Farmers & Merchants Bank

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: *
Location: Memphis, Tennessee (35.150, -90.049)

Metadata

Model: gpt-5-mini
Short Digest: 96782d8e

Response Measures

None

Description

Article (Fayetteville Observer, 1852-01-20) reports a bill in the Tennessee legislature to relieve the Farmers' and Merchants Bank of Memphis by exempting it from paying a bonus that accumulated during its suspension; the bank's president says outstanding paper will be redeemed. No run is mentioned. The legislative relief implies a suspension with steps toward resumption, so classified as suspension_reopening.

Events (1)

1. * Suspension

Cause Details: Bank had previously suspended payments; legislature considering relief (exemption from paying charter bonus) to enable redemption of paper and recovery/reopening.
Newspaper Excerpt: House, same day, the bill for the relief of overseers of public roads, and the bill to amend the charter of the Nashville and Louisville railroad, each passed 3d reading. Senate, 13th, ... House, same day, the bill to relieve the Farmers' and Merchants Bank of Memphis passed 2d reading. The bill provides that the Bank shall be exempted from paying the bonus which has accumulated during its suspension, and which is required by the charter to be paid. If this relief is granted, the President of the Bank says that all of its outstanding paper will be redeemed.
Source: newspapers

Newspaper Articles (1)

1. January 20, 1852 Fayetteville Observer Fayetteville, TN

Article from Fayetteville Observer, January 20, 1852

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Article Text

Legislative Summary. In the Senate, 9th inst, the Districting bill was discussed, and finally laid on the table. In the House, same day, the bill to amend the charter of the Bank of Tennessee, the bill to provide for the better management of the funds of the Penitentiary, and the bill to incorporate the Tennessee and Alabama railroad, in lieu of the Nashville and Florence bill, each passed 3d reading. The homestead bill passed 2d reading-ayes 36, noes 31. Senate, 10th inst., the following bills passed 3d reading-to incorporate the Nashville, Franklin and Co lumbia railroad, to aid the East Tennessee and Virginia railroad company to build its bridges, to aid the East Tennessee and Georgia milroad, and to continue the erection of the State Capitol. House, same day, the bill for the relief of overseers of public roads, and the bill to amend the charter of the Nashville and Louisville railroad, each passed 3d reading. Senate, 12th, the bill to regulate rethe emancipation of slaves was jected on 2d reading: The East Tennessee and Virginia railroad bill passed 3d reading. House, same day, the following bills passed 3d reading- regulate the manner of the execution of capital punishment, to regulate the jurisdiction of magistrates, and to charter the Fayetteville, Boon's Hill and Pulaski turnpike company. Senate, 13th, the following bills 'passed 3d reading, together with some others of a local character, in which our readers are not interested-to incorporate the Chattanooga and Central Kentucky railroad, to amend the criminal laws of the State, and to amend the ract to provide for a State hospital for the insane. House, same day, the bill to relieve the Farmers' and Merchants Bank The of Memphis passed 2d reading be bill provides that the Bank shall exempted from paying the bonus which has accumulated during its suspension, and which is required by the charter to bé paid. If this relief is granted, the President of the Bank says that all of its outstanding paper e will be redeemed. Nothing else of e interest done. t Senate, 14th, the homestead bill was discussed at length, without ta , king any final action. n House, same day, a discussion of n the slave emancipation bill occupied h the day. Passed 2d reading. Senate, 15th, the following bills e S passed 2d reading-to provide for the payment of school teachers under t the common school system, to charter the Tennessee and Alabama rail a railroad company, and to repeal portion of the militia laws. S House, same day, the business transacted was of an unimportant d character.