21746. Bank of Richmond (Richmond, VA)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
March 14, 1834
Location
Richmond, Virginia (37.554, -77.460)

Metadata

Model
gpt-5-mini
Short Digest
2fde81a7

Response Measures

No run

Other: The articles discuss political controversy over withdrawal of federal deposits (Jackson administration) and rumors about Virginia banks in 1834, but they do not describe a discrete run, suspension, reopening, or failure of the Bank of Richmond.

Description

Articles from March–April 1834 describe heavy withdrawals, diminished loans, and shaken confidence at Richmond branch tied to the federal deposit removal by the President. No article states the Bank of Richmond suspended or closed; reports emphasize specie inflows and that panic subsided. OCR errors present (one date printed as 1894 is 1834).

Events (1)
1. March 14, 1834 Run
Cause Details
Removal of federal deposits by the President (seizure/withdrawal of federal funds) caused a sudden shock to credit and prompted heavy withdrawals.
Measures
Bank reduced loans, practiced forbearance and generosity; guarded character and solvency (reduced lending to preserve liquidity).
Newspaper Excerpt
The branch at Richmond has the most approving testimony borne to its generosity and inforbearance ... It is the violence of the sudden shock to the credit and confidence of the people, united with the hostile position of the Executive to the Bank, that now shake and convulse the community.
Source
newspapers

Newspaper Articles (3)
1. March 27, 1834 Virginia Free Press Charles Town, WV
Article from Virginia Free Press, March 27, 1834

Click image to open full size in new tab

Article Text

NO. 5, bound to the fortunes of the President and to the succession: the annual disbursement o: more that twenty millions : the seizure of the federal treasures, and the bond of union that binds together .. the regnant and expectant Chief Magistrate, are enough to fill the public mind with dismay, apprehension and alara The immortal Sidney declared upon hisex perience, that .. the Spaniel of the Court was and always the Welf to the people. Cause effect have not changed their coincidence nor has nature reversed her laws. The restraining authority which the Com mons of England possess in withholding supplies from the crown, is not here practically in the possession of the Representatives of the people. Tax bills are there, annual bills -here ours make perpetual law for by the existing acts regulating the tariff of duties and imposts, the federal revenues must continue to flow into the coffers of the Union. note in the care and keeping of the Executive Wherever the power of interpreting the law resides in practice, there is the sovereigaly And we have the authority of Mr. Duane, for saying, that in his appeal to the President, whilst in office. he disclaimed for himself the the measure exercise of such power. That would be regarded as extreme and arbitrary.That be could not justify an assumption of the powers of jury, judge and exerutioner-that he could not punish unheard, at his own pleasure without being able toassign to Congress reasons for such an arbitrary net. is it (added he) consistent with the principles of justice, or the ge" nius of our constitution, that any man should constitute himself a dietator, in matters affecting the character of the country, the welfare of the " people, and the fame of men, who This are entitled was 1ão at least, to the rights of felons language of an ancient and sincere friend of the President, a republican of tried virtue and patriotism, earnestly endeavouring to guard the fame and honour of his friend, the laws and Constitution of the land. These counsels were disregarded. Itake the responsibility, and you are removd from office.' At that moment the country at large enjoyed tranquility and prosperity. the gloom that NOW pervides it, demonstrates the unhappy change This has been charged upon the conduct of the Bank. With this we cannot coneur. The depoof the all admit, constitute . of the funds for the grant of published, and a part sites report recently government, which discounts. commands By credence, the diminution of loans by that corpo- half ration have not equalled by more than one the amount of deposites withdrawn by the President of the United States. (Deposites withdrawn $7,929,934 82-100: loans reduced $3,826,373,(07-100.) It is thought that the Bank is doing all that it safely can do. to relieve the general distress. The branch at Richmond has the most approving testimony borne to its generosity and inforbearance by the officers of our own State stitutions. And there is cause to believe that the same humane course has been elsewhere preobserved. It is the violence of the sudden shock to the credit and confidence of the people, united with the hostile position of the Executive to the Bank, that now shake and convulse the commu- it to The weekly and monthly reports from the nity. Treasury, enable the federal arm to strike at its stability. The Bank is acting within the necessities of self-defence, guarding its character and solveney, and waiting for the threatened Blow. disThe State Bank in this period of universal trust and danger, are cocreed to act from like considerations. By this double operation, the etietand interests of society, stand like a tremgies bling victim in the conflict, condemned to bleed whoever may conquer. FeHow-citizens, this is not a question of Bank DO Bank-in is a struggle between liberty and or of the rights of the people, through their of representative power, body, to the controul and care their own money. It is the effort of the executive IF to seize and hold the federal treasures. It is the between the rights of the people and spirit contest of eneroachment between the constitution fathers the assumptions of the day. in name and in your of We our demand your instantly behalf of relinlaws, that this grasp of power be abuse. quished-we inherit a jealousy of executive The men of the Revolution-the stern and CIN lightened patriots of 98, pointed to this part of the system, as most dangerous to popular freedom. Our revolution commenced in as act of executive insurpation. The removal of the deposites of gunpowder, for the people's property.) in 75, drove our and (then thers to artis-they rushed to the resette, whilst the Satrap of a King concluded his manifesto, with the loyal prayer of God save the Royal Executive, the men of that day responded to of it America. with the patriot shout of God save the libertica THE VOICE OF THE MAJORITY. Richmond, March 14, 1894.

