Article Text
BY MAGNETIC TELEGRAPH. The Exchange Bank and Farmer's Bank, of Virginia, at Richmond have both suspended.
21798. Farmers Bank (Richmond, VA)
Bank Information
- Episode Type
- Suspension → Reopening
- Bank Type
- state
- Start Date
- October 15, 1857
- Location
- Richmond, Virginia (37.554, -77.460)
Metadata
- Model
- gpt-5-mini
- Short Digest
94b22d8b
Response Measures
None
Description
Multiple contemporaneous newspaper reports (Oct 15, 1857) state the Farmers' Bank of Richmond suspended specie payments. The suspensions are described as part of the broader 1857 financial panic (national banking suspensions). Articles discuss that banks 'stop now with full vaults' and 'will be in a condition to resume specie payments' — suggesting an intended temporary suspension and likely reopening, though an explicit reopening date is not provided in these clippings.
Events (1)
1.
October 15, 1857
Suspension
- Cause
- Macro News
- Cause Details
- Part of the nationwide financial panic of October 1857; banks in New York and elsewhere suspended specie payments and Richmond banks followed suit to protect reserves.
- Newspaper Excerpt
- The Farmers' and Exchange Banks here suspended yesterday.
- Source
- newspapers
Newspaper Articles (10)
Click image to open full size in new tab
Click image to open full size in new tab
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,
Click image to open full size in new tab
Article Text
SUSPENSION OF RICHMOND BANKS. The 'Farmers' Bank," and the branch of the "Exchange Bank, both located in this city, suspended specie payments yeaterday. Suspension by the Farmers' Bank" will doubtless cause the adop. tion of 8 similar course on the part of its branches in various sections of the State. The "Bank of Virginia" is the only bank in Richmond that continues to redeem its notes with specie. It is supposed, however, that like most of the banks North and South, the "Bank of Virginia" will also, at an early day, in self-defence, be compelled to suspend. For several weeks past the Banks of this city have seen fit to curtail their discounts at 8 most oppressive rate, and had such 8 course been proceeded in much longer, the entire mercantile community of Richmond would have been prostrated, and business generally paralized. Having now suspended, the Banks can continue their usual discounts, and thus relieve the trading community of this city without the fear of having their notes forthwith returned to them for specie, and inevitably forcing them to suspend with empty vaults. They stop now with full vaults, and will be in a condition to resume specie payments whenever that measure may be agreed upon by the other Banks.
Click image to open full size in new tab
Article Text
cerned, we have as strong fears for the re sulta of the course counselled by the "Del ta" and its disunion sympathizers and supporters, as they seem to have for the consequences of the policy pureued by the National Democracy, and sustained by the conservative men of all parts and portions of the Union. The unity of the slave States is indiepen. sable to a successful resistance of the attacks of abo. Etionism. And it is palpable that the "Delta" and all of its peculiar school are advocating doctrines tending directly to a dangerous division in the South. It is no difficult matter for a cause to be injured by BOWN friends. The Southern fire-eaters are no more attached to the institution of slavery, than the conservative men, who are in favor of the Union; nor will we say they are less 80. But while they are endeavoring to secure the South, by advocating 8 dissolution of the Union, we are aiming at the accomplishment of the same object, by au entirely different, and much more moderate and promising process. It is certain that the South will be safe within the Union, as long as the Constitution is preserved intact. It is not so certain that a disruption of the confederacy would not lead to ille, we know not of The disunionista desire dissolution, because they say, the slave States are imposed upon and oppressed by the Federal Government; because they have no confidence in the conservatism of the North, and have despaired of maintaining, or rather regaining our equality in the Union. The National Democracy, on the other hand, seek to protect the rights of the South by the same means which they would also employ for the preservation of the Union. They have confidence in the capacity of our government to answer the ends for which it was established, and in the patriotism of the people to act in obedienre to its principles as prescribed by its founders. The De. mocratic party upholds the only policy, which is adequate to the preservation of the Union or the maintenance of the rights of the States and the equality of the South. The disunionists would adopt the last resort before the danger demands it. They would strand the ship amongst breakers to save the craw, when there is noimminent danger,and when the risk is probably greater in running ashore than in standing boldly out to sea. Such captains are unfit for the command of 8 vessel freighted with the invaluable institutions of America. There may be 8 time, when the National Democ racy will also demand a dissolution of the Union, as a preventive of even greater ills than that could bring upon us. But it has not come yet; and we trust