Article Text
EXCHANGE BANK AT NORPOLK.-A - letter from the correspondent of the Exchange Reading Rooms, under date of Wednesday afternoon, states that the Exchange Bank at Norfolk suspended specie payments that morning.-1b.
21656. Exchange Bank (Norfolk, VA)
Bank Information
- Episode Type
- Suspension → Reopening
- Bank Type
- state
- Start Date
- October 16, 1839
- Location
- Norfolk, Virginia (36.847, -76.285)
Metadata
- Model
- gpt-5-mini
- Short Digest
e6391236
Response Measures
None
Description
Multiple contemporaneous newspapers report the Exchange Bank (referred to as Exchange Bank of Virginia) suspended specie payments on October 16, 1839. Articles place this suspension in the context of widespread bank suspensions elsewhere (systemic banking distress). There is no clear confirmation of a permanent failure or of an actual resumption, but one source (Vermont Telegraph) reports the bank 'determined to go on paying specie' while other reports state it suspended; contemporaneous commentary says banks expected to resume when northern banks did — indicating an expectation of resumption. Because there is explicit discussion of intent/readiness to resume, I classify as suspension_reopening but note uncertainty due to lack of a definitive reopening statement.
Events (1)
1.
October 16, 1839
Suspension
- Cause
- Macro News
- Cause Details
- Widespread regional banking suspensions and systemic loss of specie confidence in October 1839; decision appears driven by banking crisis affecting many banks rather than a bank-specific failure.
- Newspaper Excerpt
- The Exchange Bank of Virginia, located at Norfolk, suspended specie payments on Wednesday, the 16th instant.
- Source
- newspapers
Newspaper Articles (5)
Click image to open full size in new tab
Click image to open full size in new tab
Article Text
Progress of the Suspension.-In Charleston, the Banks have generally suspended. Two of them continue specie payments-the Bank of Charleston and the Bank of the State of South Carolina. The Norfolk Beacon informs us that the Exchange Bank, which at first refused to suspend, has at last yielded to the necessiry of the case. The Banks in Winchester have likewise suspended. The Banks in Raleigh, N. C. have followed in the footsteps. The news of the suspension created considerable anxiety in Cincinnati, in consequence of the peremplury previsions of the law of that State, forfeiting the charters ofali Banks which suspend specie payment. Nevertheless, all of the City Banks have suspended, except the Commercial.
Click image to open full size in new tab
Article Text
cumstances, and in a condition, which should impart the most perfect confidence in them. They will be ready to resume the moment the course of the Northern banks renders that expedient and proper. At Washington there was a considerable run upon the banks on Thursday. A meeting of directors was held in the evening, and on Friday morning the announcement was made. The banks at Norfolk which have suspended are the Farmers' and Virginia.A slip from the office of the Norfolk Herald says that the Exchange Bank of Virginia has determined to go on paying snecie. It is a new institution and has $300,000 of state stock in possession. Its circulation is, probably. not large. The Philadelphia banks issue notes of no less denomination than $10. The fives already issued are called in and redeemed with coin. Also the ones issued by the Girard Bank. The suspension of the Providence banks was agreed on, it is alleged, under the prevalent impression that the New York banks must go down. It is presumed that information to the contrary will produce a change of action. The banks at Trenton, New Jersey, have not suspended, and the Gazette of that place says they will continue to pay specie so long as they are encouraged and sustained by the liberality and confidence of the public. It is reported that a delegation from the Boston banks has come to this city, for consultation with the officers of our institutions. It is said that their language is full of confidence, and that the Boston banks are prepared to offer assistance if it stall be needed by our institutions. This, however, seems little probable, as there is no call for specie, and the public confidence appears to be increasing daily.N. Y. Spectator.
Click image to open full size in new tab
Article Text
The Exchange Bank, at Norfolk, suspended specie payments on Wednesday!
Click image to open full size in new tab
Article Text
The Exchange Bank of Virginia, located at Norfolk, suspended specie payments on Wednesday, the 16th instant. It was one of those which considered itself "impregnable." - Balt. Chron.