clarke, a member of the commitad no intentherewith. quantities not less than one gallon, nor tee to whom the subjects were referred. AfI took it, to more than ten gallons, and to physicians Petition of Stone Bridge and Fall River ter soine explanation, Mr. Clarke presented t he was a to retail in smaller quantities, for medicine, Turnpike Company, to confirm committee's a bill to repeal the law to authorise the sus. ndition that and the arts, then came up for consideralocation, and to amend charter. Continupension of specie payments to the first of s. ed with order of notice. tion. Mr. Whipple, of Providence moved December, and which limits the amount of rated on his to strike out the provisions, not exceedPetition of joint committee of the City discounts. ecommenda. Council of Providence for aloan of $40,000, ing ten gallons." Mr. J. H. Clarke moved The House refused to suspend the rule. to insert, after physicians, and other suitafrom the State's quota of the surplus revenand the bill was laid on the table. 1 Treasurer ble persons. Mr. Spencer moved to strike ue, for the use of schools in the city of ProvAn appropriation of $1500 was made for and referred idence. Laid on the table. out physicians and substitute suitable perbuilding the Providence County Jail. Petition of John Gorham et. al. for act of sons. Mr. Spencer's motion prevailed. Sundry accounts against the State, to the Mr. Whipple of Providence moved to r the Stateincorporation for Eagle Screw Companyamount of $2701 72 presented and allowed. that the ex. strike out, and to be used in the arts." granted. Act passed. Concurrences came down from the SenConcurrences came down from the Sended the sum The amendment prevailed. ate on the various acts which had been sent ons,$148 17. Mr. John James moved to lay the bill on ate, on sundry bills, reports, and resolutions up from the House, and not previously rethe table. to put on a sent up from the House. turned. to the Com Mr. Randolph moved in take the quesPetition of Sarah Ann Gardner, guardian At 11 o'clock, P. M. the General Asfor sale of real estate. Granted. tion by yeas and mays. The call was sussembly adjourned, to meet again at Provittee to repair tained, and the yeas and nays taken, as Adjourned to 10 o'clock, A. M. Saturday dence, on the first Monday in January next was referred follows-yeas 36, nays 27. So the bill morning.


