19684. Banks of Providence (Providence, RI)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 11, 1839
Location
Providence, Rhode Island (41.824, -71.413)

Metadata

Model
gpt-5-mini
Short Digest
64b8ac87

Response Measures

None

Description

Multiple 1839 articles report the Banks of Providence suspended specie payments on October 11, 1839 and intended to resume on October 15. No run is described; the suspension appears part of a wider, system-wide suspension of specie payments. Contemporary reports state an intention or expectation to resume, so I classify this as suspension_reopening. I did not invent a confirmed reopening date beyond the stated intention.

Events (2)

1. October 11, 1839 Suspension
Cause
Macro News
Cause Details
Part of a broader suspension of specie payments in multiple cities driven by panic/news about New York banks and systemic pressures; Providence suspended along with other cities (Richmond, Norfolk, Washington, Wilmington).
Newspaper Excerpt
the Banks of Providence suspended specie payments on the 11th
Source
newspapers
2. October 15, 1839 Other
Newspaper Excerpt
the Banks of Providence suspended specie payments on the 11th with an intention to resume on the 15th instant.
Source
newspapers

Newspaper Articles (3)

Article from Lincoln Telegraph, October 24, 1839

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Article Text

TELEGRAPH. From the New York Com. Adv. PROGRESS OF SUSPENSION. Since our last publication, positive intelligence has been received of the temporary suspension of specie payments by the banks of Richmond, Norfolk, the District of Columbia, Wilmington, (Delaware) and Providence. At Richmond the news from Philadelphia was received on Friday. Meetings of the directors of the several banks were immediately held, and a like course was agreed upon without loss of time. The Richmond Compiler says: This course by our banks, was one unavoidable; and adopted in justice to the banks themselves, to the trade and interests of Richmond, and to the State, which is a large stockholder in them all. For some time our banks have had to supply heavy demands upon them from the North for specie; and there were in this city yesterday morning, several Northern brokers, awaiting the hour of 9 o'clock, to make large drafts upon them. Our banks did not hesitate, and they ought not to have hesitated. They are justified by our citizens. Upon the annunciation of their determination, all was calm, and there was a general indication of satisfaction at the event. The people in the country may rest assured that our banks have taken their course under circumstances, and in a condition, which should impart the most perfect confidence in them. They will be ready to resume the moment the course of the Northern banks renders that expedient and proper. At Washington there was a considerable run upon the banks on Thursday. A meeting of directors was held in the evening, and on Friday morning the announcement was made. The banks at Norfolk which have suspended are the Farmers' and Virginia.-A slip from the office of the Norfolk Herald says that the Exchange Bank of Virginia has determined to go on paying specie. It is a new institution and has $300,000 of state stock in possession. Its circulation is, probably, not large. The Philadelphia banks issue notes of no less donomination than $10. The fives already issued are called in and redeemed with coin. Also the ones issued by the Girard Bank. The suspension of the Providence banks was agreed on, it isalleged,under the prevalent impression that the New York banks must go down. It is presumed that infornation to the contrary will produce a change of action. The banks at Trenton, New Jersey have not suspended, and the Gazette of that place says they will continue to pay specie so long as they are encouraged and sustained by the liberality and confidence of the public. It is reported that a delegation from the Boston banks has come to this city, for consultation with the officers of our institutions. It is said that their language is full of confidence, and that the Boston banks are prepared to offer assistance if it shall be needed by our institutions. This, however, sesms little probable, as there is no call for specie, and the public confidence appears to be increasing daily. Bank Meeting in Boston. A meeting of delegates from the different banka of Bos-


Article from Edgefield Advertiser, October 24, 1839

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Article Text

The Charleston Couriersays, the Banks of Providence suspended specie payments on the 11th with an intention to resume on the 15th instant.


Article from Lincoln Telegraph, October 31, 1839

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Article Text

MONEY. Accounts from Boston and N. York, present a more favorable inspect, than at our last date of publication. The New York Banks appear determined to maintain specie payments, and to discount as freely as their circumstances will permit. It appears from statements, that the Banks of N. Y. feel quite secure, and are confident that no exigency can occur, by which they can now be obliged to suspend. The N. Y. merchants appear satisfied with the course of their Banks, and express their determination to sustain them. In Boston, on Saturday there was, according to the Patriot, visible improvement in money matters. The Banks of Baltimore, and likewise of Providence, it is thought will resume in a few days.