Providence National Bank - Providence, RI

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 1302
Charter Number: 1302
Start Date: April 30, 1878
Location: Providence, Rhode Island (41.824, -71.413)

Metadata

Model: gpt-5-mini
Short Digest: 206162aa

Response Measures

Accommodated withdrawals

Description

Multiple newspapers report an ongoing run on Providence banks with heavy withdrawals at the Providence National Bank on April 30, 1878. No article mentions a suspension, closure, or reopening of this bank—only that checks are being cashed and police are deployed. Cause is recorded as a general panic (systemic/localized panic) rather than a specific misinformation episode or government action.

Events (2)

1. June 17, 1865 Chartered

Source: historical_nic

2. April 30, 1878 Run

Cause: Macro News
Cause Details: General panic among depositors in Providence leading to heavy withdrawals; articles describe 'panic-stricken people' but do not cite a specific rumor or bank-specific failure.
Measures: All checks being cashed; extra police precautions to guard depositors; continuous supplies of funds brought to the bank and paid out.
Newspaper Excerpt: The run on the banks is still kept up with the same activity as yesterday... Up to this time all checks are cashed in the Providence National Bank. In this bank are piled up great quantities of bills of all denominations.
Source: newspapers

Newspaper Articles (3)

1. May 1, 1878 The New Orleans Daily Democrat New Orleans, LA

Article from The New Orleans Daily Democrat, May 1, 1878

Click image to open full size in new tab

Article Text

Continued Run on the Providence Banks. PROVIDENCE, April 30. The run on the banks is still kept up with the same activity as yesterday. Extra precautions were taken by the police, on account of the advent of a circus with its attendant professional thieves. The depositors are guarded against pickpockets. Up to this time all checks are cashed. In the Providence National Bank are piled up great quantities of bills of all denominations, and a continuous supply of funds is arriving daily and is as rapidly paid out. The panic-striken people will not be assured of the safety of the bank, and many of the women are carrying largesums in the bosoms of their dresses, being afraid to deposit it or leave it in any place for fear of losing it. The bank officials will probably refuse to receivea great portion of the money again on deposit after the panic is over.

2. May 2, 1878 The Daily Cairo Bulletin Cairo, IL

Article from The Daily Cairo Bulletin, May 2, 1878

Click image to open full size in new tab

Article Text

PANIC AT PROVIDENCE. NO ABATEMENT OF THE RUN ON THE BANKS. PROVIDENCE, R. I., April 30.-The run on the banks is still kept up with the same activity as yesterday. Extra precautions were taken by the police on account of the advent of a circus, with its attendant professional thieves, and the depositors are guarded against pickpockets. Up to this time all checks are cashed in the Providence National Bank. In this bank are piled up great quantities of bills of all denominations. A contiuous supply of funds is arriving daily and is as rapidly paid out. will not asbe The panic-stricken peop sured of the safety of the bank, and many of the women are carrying large sums in the bosom of their dresses, being afraid to deposit or leave the same at any place for fear of losing it. The bank officials will probably refuse to receive a great portion of the money again on deposit after the panic is over.

3. May 10, 1878 The Emporia News Emporia, KS

Article from The Emporia News, May 10, 1878

Click image to open full size in new tab

Article Text

PROVIDENCE, R. I., April 30.The run on the banks is still kept up with the same activity as yesterday. Extra precautions were taken by the police on account of the advent of a circus, with its attendant professional thieves, and the depositors are guarded against pickpockets. Up to this time all checks are cashed in the Providence National bank. In this bank are piled up great quantities of bills of all denominations. A continuous supply of funds is arriving daily and is as rapidly paid out. The panic-stricken people will not be assured of the safety of the bank, and many of the women are carrying large sums in the bosoms of their dresses, being afraid to deposit or leave the same at any place for fear of loosing it. The bank officials will probably refuse to receive a greater portion of the money again on deposit after the panic 18 over. Such a spectacle is a shameful commentary on the financial legislation of this country. A postal savings bank law, as is proposed by Congressman Phillips, or the interconvertible bond and currency plan, would stop all such scenes as the above. Yet Congress, governed by bankers, refuses to legislate for the protection or the accomodation of the people, and the latter, though they have the power by their votes to protect their rights and intereste, seem incapable of exercising the intelligence necessary to effect those objects.