20922. Merchants Bank (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
e51ac1bf

Response Measures

None

Description

Articles (Oct 20–28, 1857) show the bank's president signing a joint notice that, in view of the general suspension of specie payments by banks in Tennessee and other states, they have deemed it unadvisable to continue specie payment. No run, closure, or receivership is mentioned in these items. I classify this as a suspension of specie payments (a temporary suspension) caused by systemic conditions (panic of 1857). There is no direct textual evidence of a permanent closure; historically such suspensions were often temporary, so I categorized as suspension_reopening but note limited direct evidence of an eventual reopening in these clippings.

Events (1)
1. October 20, 1857 Suspension
Cause
Macro News
Cause Details
Decision to suspend specie payments in response to the general suspension of specie payments by banks in Tennessee and other states (panic of 1857).
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 (4)
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 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.

4. 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.