21010. Bank of Tazewell (Tazewell, TN)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: October 1, 1857*
Location: Tazewell, Tennessee (36.454, -83.569)

Metadata

Model: gpt-5-mini
Short Digest: 32ec7997

Response Measures

None

Description

Contemporary articles (Sept–Oct 1857) report the Bank of Tazewell's notes being refused at counters and say the bank is bursted up. By Apr 1858 the Comptroller lists the Bank of Tazewell among Free Banks 'now in liquidation' with trust funds to redeem circulation. No article describes a depositor run; regulatory liquidation/suspension is reported, so classify as suspension leading to closure/liquidation. I corrected/OCR-smoothed phrasing (e.g., 'bursted up' -> insolvent).

Events (2)

1. October 1, 1857* Suspension

Cause: Government Action
Cause Details: Notes of the bank were being refused at other banks' counters; the bank was reported insolvent/'bursted up' and effectively suspended operations amid the 1857 money panic; later placed into liquidation by the Comptroller.
Newspaper Excerpt: To the list of Banks whose bills were rejected ... we have to add the BANK OF TAZEWELL; ... The Bank of Tazewell is completely bursted up, if report be true.
Source: newspapers

2. April 22, 1858 Receivership

Newspaper Excerpt: The Comptroller of Tennessee announces that the following free Banks in that State have gone into liquidation ... Bank of Trenton, and Bank of Tazewell.
Source: newspapers

Newspaper Articles (8)

1. September 30, 1857 Nashville Union and American Nashville, TN

Article from Nashville Union and American, September 30, 1857

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NASHVILLE. WEDNESDAY MORNING, ::: SEPT. 30, 1857. THE PRESSURE. "Those who have money are birdah utit. And those who have none, are troubled withoutit." We do not mean to pretend to a knowledge upon the subject of the present pressure that we do not possess. We do not understand the matter. We have talked with numbers of the best informed Bank officers of the City, and scarcely any two of them give the same solution of the matter. One thing is certain. We are in the midst of great stringency in money matters here in Nashville, amounting almost to a panic, and this at atime of most unexampled prosperity in all the material interests of the people of the State. The people, we repeat are solvent, thoroughly so. But notwithstanding this, the holder of & note of any Bank except the City Free Banks, or the old stock Banks, would have found himself sorely puzzled this morning to buy a beef steak or a mess of peas in market. We meet men with their hands full of "money"-genuine bills countersigned by the Comptroller and secured by depositing bonds of the State in his office-who cannot pay the quarter's rent with them at any rate.These are facts, curious to be sure, nevertheless stubborn facts. We repeat we know not why such things should be, but they are. Since we know no cause for the beginning of the pressure, we cannot of course give an intelligent opinion as to the probable period of its duration.We do not desire, nor intend to add to the excitement already prevailing. At the same time, we consider it a duty we owe to the public, to note such e events of interest in regard to the present financial depression, as may come to our knowledge. o To the list of Banks whose bills were rejected at the counter of the Bank of Tennessee, published yesterday, we have to add the BANK OF TAZEWELL I and BANK OF TRENTON. The promised expose of the affairs of the BANK OF I NASHVILLE is looked for with great anxiety. We do not believe that the note holders of the Free Banks, would ultimately lose much by their suspension, were the notes in the hands of persons who a t were able to retain them in possession till the affairs of the Bank could be wound up as the law directs. e The issues however are scattered extensively through o the community and many of them in small sums are to in the hands of poor and illiterate people that are unable or unwilling to hold on to them who will thus ( become the prey to the sharps and harpies always I lying in wait for any catastrophe of the kind. The failure of a Bank is always a public calamity, but 1 that calamity is greatly increased, when the Bank t has so deep a hold upon the public confidence as the BANK OF NASHVILLE had. We shall gladly learn c that this confidence was not altogether misplaced. T

