Bank of Christiansburg - Christiansburg, VA

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: October 1, 1857
Location: Christiansburg, Virginia (37.130, -80.409)

Metadata

Model: gpt-5-mini
Short Digest: bdd8d881

Response Measures

None

Description

Article (1857-10-01) reports a rumor that the bank is about to suspend and that brokers recently removed $50,000 in specie from its vaults. No confirmed suspension, reopening, or closure is reported — only withdrawals/rumor. Classified as a run only, cause = rumor_or_misinformation.

Events (1)

1. October 1, 1857 Run

Cause: Rumor Or Misinformation
Cause Details: Rumor of impending suspension led brokers/depositors to withdraw $50,000 in specie from the vaults.
Newspaper Excerpt: The Lynchburg Courier hears a rumor that the bank in Christiansburg, Va., is about to suspend, which is probably correct, as the brokers recently drew $50,000 in specie out of its vaults.
Source: newspapers

Newspaper Articles (1)

1. October 1, 1857 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, October 1, 1857

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Article Text

The Monetary Crisis. The feeling in the money market yesterday was decidedly cheerful, and the confidence in our banks stronger than it has been since the inauguration of the panic. The banks did a fair business and closed firm. The Bank of Commerce in Fredericksburg has suspended specie payment, except in small amounts-a course somewhat similar to that pursued by the Alexandria institutions. The Lynchburg Courier hears R rumor that the bank in Christiansburg, Va., is about to suspend, which is probably correct, as the brokers recently drew $50,000 in specie out of its vaults. The money market in New York is cheerful, and the panic has subsided-the banks having decided on an expansion of their discount line three per cent., which will probably amount to $5,000,000.The Sub Treasury, yesterday. was to pay out $700,000 in specie, and $400,000 in U. S. stocks was to be sent to Washington for redemption. Besides this, it is stated on reliable authority, that the steamer Vanderbilt, on her next homeward trip, will bring 2,500,000 francs in gold. There is therefore now hardly a doubt of the stability of financial affairs in New York, and n consequent degree of safety throughout the country. The New York Journal of Commerce notices, as a remarkable state of affairs, that, with a clear margin of 30 cents por bushel for wheat shipped to Liverpool, the purchase money cannot be obtained there, nor the bills of exchange sold against the shipment, solely for the want of funds to make the turn. Some produce bills, payable in London, have been sold as low as 100-just at par.* In Boston the banks gained $90,000 in specie Tuesday, and a proposition to discount to the extent of 10 per cent. of their capital, is favorably thought of by the bank directors. In Cincinnati, business is very much paralyzed, and three failures occurred there on Tuesday. In Charleston, S. C., the banks are sound, and have not taken the question of suspension into consideration. A re view of the state-of finance for the past six days, shows it to be infinitely better to-day, than it has been in the time named. There seems to be a good deal of misapprehension in reference to a suspension of specie pay ments by the banks in this State. The refusal of a bank in Virginia to redeem its notes, enables the holders (not being a suspended bank or corporation) to recover the same with interest, at the rate of 12 per cent. per annum. The recovery may be made bymotion or warrant.