20884. Bank of the Union (Nashville, TN)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 20, 1857
Location
Nashville, Tennessee (36.166, -86.784)

Metadata

Model
gpt-5-mini
Short Digest
2583a36d

Response Measures

None

Description

Multiple contemporary Nashville papers (Oct 20–28, 1857) report that the Bank of the Union, along with other Nashville banks, 'deemed it unadvisable longer to continue specie payment' and suspended specie payment as a policy response to the broader financial disturbance of October 1857. Articles describe the suspension as precautionary (notes still current), with no mention of a depositor run, receivership, or permanent closure; therefore classified as a suspension with implied temporary/coming resumption.

Events (1)
1. October 20, 1857 Suspension
Cause
Macro News
Cause Details
General financial crisis/depression of trade leading banks across Tennessee and other states to suspend specie payments as a policy measure (October 1857 panic).
Newspaper Excerpt
'In view of the general suspension of specie payment of the Banks of Tennessee and other States, the undersigned have to-day deemed it unadvisable longer to continue specie payment.'
Source
newspapers

Newspaper Articles (5)
1. October 20, 1857 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, October 20, 1857

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Article Text

A CARD. In view of the general suspension of specie payment 0 the Banks of Tennessee and other States, the undersigned have to-day deemed it unadvisable longer to continue specie payment. The holders of our notes who may prefer the notes of the Ban of Tennessee, can at all times receive them in exchange for ours. DYER PEARL, res't of the City Bank. A. R. CROZIER, " " Traders' Bank. " " Merchants' " W, B SHAPARD, " " J. D. JAMES, Bank of Commerce. " " " of the Union. D F. CARTER, Oct20 d waw2t

2. October 23, 1857 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, October 23, 1857

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Article Text

Rags! Rags!! WING to the financial condition of the country, and 0 the great depression of trade, I find it neces ry to reduce the price of R gs to 3c per lb., to take effect f om and after the first day of November, 1857 After the 1st da of November I will pay Se cash for good rag ; and I hope the trade will see the necessity of thi course at this try ng time on manufacturers, W. S. WHITEMAN. Oct16-1m. A CARD. In view of the general 'suspension of specie payment 0 the Banks of Tennessee and other States, the under igned have to-day deemed it unadvisable longer to continue specie payment. The holders of our notes who may prefer the notes of the Bank of Tennessee, can at all times receive them in exchange for ours. DYER PEARL, res't of the City Bank. " " A. R CROZIER Traders' Bank. 46 " Merchants' " W, B SH PARD, " " Bank of Commerce. J.D. JAMES, " " " of the Union. D.F. CARTER, Oct20 d2waw2t. Wheat! Wheat!! E will pay the highest market pr ce in cash for prime red or hite wheat for imme diate del very. oct22-daw1m. JOHNSON, WEAVER & CO. NOTICE.

3. October 23, 1857 Weekly Clarksville Chronicle Clarksville, TN
Article from Weekly Clarksville Chronicle, October 23, 1857

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Article Text

SINCE our last issue, the Union and the Planters', and all the Free Banks in Nashville,-namely, the Merchants, City, Traders, Bank of Commerce, Bank of the Union, and the Bank of Middle Tennessee, at Lebanon, have suspended specie payment. The notes of all of them though are still current as before, and are all good. They suspended specie payment as a matter of policy, as the three old Banks did, and not from any inability to sustain themselves. We have not heard what course the Free Banks in Memphis, will pursue when advised of the action of those at Nashville; but we think it probable that they and all other Banks in the State, will also suspend from like motives of prudence and policy. The Bank of America and the Northern Bank, both located here, are still paying specie, and we do not know whether they will suspend or not. If they do, it will be only because all the other Banks have done so, and in consideration of the policy that moved them to do it. They have certainly proved that they are entitled to the highest confidence.

4. October 27, 1857 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, October 27, 1857

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Article Text

BOARDING.-A No. 1 room and Boarding can be had by applying Oct22-tf. at No. 34, Market street. A CARD. In view of the general suspension of specie payment 0 the Banks of Tennessee and other States, the undersigned have to-day deemed it unadvisable longer to continue specie payment. The holders of our notes who may prefer the notes of the Bank of Tennessee, can at all times receive them in exchange for ours, DYER PEARL, Pres't of the City Bank. A. R. CROZIER, " " Traders' Bank. W, B. SH PARD, " 45 Merchants' " " " Bank of Commerce. J.D. JAMES, " " " of the Union, D F. CARTER, Oct20 - d?waw2t.

5. October 28, 1857 Nashville Union and American Nashville, TN
Article from Nashville Union and American, October 28, 1857

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Article Text

ANEW BOOK, By the author of the LAMPLIGTER. "Mabel Vaughan." Just received by [oct.20] CHARLES W. SMITH.. A CRRD. 10 In view of the general Suspension of Specie Payment of the Banks of Tennessee and ther States the und. reigned have to-day, deemed it unadvisable longer to continue Specie payment The holders of our notes who prefer the notes of the Bank of T. Rnessee, can at all time receive them in exchange for ours. DVER PEARL, President of City Bank. A. R CROZIER. President of Trader' Bank. W. B SHEPPARD, Presider t Merchants' Bank J. D. JAMES, President of Bank of Commerce. D'L CARTER, Prest of the Bank of the Unio oct20-dw2w.