2. October 8, 1857 Fayetteville Observer Fayetteville, TN

Article from Fayetteville Observer, October 8, 1857

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"Those who have money are troubled about it, And those who have none are troubled without it." We do not mean to pretend to a knowledge upon the subject of the present pressure that we do not possess. We do not understand the matter. We have talked with numbers of the best informed Bank officers of the City, and scarcely any two of them give the same solution of the matter. One thing is certain. We are in the midst of great stringency in money matters here in Nashville, amounting almost to a panic, and this at a time of most unexampled prosperity in all the interests of the people of the State. The people, we repeat are solvent, thoroughly so. But notwithstanding this, the holder of a note of any Bank except the City Free Banks, or the old stock Banks would have found himself sorely puzzled this' morning to buy a beef stake or a mess of peas in market. We men with their bands full of "money"genuine bills countersigned by the Comptroller and secured by depositing bonds of the State in his office-who cannot pay the quarter's rent with them tany rate. These are facts, curious to be sure, nevertheless stubborn facts. We repeat we know not why such things should be but they are. Since we know no cause for the beginning of the pressure, we cannot of course give an intelligent opinion as to the probable period of its duration. We do not desire. nor intend to add to the excitement already prevailing. At the same time, we consider it a duty we owe to the public, to note such events of interest in regard to the present financial depression, as may come to our knowledge. To the list of Banks whose bills were rejected at the counter of the Bank of Ténnessee, published yesterday, we have to add the BANK OF TAZEWELL and BANK OF TRENTON. We do not believe that the note bolders of the Free Banks, would ultimately lose much by their suspension, were the notes in the hands of persons who were able to retain them in possession till the affairs of the Bank could be wound up as the law directs. The issues however are

3. October 8, 1857 Fayetteville Observer Fayetteville, TN

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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.

4. October 10, 1857 The Winchester Home Journal Winchester, TN

Article from The Winchester Home Journal, October 10, 1857

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WINCHESTER: SATURDAY MORNING, OCT'R 10. Financial Matters. Since the eventful period of our ad. vent into this sin-cursed world, we don't remember to have ever heard more talk about Banks and Bank failures. Everywhere, throughout the length and breadth of the whole Union, we hear of failures, suspensions, &c. Ever since the failure of the notorious New York Life and Trust Company, our eyes have discovered nothing else scarcely in the telegraphic items of newspapers but a similar result with othar concerns. The panic has even run to the highest pitch in our own State.For awhile, not a single bill on any of the Tennessee banks, save the old State banks, could be passed, while bills payable out of the State were nowhere at all. But the excitement is now gradual1y subsiding, although so confused is everything, even yet, that we could not, were we to try, inform our readers as to what bank is and what one is not good. The Exchange Bank at Murfreesboro, the Shelbyville Bank, the Union Bank at Nashville, the Chattanooga Bank, and the old State Banks, continue to redeem, we believe, their indebtedness. The Nashville Bank notes are also taken at par in trade. The Bank of Tazewell is completely bursted up, if report be true. The Ocoee has suspended. But it is no use for us to attempt to tell which is or is not current, for certainly during thismoney panic, every person will be wide awake to his own interest while receiving notes on any bank. Our advice, then, would be, know what sort of money you are taking, yet take all you can get that is good. That's our advice.

5. October 29, 1857 Fayetteville Observer Fayetteville, TN

Article from Fayetteville Observer, October 29, 1857

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# 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-

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

Article from Nashville Union and American, December 2, 1857

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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.

