19671. First National Bank (Madison, WI)

View Charter #144 on SPMC

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
144
Charter Number
144
Start Date
April 20, 1878
Location
Madison, Wisconsin (43.073, -89.401)

Metadata

Model
gpt-5-mini
Short Digest
a528f2944d835446

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

On 1878-04-20 the bank resumed gold payments; there was an early-day disposition to run but the bank met demands promptly and the disturbance subsided. No suspension or closure is reported.

Events (2)
1. December 9, 1863 Chartered
Source
historical_nic
2. April 20, 1878 Run
Cause
Macro News
Cause Details
Resumption of gold payments (broader monetary news) produced excitement and a disposition to run.
Measures
Bank met demands promptly (paid out gold), which calmed the depositors.
Newspaper Excerpt
Early in the day there was some excitement and disposition to run on the bank, but meeting its demands promptly the excitement subsided and the demand sensibly dropped off.
Source
newspapers

Newspaper Articles (2)
1. April 21, 1878 The New York Herald New York, NY
Article from The New York Herald, April 21, 1878

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Article Text

GOLD PAYMENTS IN WISCONSIN. [BY TELEGRAPH TO THE HERALD. 1 MADISON, April 20, 1878. The Wisconsin State Treasurer, the First National Bank of Mudison and the Wisconsin State Journal resumed gold payments to-day. The Journal paid its editors and employés their week's salary in the precious metal, to the amount ol nearly $1,000. Early in the day there was some excitement and disposition to run on the bank, but meeting its demands promptly the excitement subsided and the demand sensibly dropped off. GREENBACKS PREFERRED. At Stoughton viliage a grain dealer obtained a quantity of gold from Chicago and attempted to resume gold payment, but being a strong greenback neighborhood most farmers refused to touch it and demanded greenbacks. R. G. THWAITES, Editor State Journal.

2. May 11, 1878 Puget Sound Dispatch Seattle, WA
Article from Puget Sound Dispatch, May 11, 1878

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Article Text

Resumption. MADISON, April 20.-The Wısconsin State Treasurer, the First National Bank of Madison and the State Journal resumed gold payments to-day. The Journal paid its editors and employes their week's salary in the precious metal, to the amount of nearly $1,000. Early in the day there was some excitement and disposition to run on the bank, but meeting its demands promptly the excitement subsided and the demand sensibly dropped off. At Stoughton village a grain dealer obtained a quantity of gold from Chicago and attempted to resume gold payment, but being a strong greenback neighborhood most farmers refused to touch it and demanded greenbacks. R. G. THWAITES, Editor State Journal.