20727. Bank of Lawrenceburg (Lawrenceburg, TN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 30, 1857
Location
Lawrenceburg, Tennessee (35.242, -87.335)

Metadata

Model
gpt-5-mini
Short Digest
b4a09890

Response Measures

None

Description

Contemporary reports (Oct 15, 1857) state the Bank of Lawrenceburg closed its doors on the 30th ult. Articles place this in the wider Panic of 1857; no specific depositor run is described in these clippings. No reopening or receivership is mentioned in the provided articles, so this is classified as a suspension with permanent closure.

Events (1)
1. September 30, 1857 Suspension
Cause
Macro News
Cause Details
Closure occurred during the nationwide Panic of 1857; bank closed its doors amid the broader financial panic and suspension of specie payments in the state.
Newspaper Excerpt
The Bank of Lawrenceburg closed its doors on the 30th ult. The President and Cashier-assert that the assets of the Bank are sufficient to meet its liabilities.
Source
newspapers

Newspaper Articles (9)
1. October 8, 1857 Fayetteville Observer Fayetteville, TN
Article from Fayetteville Observer, October 8, 1857

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Article Text

The Old Banks refuse to Suspend. It was understood generally on the streets yesterday that the Bank of Tennessee, Planters' Bank and Union Bank would refuse to suspend, though no formal reply to the address of the meeting of the merchants had been reported last evening. All the other Banks in the city were kept open through the day yesterday, and paid out all calls. The following Banks were thrown out at the counters of the old Banks yesterday. The ground upon which their notes were refused, was that they had no agencies in Nashville to take them up. Some of them are believed to be entirely solvent. Here is the list: Bank of Tazewell, at Tazewell. Bank of Claiborne, at Tazewell. Exchange Bank, Murfreesboro. Bank of Lawrenceburg. Bank of Jefferson, Dandridge. Bank of Nashville. Bank of Memphis. River Bank, Memphis. Northern Bank of Tennessee, Clarksville.

2. October 15, 1857 Fayetteville Observer Fayetteville, TN
Article from Fayetteville Observer, October 15, 1857

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Article Text

The Bank PanicThe panic has pretty nearly subsided, and financial matters throughout the country are assuming a more cheerful aspect. The sound condition of the New York and Boston Banks, and their determination, publicly announced, to breast the storm, seems to have had a wholesome effect in allaying distress and quieting the excitement. In Tennessee, the Ocoee Bank at Cleveland closed its doors on Monday. We learn that its depositors are secured, and that it is thought it will be able to meet its liabilities. The Bank of Lawrenceburg closed its doors on the 30th ult. The Prèsident and Cashier-assert that the assets of the Bank are sufficient to meet its liabilities. The Bank of Nashville, which has suspended, shows as Assets $386,230, while its Liabilities are $273,904-surplus of means over debt $109,236. Its circulation is $114,600, protected by $129,000 of Tennessee State Bonds. We see no reason why its circulation should not soon be redeemed at par.

3. October 29, 1857 Fayetteville Observer Fayetteville, TN
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-

4. December 2, 1857 Nashville Union and American Nashville, TN
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.

5. December 15, 1857 Nashville Union and American Nashville, TN
Article from Nashville Union and American, December 15, 1857

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THE LEGISLATURE. Monday, December 14th, was occupied in deba e in the Senate, on Mr. DAVIS' resolution, disapproving of the suspension of the Bank of Tennessee. The resolution was adopted, having been amended so as to include all banks in the State which have suspended-yeas 11, nays 10. Mr. BULLEN introduced a bill to repeal the charters of the Bank of Shelbyville, Lawrenceburg and of the Agricultural Bank. Mr. MUNDAY from the Committtee on Law Reform, reported a bill on the subject. Mr. HEISKELL, has a resolution directing the Comptroller to notify the Presidents of the State University at Nashville, Knoxville, and Jackson, to report tl e condition of their Colleges, asthey are by law directed to do. Mr. HEISKELL has a bill to enforce returns of tax statements by County Court Clerks. Mr. MENEES presented a memorial from the honorable CAVE JOHNSON, asking that a committee be appointed to examine into the affairs of the State Bank. The House bill to establish the 15th Judicial District, was amended by adding the county of Humphreys to the 9th District. In the House, Mr. THOMPSON returned the bill to provide for the election of tax-assessors by the peo ple, with a bill in lieu, leaving it in the discretion of the County Court to order an election in March, or leave the collections in the hands of the Sheriff, which bill in lieu was adopted, and S0 the bill was adopted; and SO the bill passed the third and last reading. The third part of the Code was passed the third reading-yeas 50, nays 5. The Senate's tippling bill was considered again, without coming to any resolution. Saturday-Mr. THOMPSON, from the Joint Committee on Law Roform, reported a. bill reducing the forms of action in the Circuit Courts to one-Petition and Answer; which was ordered to be printed

6. December 18, 1857 Nashville Union and American Nashville, TN
Article from Nashville Union and American, December 18, 1857

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# 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.

7. March 24, 1858 Nashville Union and American Nashville, TN
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.

8. June 27, 1858 Nashville Union and American Nashville, TN
Article from Nashville Union and American, June 27, 1858

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# 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.

9. August 15, 1858 Nashville Union and American Nashville, TN
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 &