Article from The Rhode-Island Republican, November 6, 1839

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Article Text

The Act amending the charter of Rhode Is. land Central Bank, was read. Mr T T Hazard moved to amend the Act eby making the private property of stockholders holden for payment of debts. Mr Rundolph said it would do no good. but D. hurt: men would not invest their money in banks if owning one share should make them re liable to all the debts of the banks it was unjust and impolitie. If there was any fraud the of directors were liable but if the widows and e phans put their money into banks, they would e made liable. There was no other State where private property was holden, and it neverought of 10 be in any bank charter. Mr Hozard said the gentleman had ind serted a provision making the bank liable to fu. ture acts of the Assembly but in fact the assembly was governed by the banks: gentlemen were legislating for a certain class of people : he should call for the yeas and nays. Mr Randolph asked what earthly danger there was that the bill holders would safer there had been several banks here had failed. 5 but the bill holders did not lose any thing He stood here to protect the banks: the banks were the most respectable class of the community. and he would protect them. MrTT Hazard asked did lose by the banks did not the people lose by the Burrillville bank ? did they not lose by the Gloucester bank ! He was not opposed to a reasonable credit system nor to the banks. but he wanted to protect all parties. Mr Randolph argued that the banks were abundantly solvent. and there was no danger to bill holders: it was the stockholders who were in danger. Mr Spencer said he had never found any d charter where stockholders were liable unless there was fraud : and be was opposed to mak ing them liable he wanted that kind of money and be did not wish to discourage the class of people who wished to invest a little money. liahle for the debts. Mr TT Hazard did wish to discourage people from investing money in banks: were over. run with banks now. The House was called and the amendment was lost 21 to 43. Mr B Hazard offered a resolution instruct ing the Committee on the Judiciary be requested to report what amendments are necessary in the act relating to Water mills and Flowage and the act relating to Justices Courts in the Town of Newport, and the act authorizing review in Civil Actions Petition of N. Y. B. & P. R. R. Co. for liberty to build Steamboats. was received. The Senate were then invited to be present at the trial of the docket of private Petitions. Adjourned to 9 o'clock Friday. Friday, November 1, 1839. Petition of Tobias S. Ross. calling on the General Assembly for diversthings. was receiv. ed : of Joseph Smith for remission of fine for non-attendance as juryman, granted. A communication was received from the counsel in the case between this State and Massachusetts. stating that he had received notice de from the attorney of Massachusetts that they h 1d elected not to withdraw their appearance. Mr Holden called up the resolution for a ommittee to revise and digest the laws of this State T the committee was ordered to consist of three SI of Secretary Bowen and William R. Staples were hosen. and Thomas W. Dorr. Thomas Rivers. in hi and Albert C. Greene were nominated. and the members ballotted. Mr Derr had 26 votes it Mr Rivers had votes. and Mr Greene had 39 to votes. and was therefore elected. Petition of B. P. & N. Y. R. R. Co. for leave to build steamboats taken up and the petition granted. -and he vote attempted to be passed when Mr E. R. Potter stated this act had not been printed for the use of the members- and that the members were taken by surprise. On motion of Mr Hazard the subject was postponed till January. Report of the Warden of the Rhode Island Penitentiary was received and communicated to the Senate, and the House adjourned to 3 o' clock. AFTERNOON.- Slocum presented a bill thorizing Military Officers who have not taken their engagements to take their engagements within 30 days: read twice and passed. Petition of Elizabeth Clark. guardian. for sale of real estate. granted. p A Resolution was passed appointing Mr in Robbins, a committee to draft a resolution for it the appointment of a day of Thanksgiving. Petition of William Rav for leave to hold real estate, granted of William Clark. for stay of proceedings. continued with an order of notice of S. Kenyon, for divorce, continued with order of notice. fu The Committee to when was referred the petition of the Rhode Island Historical Society, reported a resolution that the Semi Centenial Anniversary be celebrated at Newport. at the to June session : the resolution passed. and a committee of 2 from each county was appointed. Mr T.T. Hazard called up the bill authorB izing free banking offered at the last session. He merely wished to call it up to refer it to a committee to examine the subject fully. and renext session and the bill was referred to port Messrs T. T. Hazard, Shippee, Holden. Bow H eu. Aldrich. bi The Bank Commissioners reported that they B had not received returns from all the banks. at but they had returns from forty banks in all. including Newport and Providence on the 15th n of October. in these forty banks, the amount capital of the same forty banks at that date. $8,345,370 00 Amount of bills and notes payable out of the Sate held by them 4,272,370.58 m Amount of bills of banks out of the 1,337 5 State not paying specie. go Amount of bills and notesdiscount1.143.393 45 de ed payable in Philadelphia, Do of 303.835 55 do do Baltimore, sh Do do do Elsewhere in non2,605 91 specie paying places, of Balances due 16th October from ou 81,409 08 DOD specie paying banks. in Bills and notes discounted and held m 2,024,178 55 payable in New York. Bills and notes discounted and held da 795,739 04 payable in Bosten, Bills and notes discounted elsewhere on 7,454 28 in specie paying places pa l'he amount renewed payable out of or the State not known with accuracy


Article from The Rhode-Island Republican, May 13, 1840

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FRIDAY, May 8th. Petition of N. E. Coal Mining Company. for amendment of charter. was taken up, and continued to June. Mr. Stead offered a resolution. closing a commission on the Burrillville Bank. and burning the bills. The rule was suspended and the act passed. A resolution passed for the payment of the salary of the acting Governor for the year past, four hundred dollars. Resolution passed for the payment of the commissioners of Burrillville Bank. Act reducing number of street commissioners in Newport, was passed. Mr. J. H. Clarke, from the committee to alter the Court House in Providence county, said that the committee had taken into consideration the enlargement of the Court House; he submitted some plans, carrying the south front 38 feet further west; the work could be done for $8000. He said the Historical Socie-