19681. Bank of North America (Providence, RI)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
September 28, 1857
Location
Providence, Rhode Island (41.824, -71.413)

Metadata

Model
gpt-5-mini
Short Digest
0b53b0e3

Response Measures

None

Description

Articles (Sept 28–29, 1857) report that the banks of Providence including Eagle Bank resolved to suspend specie payments as part of a general suspension across Rhode Island amid the 1857 financial panic. No runs on Eagle Bank or receivership/closure are mentioned; this was a coordinated suspension intended as a temporary measure.

Events (1)
1. September 28, 1857 Suspension
Cause
Macro News
Cause Details
Widespread financial panic of 1857 and failures/suspensions elsewhere (St. Louis, Philadelphia, Baltimore) prompted coordinated suspension of specie payments by Providence banks.
Newspaper Excerpt
PROVIDENCE, Sept. 28.-The following are the names of the banks of this city which suspended to-day: ... Eagle ...
Source
newspapers

Newspaper Articles (2)
1. September 30, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, September 30, 1857

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Article Text

PRICE ONE CENT. eboral discount have had to be endured. As thing, the banks are evidencing a CO1 nmend le degree of unanimity in endeavoring to mitigate the adverse influence of the suspension. Nearly, if not all the banks paid out specie yesterday in small sums, when the wants of the applica nt were known to be urgent and made in good faith. SUBTENSIONS AT ST. LOUIS. Dailey & Barksdale and J. J. Anderson & Co., of St. Louis, suspended Monday morning. Both firms are extensive bankers. Mr. Anderson is also owner of the Bank of St. Louis, recently estriblished under the new banking law. He is understood also to have been principal owner of the Rhode Island Central Bank, recer tly failed. These failures produced a great flutte. ing, having been totally unexpected. There is much excitement also in the city and state of Missouri, in consequence of the bank suspensions at Phila lelphia and Baltimore. FAILURE OF A TENNESSE E BANK-EXCITEMENT AT LOUISVILLE. Intelligence has re ached Louisville, Kentucky, that the Bank of Nashville has failed, and made an assignment. The brokers of Louis ville now refuse all issues of the Tennessee Banks. There is great excitement in financial circles in consequence of the recent developments, and the curre ncy market is in a state of utter confusion. The notes of the old State banks of Missouri command a premium here of one per cent. SUSPENSION OF THE RHODE ISLAND BANKS. It is learned that all the Rhode Island banks have suspended specie payments. PROVIDENCE, Sept. 28.-The following are the names of the banks of this city which suspended to-day: The Arcade, American, Atlantic, Bank of America, Bank of Commerce, Atlas Bank, Bank of North America, Bank of the Republic, Blackstone Canal Bank, Butchers' and Drovers' Bank, City Bank, Commercial, Continental, Eagle, Exchange, Globe, High Street, Jackson, Liberty, Lime Rock, Marine, Manufacturers', Mechanics', Mechanics' and Manufacturers', Mercantile, Merchants', Mount Vernon, National, Northern, Pawtucket, Phenix, Providence, Roger Williams, Traders', Union, Westminister and What Cheer and Weybosset Banks. All the other banks in the State are reported as having followed the example and suspended. Their liabilities to the public are not over a quarter of their capital.

2. October 1, 1857 The New York Herald New York, NY
Article from The New York Herald, October 1, 1857

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Article Text

RHODE ISLAND. SUSPENSION OF THE PROVIDENCE BANKS. (From the Provicence Journal, Sept 29 ] The banks of this city have resolved to suspend specie pay mebia. A meeting of the representasives of ine banks was held yeste day William sheldon, President of LOE Eagle Back, WBS elected chairman, and Jabez C Keight, President of the Roger Williams Bank, secretary. abirty three of the thirty nine banks were represented The 45. untees were the Providence, Merchants', Bank of Commore Union, What Obeer, and Lime Ronk After some discoverion, an inf. rmal baliot was tiken, and resulted emly one for suspension, nine against suspension, one diviced, and one bot voting for want of instructions. A vote was then passed without a count:-" That Vote meeting refer mmerd the various backs in this City 10 suspend specie pay ments for the present" Shuback Hatchins, or the American Bank, Elisha Harris, of the Babk of North America, and Jabez U Keight, of line R ger wi Hame Bank, were ampolated a com where 10 fix upon a plan for the regulation of the exchange, among the balks. The chairman DD accretary were authorized to call another meeting, 11 in their jodgment is abouta be occessary. This important measure bas not been resolved upon with out a well consicered pinion of its over rung necessity It may be the result of au incorrect By lew of Danking, but is is the system upon which all our business has been educated, and to which all our busidesa has been acapted No be ks in the country sent a more favorable pro or tion of means to their liabilities than our OWD Their cir culation is email, their deposits are email, 607 the paper in which their capital is invested is founded upon the fass property of the State, and such is the public conâdonce in be excurlity of their capital, that even the unexampled real ure in the money marbet na force+ their stocks, in few instance, down w par. Yet is was be or Inton of those best able 10 judge that they could not go on wish their pretebt contraction without breaking their customers, and bringing to infolverev nearly the bole business commomy Amor those who advocated the suspension were IDe D who had II Saturday held out regolately against it, and who ylelded only under the conviotion that it was the only thing at could preserve the mmun ty from ag Deral bank repley, by which the backs themselves would necessarily lore immensely, and the only thing that could save the la. bonds people from entering upon the winter with the loss of employ ment and with DO means for the support of their families Many milla had stopped, nearly all of then ba1 commenced Funding on short time, there was NO market for goods, and nobody had the courage buy OF the cont desce to sell. No ODO doub 8 the evile of a suspension by the banks, and this evil was DOL dented or attempted to be be concealed; but it was regarded as a necessity that Lowever depiciable, could only be postponed ai immense sacrific e, and that would a ally come the feeling in the Bizee after the suspension had been made known was evidently one of rehef, and every man keo upon mercantile paper as more valuable than 11 was before. The barks, in this measure, have tasea upon the macives important responsibilities, which we have no doubt trey will foldi, ano we have no question shal the community will extend 10 them the outfidence and for bearance which were never more necessary than now, and which are well deserved It 16 reported that some few of the backs have not determined to join in the suppension.