20958. Traders Bank (Nashville, TN)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
bd033921

Response Measures

None

Description

Traders' Bank (Nashville) ceased specie payments on/around Oct 20, 1857 as part of the general suspension of banks in Tennessee and other states. Later auditor redemption listings (1857–1858) show the bank's notes redeemed at 92c, indicating it remained suspended (notes redeemed via state auditor) rather than resuming specie payments. No article describes a depositor run; the suspension is described as part of a broader banking suspension (macro-level panic). There is no explicit mention of a receiver, but continued redemption via the Auditor implies the suspension was not simply a brief resumption — categorized as suspension_closure with a note about limited direct evidence of formal receivership.

Events (1)
1. October 20, 1857 Suspension
Cause
Macro News
Cause Details
General suspension of specie payments across Tennessee and other states (financial panic/depression of trade).
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. ... A. R. CROZIER, Traders' Bank.
Source
newspapers

Newspaper Articles (8)
1. June 12, 1857 The New York Herald New York, NY
Article from The New York Herald, June 12, 1857

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Article Text

The specie paying banks that are winding up and redeeming their circulation at par areBrookville Bank, Bank of the Capitol, Bank of Elkhart, Hoosier Bank, Indiana Stock Bank, Huntington County Bank, Indiana Reserve Bank, Bank of Monticello, redeemed at Branch Bank, Lafayette; Fayette County Bank, redeemat Branch Bank, Connersville; Merchants' and Mechanics' Bank, redeemed at Branch Bank, New Albany; Bank of Syracuse, redeemed at Bank of Goshen; New York and Virginia State Stock Bank, redeemed at Crescent City Bank; Traders' Bank, Indianapolis, redeemed at the Bank of the Capitol. The suspended banks, redeemed at the Auditor's office at 90 per cent, areBank of Albany, Kalamazoo Bank, State Stock Bank, Marion, and Bank of Clinton. Those at 87 per cent are-Bank of America and Bank of Connersville. At 92 per cultureTraders' Bank, Nashville, and Wabash Valley Bank. Those at par are-Agricultural, Orange, Bank of Perryville, Rockport, South Bend, Wayne Bank, Logansport and Bank of Warsaw. The Atlantic Bank at 80 per cent; Elkhart, 97; Farmers' Bank, Jasper, at 91; Laurel Bank at 82; Nerthern Indiana at 832 State Stock Bank, Peru, at 85; Bank of T. Wadsworth at 91; Bank of North America, Clinton, at 90; Savings Bank of Indiana, Connersville, 69.

2. July 3, 1857 Indiana American Brookville, Indianapolis, IN
Article from Indiana American, July 3, 1857

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Article Text

Suspended Banks, Where redeemed, and rates paid: Bank of Attica, Auditor's 'k South Pend, par 89 Traders' B'k, Nashville. 92 Offi e,at B*k of merica, 87e.) *k of T. Waksworth, 91 B'k of Alb ny 90e. Wabash Vall y bank, 92 Allantic B'k, " 80c Wayne Bank, LogansAgricultural B'k, " par port, par " I'k Concersville, 87c. Wayne Bank, at Rich" Elkh rt Co. Wk, 97c. mond, par 91.5'k of North America Farmers's B'k, Jasper Laurel 'k, 90 82 at Clinton, wirth rn Indiana B'k, 83/Suvings H'k of Indiana Orange B'k. 69 par at Connersvilie, B'k Perrys Ille par{B'k of Warsaw, CentB'k of Rockport, par ral B'k Indianapolis, par 90 State Stock bank, Peru, 85 Kalama zou b'k, " " " Marion, 905 The above comprises all the Free Banks that are properly secured and within the operations of the General Banking Law of this State: astemically

3. 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

4. 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.

5. 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.

6. May 13, 1858 Marshall County Democrat Plymouth, IN
Article from Marshall County Democrat, May 13, 1858

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Article Text

New York & Virginia State Stock Bank, at par. Orange Bank, at par. State Stock Bank of Peru, at 85. do Marion, at 90. Savings Bank of Indiona, at 69. Traders' Bank, Nashville, at 92. Wabash valley Bank, at 92. Wayne Bank, Richmond, at par. Wayne Bank Logansport, at par. Bank of Warsaw, redeemed at the Bank. Persons sending notes for redemption, will take notice that all suspended banks, the notes of which are redeemed at this office, are on the above list. JOHN W. DODD, Auditor of State.