2. April 25, 1834 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, April 25, 1834

Click image to open full size in new tab

Article Text

ASHINGTON, April 17. BANK OF THE METROPOL S. It is pretended that a great drain of specie has been suffered by the Pank of the Metropolis. 1 he amount of specie is daily increasing in the bank - and we can as-ure the public the bank has a greater sum In gold and silver in its vaulta than it has notes in circulation - Globe. BANK OF VIRGINIA.-W learn by a gentleman from Richmond, that the reports which have been put in circulation in this city, yes erday and the day before, by the partisans of the Bank of the United States, assering the stoppage of the Bank of Virginia, are totally unfound. ed. So for from this being the case, one of the passengers saw large sums of specie carried into the bank, a! Richmond, and understood that large suma had gone to Norfolk, imported by the ship Tallyho. just from Liverpool.--Ib. GOLD AND SILVER.-We learn that on the 7th, 8h, 9 h. 10th, 11th, and 12th of this mouth, ONE MILLION TWOHUNDRED AND NINETY-FIVE THOUSAND SEVEN HUNDRED AND THIRTY-FIVE DOLLARS, was imported into one city North of us. This shows how readily our commerce maysupply specie currency for general circu. lation.- - Ib. 13 We are grafified in being able to state that public confidence continues undiminished in the Banks of this town, and that yesterday the panic created by the recent failures had nearly subsided, as far as they are concerned. The Bank of Potoinac and the Farmers' Bank are c. nei dered as safe as any institutions in the country; and we are authorize d and requested to state, that the Directors of the Bank of Potomac, and the Directors of the Farmers' Bank, consider and will hold themselves personally lia. ble for all the engagements of their institutions. We shali probably have an official announcement of this from the Banks themselves. As we said before, we believe the storm has passed over the District, never to return.Alexandria Gazelle, April 16.