7. April 22, 1858 Yorkville Enquirer York, SC

Article from Yorkville Enquirer, April 22, 1858

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Scraps & facts. Calumny may be defined, a mixture of truth and falsehood blendid with malice. "What was the use of the eclipse?" asked a young lady. "Oh, it gave the sun time for reflection," replied a wag. - A wise man ought to hope for the best, be prepared for the worst, and bear with equanamity whatever may happen. - We sleep, but the loom of life never stops; and the pattern which was weaving when the sun went down is weaving when it comes up to-morrow. - A young widow who edits a paper in a neighboring State, says: We do not look so well to-day as usual, on account of the non-arrival of the mails." - The authorities of Tuscaloosa have determined, by a vote of four to three, not to license a bar for the retail of spirituous liquors in that city, as we learn from the Montgomery Advertiser. - The passenger train on the Central Railroad for Staunton, Virginia, ran through the Blue Ridge Tunnel, Monday, and hereafter the trains on the road will run through it regularly. The Baltimore Partriot mentions the fact that an insurance company in that city now takes risks on rents. Owners of property, therefore, in addition to the facilities of insurance against loss by fire and flood, can insure against a want of tenantry. - Impudent little boy (to very fat old gantleman, who is trying to get along as fast as he can but with very indifferent success :) " I say, old fellow, you would get on a jolly site quicker if you would lie down on the pavement and let me roll you along." - At a public sale of books the auctioneer put up " Drews Essay on Souls," which was knocked down to'a shoemaker, who othe great amusement of the crowded room asked the auctioneer if " he had any more works on shoemaking to sell ?" - An attorney before a bench of magistrates, a short time ago, told the bench, with great gravity. " That he had two witnesses in court in behalfof his client, and they would be sure to speak the truth, for he had no opportunity to communicate with them !" - The Chattanooga Advertiser of the 15th inst., says: "We learn by an endorsement on the Little Rock, Arkansas, letter package, received here yesterday morning, that the town of Napoleon is fifteen feet under water. - An Irishman being asked, on a late trial, for a certificate of his marriage, bared his head, and exhibited a huge scar, which looked as though it might have been made with a fire shovel. The evidence was satisfactory. - Many men want wealth-not a competence alone, but a fire-story competence.Everything subserves this and religion they would want as a sort of lightning rod to their houses, to ward off, by and by, the bolts of divine wrath. - The people of St. Paul Minnesota, have recently voted to raise a loan of $100,000 to complete the bridge now in course of construction across the Mississippi at that place. The estimated cost is $140,000 and the structure is to be completed during the coming summer. - A young man was lately arrested in Pennsylvania for stealing a horse, and confessed the crime, stating that he knew of no other way to get rid of a woman who was constantly importuning him to marry her.Between a wife and a prison he chose, as he believed, the lesser of two evils. - The Comptroller of Tennessee announces that the following free Banks in that State have gone into liquidation, and that their circulation will be redeemed out of the trust funds in his hands, viz Bank of Paris, Bank of Commerce, Bank of Jefferson, Bank of Trenton, and Bank of Tazewell. - An old, rough elergyman once took for his text that passage of the Psalms, I said in my haste all men are liars. Looking up, apparently as if he saw the Psalmist immediately before him, he said-' You said in your baste, David, did you! Well, if you had been here, you might have said it after mature reflection.' - The Richmond, Va. South says that a negro child has recently been born in the neighborhood of Ring-gold in that county, with twenty-six fingers and toes. It has six toes on each foot, and seven fingers on each hand. There are two full sized thumbs on each hand and two 'little,' fingers. All these limbs are said to be perfect. A lady residing in the vicinity of New York, the wife of a distinguished citizen and well know in the fashionable world, has testified her interestin the revival movement by converting the elegant billiard room attached to her house, into a place for prayer meetings, in which her neighbors participate daily. Many of the Washington correspondents agree in saying that the President will veto any bill which may be passed admitting Kansas, that does not substantially recognise the Lecompton Constitution. Such declarations, if true, will tend to strengthen the Anti Lecompton party, for they will construe it into a design to interfere with their freedom. - Col. Benton's will, it is stated, places his estate in the hands of Mr. Jones, Mr. Jacob and Col. Fremont, (sons-in-law,) Mr. Montgomery Blair and Capt. Lee, as trusttees. The house in Washington, where he passed the portion of his life, is bequeathed to Mrs. Jones, his library to her husband. The remainder of the estate is equally divided. Brigham Young threatens, if the Pre-

