21788. Exchange Bank (Richmond, VA)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
October 14, 1857
Location
Richmond, Virginia (37.554, -77.460)

Metadata

Model
gpt-5-mini
Short Digest
c8210a1c

Response Measures

Accommodated withdrawals, Full suspension

Other: Multiple newspaper reports reference runs followed by suspension during the Panic of 1857; no evidence of receivership or reopening in these clippings.

Description

Contemporary reports (Oct 14–16, 1857) describe runs on branches of the Exchange Bank followed by the Exchange Bank suspending specie payment on Oct 15, 1857. Articles state the bank paid out specie during the initial run but then suspended; no article here reports a reopening or final closure, so outcome is unclear.

Events (2)

1. October 14, 1857 Run
Cause
Local Banks
Cause Details
Runs were triggered by news of the suspension of the Farmers' and Exchange Banks in Richmond and related local banking distress.
Measures
Paid out specie; readily shelled out to all demands.
Newspaper Excerpt
Runs were very naturally made upon the Virginia and Exchange Branches immediately after, but both, up to the closing hour, readily shelled out to all demands.
Source
newspapers
2. October 15, 1857 Suspension
Cause
Local Banks
Cause Details
Suspension occurred in the context of widespread local bank suspensions and panic (Farmers' Bank also suspended); likely a response to local banking crisis and runs.
Newspaper Excerpt
The Farmers' and Exchange Banks here suspended yesterday.
Source
newspapers

Newspaper Articles (6)

Article from The Daily Dispatch, October 15, 1857

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Article Text

Things in Petersburg, &c., &e. CORRESPONDENCE OF THE RICHMOND DAILY DISPATCH.] PETERSBURG, Oct. 14. The money excitement has reviwed with all its recent ardor, and indeed affairs have assumed a more serious aspect, and now appear with a deeper tinge of reality. No sooner had the news arrived to-day, of the suspension of the Farmers' and Exchange Banks in your city, than the branch of the Farmers' Bank here followed suit. Runs were very naturally made upon the Virginia and Exchange Branches immediately after, but both, up to the closing hour, readily shelled out" to all demands. Fortunately for the Exchange, but few of its notes are out, and, I am told, its vaults are abundantly stored with specie. Both, however, are expected to suspend before the end of the week. if only for the sake of" keeping up with the times!" A boy named Daniel, belonging to Mr. Charles Hamlin, was before the Mayor this morning, charged with robbing the dwelling of Mr. William Smith, a few days ago, of $135 in money. The matter was partially examined, and postponed till to-morrow It seems that suspicion of the boy's guilt was aroused by the profuse munner in which he handled divers amounts of money subsequent to the theft. The several Cotton Mill Companies have resolved to suspend work for a time. The Ettrick's Mill, I understand, met with a heavy loss, through the misfortune of a Northern agent. Messrs. P. H. Russel and J. Schneider, amateur musicians from Richmond, will join the Excelsior Glee Club, at Mechanics' Hall, to-morrow night, in the benefit concert to Grace church. Birch's Minstrels have been reaping a rich harvest at Phoenix Hall. Birch is a great favorite, and has been invariably greeted with the broadest grins, the loudest laughs and the biggest thunder. ARIEL,