3. May 16, 1834 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, May 16, 1834

Click image to open full size in new tab

Article Text

of his himself President not surprising, of the Bank, that and Biddle, any to aid conciliate and rectors. It his is English noble friends, should partieuand please, undertaking- and should be more State, and that sist a British do so, when an American his aslarly the State anxious of New to York too, was to be injured by sisting Journal saye.** British corporation. by authority" that this loan is it " charg- came The the Mother Bank. Indeed! Then Branch? why If the loan from ed as part of the the Mother debt of Bank the Buffalo it should have been charged can be came there, from and the inserting it in to the deceive Branch's the account People in relafor no other the business purpose of than the Buffalo Branch. not We again charged re- in tion to says, this amount was 1834 it waspeat, that rumor account in 1833, and that in so vile a dethe Branch's the Branch been guilty of hope that Is this so? Has People wish to know, and we these ques. the ception? Committee The of Investigation will answer tions. BANKS The Bank Intelligencer, now under VIRGINIA supervision of the Bank's counsel, the purpose the immediate this city, said few days since, that-notes for of the of se mbled discrediting in the State Banks cent. generally, below par in this city. Virginia Bank were ten per the more calculated to do mis. This Bagrant falsehood was where known that this market and if chief, because it is every by Virginia products; would is in great degree supplied Banks ere degraded here, doubted it by the notes of conclusion the State that their solveney circumstance, was above lead to the of Virginia themselves- of these Banks into deprive the all others. citizens tending to bring the back paper their circulation from and United States universal them discredit, of the to power throw to relieve Bank. the People Now that are the pressure have of the stood the shock, the let down elections by deover, the Banks Gyles & Seaton endeavor to by cent. saying begrees THE notes HONORABLE of the Virginia Banks obliged are ten to per pay that dislow that par-Ibal the they which, themselves are it believed, distant were readers on the suspect eve Mr. Clay's of the 23d April count-a that the Banks fact, had stopped leading payment, journal or in Louisville, announced coof operating doing so. with VALLEY No clay, BANK on of Virginia announced had failed,' that the nated that Cincinnal Republican, it was the also person who origirn the the honorable report Henry of the Clay failure was of the Bank of Vir ginia.' The National Intelligencer, supports instead them. of contradicting have these mischievous by suggestions. pretending that the Devoteda Editor pays Bickneli ten per already discount shown, on the Virginia known notes! to be to the Bank of cent. Reporter, of Philadelphia, we yet find is it quoted by panie, the newspa- got up the United States, on the 29th off (when the still at its height,) pers as saying. influence the Virginia elections, was now reaour by purchased that Notes of any of the Brokers Virginia at a Banks. discount are of three per cent. dily To pu! down the rumor against Indiana, the Virginia also quo Banks, which Niles' we find the Brookville American, on the 234 ult. (the very their day insolven THE Register saying, Louisville Journal proclaimed ARE AS SAFE Mr. Clay's that "THE VIRGINIA BANKS cy.) ANY IN UNION. now distinguished, among alone!! the Op We The Intelligencer its is profligate imposture are in as good o-idion prints, by that the Virginia notes ashington, as usual, assure our readers, with men of business in heretofore done, good credit and that now, they form, currency as they have of the District.- 1b. portion of the par LEADER The speech of head Mr. of Webster the selfTHE the WIG Protest, places him thrown at the Mr. Clay and here- Mr. named against Wig Party. the He back-ground. has They the must galaxy of Calhoun entirely into "the lesser lights" the in cause of Bank a ter be considered worthies who maintain them immeasurably in per- in verting which the neither its author, conceived. nor power. disinterested He President's has outstripped Protest, and any finding one else meanings but a Bank that it or attorney, ever therefore, WEBDANIEL Clay, debior Let it be the proclaimed, LEALER OF THE who WIGS. aspire to high Mr. office your STER Mr. Cathoun. is Mr. of the Leigh, Bank, all ye fall recedence into the wake to him. of He on through acknowledged the aid leader, candidate and give for the Presidency, and him must you be your depend next for honor highly and appropriate advancement WIGS. in He Mr. has Webster been interests There is the something leader of the modern patriotic devoted he not the #0 good becoming republican and all glory life-so of his country last war? Did Has he not strong the fight true a thousand battles to constructive during honor powers him, and and Nulalways be been opposed Anti-tariff men leader must will strengthen and the his Lieutenants, to him by Government lifiers must love bind Such in the a land of transfer Jefferson; South Caroway Wig cause immensely Calhoun and Clay, of will command! Will they modern linaand not? We K Kentucky shall Mr. see. Webster IS man the among leader them, of the he and intends goes Wigs. Seriously. He is the most to able President. which That he in certain farthest in his opposition maintain the position to speech to which We to assuine and was made evident for by the that purpose. have releared. empled. It was made 14. which posture examine his Wiggism We have DO intelligence THE BAN found COMMITTEE. conjecture the as Committee to the of Congress in the on which to assumes d between than is to found the Philathings have Bank managers, and other the indications of our columns been which and Bank the print in this city, Mr. Rush's feeling, letter, which given could only his have late committee, From 10-day, delphia produced evidently journale. by brea know hes a ledge make of facts, proper he should, for seek in relations the present, the with National suppress the (Bank) justification Intellige neer, of the we which concealment perceive, of the forestal rations public opinion of the Bank withholding in Congress, the correspond Speaking of to the design is harbored of from the between the ence that the of communications the Bank managerstron which Philadelphia have passed and members of Con of members gress, the Intelligencer be allowed rays to that congratulate the character the of States the Pre Congress, We may this occasion, the Bank of the United protected dered the of gident and gnaranty Directors that rights those which rights would have been not be made, duty dereliction their sufficient own committee, demand which said on the to part of the officers on the confers the by a grow Bank. remembered. that power the charter to examine expre "the proI will be of Congress, the and by this general remolest rela ion to business. ceedings committee of the transaction Bank," having the no the affecting not of it public every can of have this public and character The the Bank in exists or many which which of does its proceedings. all such) have any correspondence way, included in the general considered rests the of the Bank ance control, That Mr. Biddle reference to the from the circums the corres. held with him in is appare are filled ion, and that all with him accounts of part of its reports proceeding*: as made the head of the indi institute Meals in pondence the privat to look at LT B nk them. with details of would it be officer# of the criminal acts Of what avail by the rreting out the whole summed weans up of f could sum and etp figures, as the Mr. Biddle are our receipt lo specie how much velves, and corrupt morives by say ing, here account of much profit and in notes, see. this investigation he e is on our hand, and #0 was paid for bribery or that upon how have much would this show in professional crating upon advocate, the il. in There can Sce. _how But much was employed this of that much was spent things in are hard only process out of Competioneering circum stances, and the hints of ser loans, or lielt traffic of under any gation of oaths, of the dates "+10 hich thicken to come at by the tantial purgano concurrence and demonstrate letters. be reached and &c. the circumstance with with gudden other conversions proofs that do