20683. Bank of Knoxville (Knoxville, TN)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 29, 1857
Location
Knoxville, Tennessee (35.961, -83.921)

Metadata

Model
gpt-5-mini
Short Digest
54b4f426

Response Measures

None

Description

Articles are from the Panic of 1857 period. They describe a universal suspension of specie payments in Tennessee and list the Bank of Knoxville among banks whose notes are discredited/sold at a heavy discount and among suspended Free Banks. There is no article here describing a depositor run, receivership, or permanent closure; therefore classified as a suspension (statewide/specie suspension) with implied later resumption rather than failure.

Events (1)

1. October 29, 1857 Suspension
Cause
Macro News
Cause Details
Universal/statewide suspension of specie payments tied to the Panic of 1857; notes of many Tennessee banks discredited and selling at heavy discounts, including Bank of Knoxville.
Newspaper Excerpt
There is, substantially, as in 1837, a universal suspension of specie payments.
Source
newspapers

Newspaper Articles (7)

Article from Fayetteville Observer, October 29, 1857

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Article Text

# Bank Notes- Twenty years ago a member of the Massachusetts Legislature profanely observed, in a public speech:- "There is not a bank bill in this good commonwealth which, if it had a voice, could honestly exclaim-'I know that my redeemer liveth.'" Were we as unfastidious in our diction, we could with as much propriety, put the same words in the metaphorical mouth of every bank note in Tennessee--we might almost as well say the Union -at the present moment. There is, substantially, as in 1837, a universal suspension of specie payments. In this State, during the suspension, notes of the old Tennessee banks will be considered, we presume, as the standard, and all notes of other banks redeemable in these notes,and bankable, will pass at par. The following is a list of the banks, whose notes are taken on deposit and in payment of debts at the Bank of Tennessee: Bank of Chattanooga. Union Bank. Traders' Bank. Bank of America. Bank of Commerce. Bank of Memphis. Bank of Paris. Bank of the Union. Buck's Bank. Bank of Middle Tennessee. City Bank. Citizens' Bank. Plarters' Bank. Farmers' Bank. Merchants' Bank. Northern Bank. Southern Bank. Kentucky Banks. New Orleans Banks. Bank of Tennessee. Notes on the foregoing Banks will be received at the Observer office, at par, in payment of debts, or for new subscriptions, job-work, or advertising, until further notice. The notes of the following Banks are purchased by the Brokers of Nashville at from 60 to 80 cents on the dollar: Bank of Claiborne. " Tazewell. " Knoxville. " Trenton. " Shelbyville. " Lawrenceburg. " Ocoee. " Nashville. Seasonable Suggestion-


Article from Nashville Union and American, December 2, 1857

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Article Text

Monetary and Commercial. The Knoxville Southern Citizen remarks as follows, in its issue of the 26th ult., in regard to the discredited Banks in this State: With but few exceptions the notes of all the Banks of Tennessee pass current in daily transactions of business, and in the payment of debts, and if most of the Banks will in & short time, (as we are informed they have resolved to do,) commence selling exchange at one per cent., the people will suffer but little from the suspension. But there are other Banks that have a large quantity of notes in circulation, that do not pass current, causing considera ble embarrassment in the different sections of the State where they were put in circulation. Among these may be classed the Bank of Claiborne, Bank of Jefferson, Bank of Tazewell, Bank of Knoxville, Bank of Shelbyville, Bank of Nashville, Bank of Lawrenceburg, and Bank of Trenton. The notes of these Banks, we observe from our exchanges, are selling at about 30 per cent. discount -an enormous shave. By the report of the Comptroller we are able to approach the circulation of the Free Banks in the above list.


Article from Nashville Union and American, December 18, 1857

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Article Text

# Uncurrent Bank Notes Wanted. WE will pay the highest market price for the Notes of the following Banks, if delivered immediately: Lawrenceburg, Shelbyvilie, Ocoee, Dandridge, and Knoxville. the above Notes we want paiticularly. We will also, buy The Notes of all suspended Free Banks not mentioned in the above list, at the highest market price. dec 5-tf A. WHELESS & CO.


Article from Nashville Union and American, March 24, 1858

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Article Text

# Uncurrent Bank Notes Wanted. WE will pay the highest market price for the Notes of the following Banks, if delivered immediately: Lawrenceburg, Shelbyvilie, Occee, Dandridge, and Knoxville. The above Notes we want particularly. We will also, buy The Notes of all suspended Free Banks not mentioned in the above list, at the highest market price. dec 5-tf A. WHELESS & CO.


Article from Nashville Union and American, April 6, 1858

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Article Text

# Uncurrent Bank Notes Wanted W E will pay the highest market price for the Notes of the following Banks, if delivered immediately: Lawrenceburg, Shelbyville, Ocoee, Dandridge, and Knoxville. The above Notes we want particularly. We will also, buy The notes of all suspended Free Banks not mentioned in the above list, at the highest market price. dec 5-1f A. WHELESS & CO.


Article from Nashville Union and American, June 27, 1858

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Article Text

# UNCURRENT BANK NOTES WANTED. WE will pay the highest market price for the Notes of the following Banks, if delivered immediately: Lawrence-burg, Shelbyville, Oooee, Dandridge, and Knoxville, the above notes we want particularly. We will also buy the Notes of all suspended Free Banks, not mentioned in the above list, at the highest market price. dec5-tf A. WHEELES & CO.


Article from Nashville Union and American, August 15, 1858

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Article Text

# UNCURRENT BANK NOTES WANTED. WE will pay the highest market price for the Notes of the following Banks, if delivered immediately: Lawrence-burg, Shelbyville, Ocoee, Dandridge, and Knoxville, the above notes we want particularly. We will also buy the Notes of all suspended Free Banks, not mentioned in the above list, at the highest market price. dec5-tf A. WHEELES &