Article from The New York Herald, October 16, 1857

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Article Text

ARRANGEMENT OF THE BOSTON BANKS. BOSTON, Ool. 15, 1857. The adjourned meeting of the Associated Banks of this city was held this morning, at the Clearing House. Various plans were presented and discussed to facilitate the payment of balances between the banks at the Clearing House. No definite plan has yet been matured. The meeting was not of much importance to the general business public, except so far as its action sided our bank. ing institutions to discount in reasonable amounts to safe and solvent parties. The system of bank exchanges to be adopted will assist materially in this purpose, and the banks will be enabled, as It is the intention of their officers, to help those merchants only requiring time to meet their liabilities. The proposed course of the banks in discounting undoubled paper will furnish great relief to many business men, who will stand the financial storm but bend beneath the pressure. The reported failure of Little, Alden & Oo. is not confirmed. They ask an extension in behalf of the Pacific Mils Corporation. They are its agents, and it is thought the extension will be granted. BANK SUSPENSIONS IN RICHMOND. RICHMOND, Va., Ost. 15, 1857. The Farmers' and Exchange Banks here suspended yesterday. The Bank of Virginia still holds out. BANK SUSPENSIONS IN GEORGIA. Augusta, Ga, Ost 13, 1857 At a public meeting of our citizens, held to-day, the banks were recommended to suspend spacie payment. All the backs in Savannah suspended specie payments this morning. THE PHILADELPHIA STOCK MARKET. Philadelphia, 14, 1857. Stocks steady. Pennsylvania Fives, 88; Heading Rall road, 18%; Morris Canal, 40; Long Island Railroad, 8; Pennsylvania Railroad, 83. MOVEMENTS OF BREADSTUFFS. ALBANY, Oct. 16-6 P. M. Flour is in fair demand at steady rates. Sales of 900 bbls. Sales of 2,100 bushels Chicago spring wheat at 91c Corn is held above the views of buyers; for large parcels affoat 75c. 1: asked. The most of that offering will go to New York. Whiskey-Ligh sales at 21c.


Article from New-York Daily Tribune, October 16, 1857

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Article Text

BANK SUSPENSIONS, &c., IN RICHMOND. RICHMOND, Thursday, Oct. 15, 1857. The Farmers' and Exchange Backs here suspended yesterday. The Bank of Virginia still holds out.


Article from Daily Iowa State Democrat, October 17, 1857

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Article Text

Richmond, (Va.,) Oct 15. The Farmers' and Exchange Banks here, suspended yesterday. The Bank of Virginia still holds out.


Article from The Davenport Daily Gazette, October 17, 1857

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Article Text

Financial Matters at the South. AUGUSTA, Ga., Oct. 16. At a public meeting of our citizens held today, the banks were recommended to suspend specie payments. The Tuion Bank suspended this A. M. RICHMOND, Va., Oct. 16. The Farmers' and Exchange Banks here, suspended yestegday. The Bank of Virginia still holds out. NAPHVILLE, Oct. 15. The Bank of Tennessee has suspended. The Legislature is considering a resolution to legalize a general suspension-action doubtful. The Planters' and Union Banks will hold out to the last unless authorized to suspend.


Article from The Central Presbyterian, October 17, 1857

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Article Text

she could not W 1k upon it unassisted, she managed to get to the fence, and clinging to it, she edged herself along, holding by the iron railing, hand over hand, as a sailor would say, until by its support she brought herself up to th' gate. On another day more memorable stillon that never-io-be-forgotten Sabbath-the 19th of Januar last-when the violence of the wind, the th of the snow, and the intensity of the cold, all combined to make a tempest more fearful than any before witnessed by any IOW living in this latitudeeven on that dr she was in her accustomed seat in church -the first to arrive! Though in ery humble circumstances, sueh was her independence of spirit, that she persisted in supporting herself by her own efforts, all vet, she never failed to make a contribution hen a collection was taken up. Her gifts though intrinsically small, were great in P oportion to her ability, and absolutely. mun ent when compared with those of many embers of the church, who have never begun to conform to the gospel rule of giving according as God has prospered them. In her father family, the Gaelic language continued to spoken even after they removed to this untry. To the last she preScriptures in that tongue. ferred to res And while few persons were more conversant with the Scriptures, yet after she became a member of the church, though she had passed her three-score and ten, she became a member of the Bible class, and from Sabbath to Sabbath took her place among the youth and middle aged who composed it, anxious to know more of that blessed volume whose riches will never be fully explored even in eternity. During her last illness she was patient and submissive. The peace of God that passeth all understanding, was her's in rich abundance to the end. Such was the life and death of our venerable friend, Miss Nancy Gordon, who now rests from her labors, in the enjoyment of the blessedness of those who die in the Lord. t 8 The bills of the suspended Virginia Banks will be received at par in payment of all dues at this office, and for new subscribers. S S SUSPENSION.-On Wednesday last the Exchange Bank of this City, and the Farmer's Bank of Va., suspended specie payments e The Editors acknowledge the receipt o the following sum, viz: For Domestic Missions, $5 00 From Mrs. Caroline Bullock, S