Article Text
The Bank of Virginia and the Farmers' Bank at Richmond & their Branches throughout the state have suspended specie payments. -
21795. Farmers Bank (Richmond, VA)
Bank Information
- Episode Type
- Suspension → Reopening
- Bank Type
- state
- Start Date
- May 20, 1837
- Location
- Richmond, Virginia (37.554, -77.460)
Metadata
- Model
- gpt-5-mini
- Short Digest
4df34820
Response Measures
None
Description
Newspaper articles from May–July 1837 report the Farmers' Bank (Farmers' Bank of Virginia) suspended specie payments in May 1837 and curtailed discounts thereafter. There is no explicit report of a depositor run or a permanent closure; articles emphasize suspension of specie payments and continued operations (paying out small change), and legislative inquiries finding solvency. The broader Panic of 1837 context implies a macroeconomic cause for suspension. No explicit reopening date is given, but evidence shows the bank continued paying out small change after the suspension, so I classify as a suspension with later resumption (suspension_reopening).
Events (2)
1.
May 20, 1837
Suspension
- Cause
- Macro News
- Cause Details
- Suspension of specie payments amid the broader 1837 banking distress/panic and statewide suspension of specie by multiple banks.
- Newspaper Excerpt
- The Bank of Virginia and the Farmers' Bank at Richmond & their Branches throughout the state have suspended specie payments.
- Source
- newspapers
2.
July 1, 1837*
Other
- Newspaper Excerpt
- The Farmer's Bank of Virginia ... has curtailed her discounts about $150,000, and pays out in small change every day over two hundred dollars.
- Source
- newspapers
Newspaper Articles (3)
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Article Text
The Joint Committee of the Senate by and House of Delegates, charged the joint resolution of the two Houses to inquire. &c., have, according to order, had the same under consideration, and beg leave_to make the following report: The Committee have received from of the several Banks a of their the dates the statement tions officers at indicated respective by and condi- those obstatements, and have sought tained information from some of those officers, and from other sources, in answer to sundry interrogatones-tbese statements, interrogatories adanswers, the accompany this report. To save delay that would attend a detailed report, the Committee deem expedient collectto present the information thus the ed in this form, and to embody inconclusions which they think that formation warrants, in the following resolutions Resolved, That the several Banks Commonwealth, specie payments, of suspended 1. this which overruling consider- have the circumstances of under which that to are not justly ing necessity. as taken, obnoxious resolution censure for having That in the of 2. Resolved, adopted it. opinion of the committee, the solvency is free from all and that there is just said doubt, this Banks ground rational resume to believe will be ready to when the in the great institutions specie payments. they commercial Banking marts of the country shall do so. That law 3. Resolved, provision by to be made to relieve the Banks from the of specie and ought the suspension community effects payments, that the the existing laws, has on and business of the charters under that Banks. the Mr. Stanard suggested two of the over. for the purpose first passed resolutions Committee of attend- be ing to the third. This course was adopted, and the third resolution was read and agreed to. The Committee on the part of the House, was directed to report a bill accordingly Mr. Harrison offered the following resolution That the Select CommitBanks collect and in form, for the use tee Resolved, convenient on evidence have printed of taken the General Assess.bly the the said Committee. Smith of I. of W., believing as he that the statement of by stated, resolution. Mr. opposed had the before throw Bank the was only calculated to the eyes of the believe the facts officers did dust in not people material He in this case could be obtained Mr. Harrison referred to the testimony before the committee, which he as having thrown much on the subject. He to see whether it light considered people would wished be safe the Banks to extend must curtail or for whether the they their had discounts. for the debalance of the year. He no sign to throw dust either in the eyes of the people or the members of the house. The resolution was then adopted. Mr. Woolfolk moved the adoption of the following resolution That the and Bank Resolved, of Virginia President Farmer's this house of Bank the be to lay before a of the [names indebted to their statement who requested are of all respective persons Banks in a sum or sums over $10,000, with the amount of the indebtedness and the names of those who for each debt at the same time are shewing each, bound aforesaid]- the the charac- Bank of paper held by of said debts, at each was as ter which evidence or kind originally and contract- the time that lay before the House what their debts were loaned en-and a statement, shewing they by the portion Direc- of tors, and what portion by the committee to purchase bills. Mr. Woolfolk urged this resolution, that such was in order to restore on the essential, ground information confidence to the people. Much discussion ensued, and various amendment were offered, when Mr. Woolfolk moved, as a substitute to the resolution, the following: That the President of the Farmers' Bank and the President of the Bank of lay before this house a statethe number trade or uals, ment Virginia shewing office, occupation of the individ- trade of the number of firms, of each. of Banks at each; or business corporations indehted and the to their with number the reamount of each or firm's, aggregate spective corporation's Richmond, indebtedness. individual's furnish at same of debts respecThat the amount they due the their citizens time tive Banks in Richmond by of Richmond, and the amount due by citizens of each county, city, town borough in the State; shewing what portion of these debts are loaned by the Directors, and what portion by the committee to purchase bills. Mr. Witcher proposed to add"And the amount of stock held by each, the amount of the entire interest which the commonwealth has the Banks of this City,
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Article Text
# VIRGINIA BANKS. The Richmond Enquirer says that the Farmer's Bank of Virginia, has reduced her discounts near half a million, and her circulation $1,200,000, since the first of January. The Compiler says that the same bank, since the suspension of specie payments, has curtailed her discounts about $150,000, and pays out in small change every day over two hundred dollars.