8. January 12, 1859 Nashville Union and American Nashville, TN

Article from Nashville Union and American, January 12, 1859

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LADIES' FINE SHOES. Additional Supplies. Ladies' Congress Kid Heeled Kossuth Boots: do Buttoned do do Boots; do White Satin Slippers; do Congress and Lace Winter Gaiters; Misses Kid Heeled Welt Boots; do Goat do do do &c,, &c. Just received at 42 College street. dec29 JOHN RAMAGE. COMPTROLLER'S OFFICE, Nashville, Tenn., Dec. 28, 1858. NDER the provisions of the act of 14th February, 1856, U chap. 250, and other acts upon the subject of Free Banking I will sell at public auction, at the Merchants' Exchange in Wall street, New York city, on the 31 of February, 1859, and from day to day until they are all disposed of, the following Bonds, endorsed by the State of Tennessee, belonging to the following Free Banks now in liquidation, SO wit: 21 Nashville and Chattanooga Railroad Bonds, for $1,000 each, belonging to the Bank of Claiberne. 44 East Tennessee and Virginia Railroad Bonds, for $1,000 each, belonging to the Bank of Jefferson, 17. East Tennessee and Virginia Railroad Bonds, for $1,000 each, belonging to the Bank of Trenton. 17 Nashville and Chattanooga Railroad Bonds, and 16 Memphis City Bonds, all for $1,000 each, belonging to the Bank of Tazewell JAMES T. DUNLAP, dec29-d1m Comptroller. Daily Memphis Appeal insert for thirty days and send bill to Comptroller. OR RENT OR SALE.--I will rent my sidence, "Posenvick," in the suburbs, north-west of the city, to a good tenant for I859; or, I will sell it, with the lot containing five and a half acres. The house contains eight or ten rooms. There is a brick stable and carriage house. WM. S. LANGDON, dec3I No. 8, Cherry street. LOVER SEED. Fifteen bbls Pennsylvania Clove C Seed, just received and for sale by Dec15 HARRIS. GORDON & Co. (OBACCO.-50 oxes Longhorn and Arm stead's Superio TERRASS BROTHERS Tobacco. for sale erv low OTICE persons having claims against Daniel A. N Johnston, who are mentioned in said deed, are hereby noti fied to file the same with me, as early as practicable and properly authenticated, to be settled according to said deed. jan1-d2w J. M. REED, Trustee. ANDREW J. SMITH, NO. 45, BROADWAY, NASHNILLE, TENNESSEE, DEALER IN TENNESSEE IRON, CASTINGS, NAILS, STEEL, WAGON AXLES, ELIPTIC SPRINGS, ND all other articles in his line of business, which he offers wholesale and retail, lew for cash, at the abovestand A feb6-ly Negroes for Sale. HAVE quite a number of Negroes on hand for sale. Amongst I them are excellent Seamstresses and House Servants, and several good Cooks, Washers, &c. Call soon. W. L. BOYD. JR sep17-tf FIVE HUNDRED DOLLARS REWARD. SHAM G. HARRIS, Governor of the State of Tennessee: To all who shall see these presents-greeting: Whereas, it has I been made known to me. that a certain F.N.W. BURTON, charged with having committed the offence of embezzlement, and has fled from justice, and is now running at large: Now, therefore, I, Isham G. Harris, Governor, as aforesaid, by virtue of the power and authority in me vested, do hereby offer a reward of $500, to any person or persons who may apprehend the said F. N. W. Burton, and deliver him to the Sheriff or Jaitor of our county of Davidson, in order that justice in that behalf may be had and executed. In testimony whereof, I have hereunto set my hand and caused the great seal of the State to be affixed at Nashville, the 31st day of May, 1858. ISHAM G HARRIS. By the Governor: J. E. R. Ray, Secretary of State. une12-tf