Banks of Richmond - Richmond, VA

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: May 18, 1837
Location: Richmond, Virginia (37.554, -77.460)

Metadata

Model: gpt-5-mini
Short Digest: d968da3b

Response Measures

None

Description

Article (Staunton Spectator, 1837-05-18) reports that the banks in Richmond have suspended specie payments as part of a broader crisis tied to Jacksonian policies. No run on the Richmond banks is described, nor is there mention of permanent closure or receivership; the piece anticipates legislative relief, so I classify as suspension_reopening. The reference to forfeiture of charter for the Farmers' Bank is noted but does not confirm closure.

Events (1)

1. May 18, 1837 Suspension

Cause: Macro News
Cause Details: Part of a widespread banking suspension triggered by the national financial crisis and Jackson administration policies (general pressure and embarrassment).
Newspaper Excerpt: The Banks of New-York, Philadelphia, Baltimore, and Richmond, have suspended specie payments !
Source: newspapers

Newspaper Articles (1)

1. May 18, 1837 Staunton Spectator, and General Advertiser Staunton, VA

Article from Staunton Spectator, and General Advertiser, May 18, 1837

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Article Text

SPECTATOR. STAUNTON THURSDAY, MAY 18, 1837. THE PUBLIC CALAMITY! is -The grand "Experiment" is fairly out !-The State Banks, by means of which Gen. Jackson promised to give the country "a better currency" than was afforded by the United States' Bank, are at length yielding to the general pressure and embarrassment, produced by his most lawless and outrageous acts! The Banks of New-York, Philadelphia, Baltimore, and Richmond, have suspended specie payments !-and there is no question that the same measure will be adopted, if not from necessity, at least in self-delence, by the banks generally throughout the Union. None of them could withstand a general run upon them for specie, cut off from the ordinary sources of supply-and if they foresee that they shall be compelled ultimately to stop, they will consider it less injurious to their credit and future solvency to do so before they are drained of their specie. This, we doubt not, has been the consideration which governed the Richmond Banks-though the necessity must have been most stern and unrelenting, since it involves a forfeiture of the charter of one of them; a consequence which would certainly not have been incurred but to avoid a greater evil. We allude to the Farmers' Bank, which we believe is the best of the two. The same provision is contained in the charters of one or two other of our banks. What, then, is to be done in this emergency To compel the Banks to wind up their business, as is required on a forfeiture of charter, would greatly aggravate the public distress. And yet nothing else remains for them should they stop specie payments. without an immediate act of the Legislature to relieve them from their disabilities. Under these circumstances, we shall not be surprized to hear that the Governor has called an extra. session of the Legislature. In our opinion, the crisis imperiously demands it. So much for the Golden humbug, and the silly and wicked "Experiment" OD the currency, the bitter fruits of which were so early foretold So much for the servile submission of the People and their Representatives to the insurpations of the Executive !-Wide spread bank ruptcy and a ruined Currency, are DOW to be superadded to the abiding curse of violated Law, and a broken Constitution!