2124. Patriotic Bank (Washington, DC)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 12, 1839
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini
Short Digest
c8dbac74

Response Measures

None

Description

Articles report that the district banks, including the Patriotic Bank (Washington, D.C.), suspended specie payments (Oct 1839). No run is described. A later 1840 article discusses petitions and efforts to have charters continued on condition of resuming specie payments, indicating intent/expectation to resume operations — therefore classified as suspension_reopening. Cause attributed to suspension news from Philadelphia (U.S. Bank of Pennsylvania) prompting local banks to follow suit.

Events (2)

1. October 12, 1839 Suspension
Cause
Correspondent
Cause Details
News of suspension by the United States Bank of Pennsylvania and other Philadelphia banks led district banks to suspend specie payments.
Newspaper Excerpt
SUSPENSION OF SPECIE PAYMENTS. The Banks of this District have suspended... At the hour for opening yesterday morning we did not see a single person at the Patriotic Bank...
Source
newspapers
2. July 21, 1840 Other
Newspaper Excerpt
PROCEEDINGS IN RELATION TO THE DISTRICT BANKS. On Friday Mr. MERRICK presented ... presidents of the Metropolis and Patriotic Banks ... praying the continuance of their banking powers, and ... on the condition of their resuming and continuing specie payments ... the joint resolution was passed ... continuing the charters of the District Banks until the 4th of March next, on condition of their paying specie.
Source
newspapers

Newspaper Articles (2)

Article from The Madisonian, October 12, 1839

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Article Text

SUSPENSION OF SPECIE PAYMENTS. The Banks of this District have suspended, and without creating any tumult, or indeed excitement. When the news from Philadelphia reached us, it seemed to be taken for granted that our banks would be compelled to adopt the same course, and hence when the fact was announced there was no great disappointment occasioned. At the hour for opening yesterday morning we did not see a single person at the Patriotic Bank, nor more than five at the Bank of Washington, with notes in their hands. The papers north of us are busy in discussing the causes which led to this step on the part of the United States Bank of Pennsylvania and others in the city of Philadelphia. For the present we forbear making any comment.


Article from The Madisonian, July 21, 1840

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Article Text

o'clock, adjourned CHARTER OF WASHINGTON CITY. The new charter which Mr NORVELL, and a few others of similar calibre, designed in their wisdom to present to the good citizens of Washington fell through in the Senate in the most ridiculous manner. The proceedings strikingly illustrate the indecent haste with which Federal Loco-focoism rushes on to the accomplishment of any favorite object, in spite of all remonstrances and appeals from the People, on whom the measure was to operate. The result is full of warning to presumptuous young legislators, and we trust i will impress upon the mind of Mr. Norvell the great truth-' the race is not to the swift"-and induce him hereafter to check his precipitancy The bill to alter and continue the charter of the city of Washington having been read a third timeMr. NORVELL remarked that a portion of the bill had been accidentally omitted, and he desired that it might be supplied. The CHAIR It can be done only by unanimous consent. Mr. MERRICK would not object, but he proceeded to remark on the great haste with which this bill had been pressed forward, in spite of the earnest remonstrances of himself, Mr. Davis, and others. After the bill was in this manner ordered to be engrossed, it was found that there was an extraordinary omission of a portion of the bill. Mr. M. made these remark simply for the purpose of showing, a fortiori, that it so great and palpable an omission could get through the Senate in its hurry of proceeding, how much more might wrong, important, and intricate provisions thus get through without due consideration, even if they were discovered at all. Mr. NORVELL made some self-exculpatory remarks, to which Mr. MERRICK disclaimed all design of giving any occesion. Mr. CLAY, of Alabama, remarked that there was evidently not time to perfect the bill, and he desired it, therefore, to be laid on the table. Mr. DAVIS remarked on the unusual manner in which this omentousmeasure had been forced through the Senate. He would now say nothing of the character of the bill itself. But, in addition, as the Senator from Alabama thought there was no time to mature the bill, Mr. D. would object to its receiving any amendment. Mr. CLAY, of Alabama, gave notice that he would move in this matter at the earliest period of the next session, and moved to lay the bill on the table, which was done without dissent. PROCEEDINGS IN RELATION TO THE DISTRICT BANKS. On Friday Mr. MERRICK presented to the Senate the memorial of Messrs. Kurtz, Van Ness, and Bradley, presidents of the Metropolis and Patriotic Banks, and the Farmers' and Mechanics' Bank of Georgetown, praying the continuance of their banking powers, and that of other banks, on the condition of their resuming and continuing specie payments, and concluding with the form of a joint resolution, which, if passed by Congress, would be acceptable to them. This memorial in spite of the ultra. radical Locofocos, headed by Allen and Tappan, was referred to the Committee on the District of Columbia; and the same evening Mr. Merrick reported back a resolution continuing the charters of the District Banks until the 4th of March next, on condition of their paying specie On Saturday evening Mr. MERRICK moved to take up this resolution for a secong reading. The motion prevailed and the bill was read a second time, and, after a long and animated debate, the question was taken on ordering the joint resolution to a third reading, and decided in the affirmative Yeas 21, nays 12, as follows YEAS-Messrs. Anderson, Clay, of Ala, Critten den, Davis, Dixon, Fulton, Grundy, Henderson, King, Merrick, Phelps, Porter, Preston, Ruggles Smith, of Ia., Southard, Strange, Sturgeon, Tall madge, White, Young-21. NAYS-Messra Allen, Benton, Calhoun, Hub I bard, Linn, Lumpkin, Norvell, Pierce, Tappan, Wal ker, Wall, Wright-12. Yesterday, the joint resolution came up for its third reading, after which the question was propounded on its final passage. Demagogue Allen, of Ohio, instantly rose, and moved to recommit it, with instructions to substitute for it the pestiferous bill which a majority of the Senate had rejected last week. This motion was lost ayes 13, nays 23. Allen then made another motion for to the purpose of defeating the resolution. He moved recommit the bill again, with instructions to add a pro vision making the stockholders liable for all the debts and obligations of the banks to the full extent of their stock. This motion was lost also, yeas 14, nays 23 The resolution was then PASSED, yeas 24, naya 13 Allen then moved to put a title to the joint resolution, for the purpose of throwing discredit upon it This contemptuously voted down. n motion of Mr. Merrick, the joint rule was suspended, so as to allow this resolution to be sent to the House forthwith Allen then moved for the printing of the memorial of the Presidents of the Bank of Metropolis, of the Patriotic Bank, and the Farmers' and Mechanics Bank of Georgetown. He said he wanted to show that these bank officers had dictated this joint resolution to the Senate of the United States. The course of this person disgusted some of his own party friends, Mr. Clay, of Alabama rebuked his overbearing insolencetwo or three times. The memorial of the bank officers was printed.