7. August 28, 1858 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, August 28, 1858

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Article Text

Indiana Free The following quotations are based upon the Report of the Auditor of the State of Indiana, dated February 1st, 1858: SPECIN PAYING. Bank of Gashom, Goshen. Bank of Gespert, Gosport. Bank of Mt. Yornem, Mt. Vest so. Bank of Paoll, Paoli. Bank of Rockville, Wabash. I Salem, New Alkany Bank Salem, Salem, Bleemi Reemingt Cambridge City Bank, Cambridge Ofty Exchange Bank, Greencastie. Bank of Indians Michigan City. Canal Bank, Kvansville. CentralB'k, Indianapolis, redeemed by Treasurer of State. Crescent City Bank, Evansville. Bank of Elkhart. Brookville Bank, Indians. Cambridge City Bank. Farmers' Bank, Westfield. Indiana Bank, Madison. Indiana Farmers Bank, Frank in. Kentucky Steek Bank, Columius. Legrange Bank, Lima. Parke County Bank, Rockville. Prairie City Bank, Terre Hants. Bank of Menticello Fayette County Bank. Merch. & Mesh. Bk. New Albany. Bank of Byrneuse. Indian Reserve Bank. Hoosier Bank. SUSPENDED-AT 25 DISCOUNT. Agricultural Bank. AtlanticBank. Bank of Albany. Bank of Albion. Bank of Attica. Bank of America. Bank of Bridgeport. Bank of Commersville. Bank of Perryoville. Bank of SouthBend. Bank of T. Wadsworth Bank of the Capitol. Bank of N. America, Clinton Bank of Rockport. Elkhart County Bank. Savings Bank, (secure,) 40 dts. Farmers' Bank,Jasper. Kalamasoo Bank. Laurel Bank. Northern Indiana Bank. N. Y:& Va. St. Stock Bank. Orange Bank. StateStock Bank of Indiana, Peru. State Stock Bank, Marion. Savings Bank of Indiana, (secured). Traders' Bank, Nashville. Wabash Valley Bt. Wayne Bank, Richmond. Wayne Bank, Logansport. Bank of Waresw. Huntington County Bank. There is so little euspended Indiana paper now in circulation, and rates are so unreliable, that we do not deem it worth while to give quotations. Currency not Received. MAINE. The Metropolitan Bank of New York, and Suffell Bank of Boston rejected, at the latest dates, the following New England and New York Banks, and of course they are not received heret Caston, SouthChina. Exchange, Bangor. Maritime, do Monsum River. Ellsworth, Ellsworth. Hansock, do Hallowell, Hallowell. Sanford. Grosers, Bangor. ChinaBank, China, NEW HAMPSHIRE. Exeter Exeter. MASSACHUSETTE. Western, Springfield. VERMONT. South Royalton. Stark, Bennington. Danby, Danby. CONNECTICUT. Farmer's Bridgeport. do Pequonnock Wooster, Dambury. Hatters, Bethel. Colohester, Colchester. Merchants' Exchange, Bridgeport. North Amer., Seymour. Paweatuck, Pawcatuck. Woodbury, Woodbury. Uncas. Granite Bank. Litchfield. RHODE ISLAND. Bille of all the Rhode Island Banks, exespt the following, are now' received at the Suffolk Bank, vis : Bank of the Republic. Bank of South County, Farmers Bank. Hopkinton Bank. " Tivertom Bk. Rhode Island Cell. Mt. Verson " Warwick Bonk. NEW YORK. Agricultural, HerkimerComnty. Dairyman's, Newport. Hollister, Buffalo. Oliver Lee & Co. s.redeemedin Albany. Reciprocity, Buffalo. Sackett's Harbor, Buffalo. Ontario, Utica. Bank of Orleans, Albion. Yates County, Pean Yan. Central Bank of New York, Utica. Mamilton Exchange, Greene. Western Bank, Lockport, Powell Book, Newburgh, Chemung Co. Bank, Octario Co. Bank Phelps. Pratt, Buffalo. NEW JERSEY. Commercial Perth Amboy. Bank of New Jersey, New Brunswick. Bergen County. Mechanics and Manufacturers' Treaton Morris County. PENNSYLVANIA ErieCity Bank. Warren County Bank. Bank of New Castle. Farmers' and Drovers' Bank, Waymesburgh: Honesdale Bank, Honesdale. Bank of Middletown. Lancaster Bank. MARYLAND. Farmers' and Merchants Bank ,Greensboro'. Valley Bank, Hagerstown. Cumberland Savings Bank. Mineral Bank of Maryland, Cumberland. VIRGINIA. Kanawha. Trans-Alleghany. OHIO. City Bank, Cincinnati. Sandusky City Bank. Union Bank, Sandusky. Canal do Cleveland. Senesa County Bank. Miami Valley de Dayton. City Bank of Columbus. do Clinton Bank, Springfield Bank, Springfield Dayton Bank, Dayton.

8. November 25, 1858 Marshall County Republican Plymouth, IN
Article from Marshall County Republican, November 25, 1858

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Article Text

Indiana Free Banks. 1 OFFICE OF AUDITOR OF STATE, INDIANAPOLIS, Nov 1, '58. ( The following Banks have complied with the amended law of 1855, and have securities deposited with the Treasurer of State, at their market value, to an amount not less than fifty thousand dollars, and ten per cent, in excess of their circulation: Bank of Elkhart, Elkhart; Bank of Goshen, Goshen; Bank of Gosport, Gosport; Bank of Mt. Vernon; Mt. Vernon; Bank of Paoli, Paoli; Bank of Bockville, Wabash; Bank of Salem Salem; Bloomington Bank, Bloomington; Exchange Bank, Greencastle; Indiana Bank, Madison; Indiana Farmer's Bank, Columbus; Lagrange Bank, Lima; Parke County Bank, Rockville; Prairie City Bank, Terre Haute; Salem Bank, Goshen; Southern Bank of Indiana, Terre Haute. The notes of the following Banks are redeemed by the Auditor of State, viz. Atlantic Bank, at 80; Bank of Albany, 90; Bank of Albion, par; Bank of America, 87; Bank of Attica, 89; Bank of Bridgeport, 88; Bank of Connersville, 87; Bank of Perrysville, par; Bank of T. Wadsworth, 91; Bank of North America, Clinton, 90; Bank of Rockport, par; Farmers Bank, Jasper, 91; Kalamazoo Bank, 90: Laurel Bank, 82; Northern Indiana Bank, 38; New York Virginia State Stock Bank, par; Orange Bank, par; State Stock Bank of Indiana, Poru, 85; State Stock Bauk. Marion, 90; Savings Bank of Indiana, 69; Traders' Bank, Nashvilie, 92; Wabash Valley Bank, 92; Wayne Bank, Logansport, par; Bank of South Bend, par; Bank of Warsaw redeemed at the Bank. Persons seeking notes for redemption will take notice that all suspended Banks, the notes of which are redeemed at this office, are on the above list. JOHN W. DODD, Auditor of State.