21664. Farmers Bank (Norfolk, VA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 1, 1839*
Location
Norfolk, Virginia (36.847, -76.285)

Metadata

Model
gpt-5-mini
Short Digest
f50a242a

Response Measures

None

Description

Multiple contemporaneous newspaper reports (Oct 1839) state the Farmers' Bank at Norfolk suspended specie payments after news of suspensions in Philadelphia/Baltimore and other Northern banks. The coverage describes the suspension as temporary and expected to resume when Northern banks stabilize; no run on this specific bank is described and no receivership/closure is reported in the articles. Cause interpreted as contagion from other banks ('local_banks'). OCR errors corrected (e.g., Farmer's -> Farmers', 'snecie' -> 'specie').

Events (1)

1. October 1, 1839* Suspension
Cause
Local Banks
Cause Details
Suspended on receipt of intelligence of suspension of Philadelphia and Baltimore banks (contagion from Northern bank suspensions).
Newspaper Excerpt
The banks at Norfolk which have suspended are the Farmers' and Virginia.
Source
newspapers

Newspaper Articles (4)

Article from Lincoln Telegraph, October 24, 1839

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Article Text

TELEGRAPH. From the New York Com. Adv. PROGRESS OF SUSPENSION. Since our last publication, positive intelligence has been received of the temporary suspension of specie payments by the banks of Richmond, Norfolk, the District of Columbia, Wilmington, (Delaware) and Providence. At Richmond the news from Philadelphia was received on Friday. Meetings of the directors of the several banks were immediately held, and a like course was agreed upon without loss of time. The Richmond Compiler says: This course by our banks, was one unavoidable; and adopted in justice to the banks themselves, to the trade and interests of Richmond, and to the State, which is a large stockholder in them all. For some time our banks have had to supply heavy demands upon them from the North for specie; and there were in this city yesterday morning, several Northern brokers, awaiting the hour of 9 o'clock, to make large drafts upon them. Our banks did not hesitate, and they ought not to have hesitated. They are justified by our citizens. Upon the annunciation of their determination, all was calm, and there was a general indication of satisfaction at the event. The people in the country may rest assured that our banks have taken their course under circumstances, 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 specie. 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 donomination 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 isalleged,under the prevalent impression that the New York banks must go down. It is presumed that infornation 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 shall be needed by our institutions. This, however, sesms little probable, as there is no call for specie, and the public confidence appears to be increasing daily. Bank Meeting in Boston. A meeting of delegates from the different banka of Bos-


Article from Staunton Spectator, and General Advertiser, October 24, 1839

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Article Text

EDITORIAL GLEANINGS. Eleven thousand nine hundred and sixty barrels of Flour were inspected in a single day (the 16th,) in New York. Gov. Campbell has returned to Richmond. Capt. J. B. Richardson has been appointed Captain of the State Guard, in place of Capt. Blair Bolling, dec'd. The Charleston S. C. Bankssuspended specie payments on hearing of the suspensions at the North. The Farmers' and Virginia Branch Banks at Norfolk have suspended. The Exchange Bank at Norfolk has not suspended. The Wool Grower's Bank in the city of N. York has suspended specie payments. It is said there will not be more than twothirds of a cotton crop in Mississippi. A. J. Pleasanton, who testified before the investigating committee of the Senate to the M'Elwee plot, has been dismissed from office by Governor Porter. United States Bank Stock sold as low as seventy dollars in Philadelphia-but it is up again near its par value. The State elections in Ohio and Pennsylvania have gone in favour of the Administration. Forty-two counties of Georgia give DOUGHERTY 15,834-McDONALD 13,517 votes. A New York paper says-"Nearly three millions of dollars will be realized this year from the quarries oflime and flagging stone in four counties in this State." A fire occurred in Natchez on the 25th ult. which destroyed property to the amount of $100,000. 07°A sloop of war of 16 guns, called the Dale, was launched at the Philadelphia Navy Yard on the 8th instant. The Petersburg Grays, Capt. Pollard, and Richmond Blues, Capt. Munford, the Arena states were to visit Fredericksburg on Saturday last, the anniversary of the Surrender of York-town, as guests of the Fredericksburg guards.


Article from Vermont Telegraph, October 30, 1839

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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.


Article from Maumee City Express, November 2, 1839

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Article Text

FREDEICK, MD.-The Banks in this place, says the Philadelphia U. S. Gazette, have suspended. NORFOLK, VA.-The - Norfolk Beacon says: 'The Branch of the Bank of Virginia at this place suspended specie payments yesterday, as also did the Farmer's Bank, on the receipt of the intelligence of the suspension of the banks of Philadelphia and Baltimore. The Exchange Bank of Virginia, in this place, did not suspend, and will, we trust, be able to sustain itself against the severe current which is setting in against cur banking institutions' RICHMOND, VA.-.-We learn from the Richmond (Va.) Compiler, that the banks of that city have all suspended specie payments.--Cin. Buckeye.