it never will. The factionists for whom the New Orleans Delta speaks, are dangerous epirits in 8 confederated republic. Whether Senator Hunter sympathizes with the "Delta" in its onslaughts upon the National Democracy and the Administration, we have endeavored to ascertsin by appealing to him to say yes or no. ás yet he says nothing, and the public are still in doubt. We cannot but hope, however, if he has determined to disregard the interrogatories of the Enquirer and its correspondents, on the subject, that he will reconsider his rash resolution, and let us hear from before the first Monday in December. While assailing Governor Wise and the "Enquirer," the "Delta" never strikes at Mr. Hunter. Why is this? In a late iasno, to which we have alluded, the "Delta" saya There is method in the "Enquirer's" madness.Gov. Wiee aspires to the Presidency. He fixes his eyes upon the year 1860, and counts the hours as they pass. Ambition has got the better of the Governor's patriotism and Southernism. He wooes the unholy embraces of that great leman of Free-soil barlot. ry-the National Democracy. To live in the White House for four brief years, he is willing to plant his heel upon the neck of the South, heedless of her struggles, her cries or her wounds. If Senator Hunter can be made to link his fortunes with this party, his present opponents will freely assist him to the United States Senatorship. Such ravings would sound sadly, but those familiar with the "Delta" are accustomed to them; and they are heeded only as evidences of the violent prejudices of the disunionists. To doubt the "patriotism and Southernism of Gov. Wise grates as harshly upon the ear of the American people, and especially of the South, as do doctrines of infidelity openly proclaimed in a Christian community. And to pronounce the National Democracy the "leman of free-soil har lotry," is enough to satisfy the country of the dangerous, unreasoning ultraism of the faction, for which the New Orleaus "Delta" speaks. And yet that journal espouses the cause of Senator Hunter. He should not hesitate to tear himself from its fatal embrace. SUSPENSION OF RICHMOND BANKS. The Farmers' Bank," and the branch of the
Click image to open full size in new tab
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.
Click image to open full size in new tab
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.
Click image to open full size in new tab
Article Text
Richmond, (Va.,) Oct 15. The Farmers' and Exchange Banks here, suspended yesterday. The Bank of Virginia still holds out.
Click image to open full size in new tab
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.
Click image to open full size in new tab
Article Text
VIRGINIA. SUSPENSION OF RICHMOND BANKS. [F:om the Richmond Enquirer, Oct. 15.] The Farmers' Bank and the branch of the Exchange Bank, both located in this city, suspended specie pay. ments yesterday. Suspension by the Farmer's Bank will doubiless cause the adoption of a similar course on the part of is branches in various sections of the State The Babk of Virginia is the only bank in Richmond that continues to redeem its notes with specie. It is supposed, however, that like most of the banks North and Souta, the Book of Virginia will also, at an early day, in self defence, be compalled to suspend. For several weeks past the banks of this city have seen fil to curtail thetr discounts at a most oppressive rate, and had such a course been proceeded in much longer, the entire mercantile community of Richmond would have been prostrated, and business generally paralized. Having now suspended, the banks can contisue their usual discounts, and thus relieve the trading community of bis city without the fear of having their notes forthwith returned to hem for specie, and inevitably forcing them to suspend with empty vaults They stop now with full vaults, and will be in a condition to resume specie payments whenever that measure may be agreed upon by the other tanks.
Click image to open full size in new tab
Article Text
to make, within thirty days, a just and true return under oath or affirmation of its president and cashier, of the state and condition of such banks and banking institutions, with the name of its president and directors, and a list of its stockholders, on the day of the regular weekly meeting of the president and directors thereof next preceding the date of this requisition." Virginia Notes in Washington City. WASHINGTON, Oct. 13.-The brokers are throwing out all of the Virginia notes to day. Latest Intelligence General Suspension of the Banks in New York and elsewhere North! The money panic reached its climax on Tuesday, and the banks of New York City, fifty odd in number, suspended specie payments. The run upon them for specie had been constant and heavy, and they withstood it gallantly, but were at last obliged to yield. The scène was highly exciting-hundreds of thousands in gold were paid out on Tuesday before the banks yielded. The Albany, the Buffalo, the New Jersey, the Connecticut, the Maine, and other banks have suspended. The Farmer's Bank, and the branch of the Exchange Bank, in Richmond, Va., suspended specie payments on Wednesday. The Bank of Virginia was the only bank in Richmond that continued to redeem its notes with specie. On Tuesday last the panic was making itself severely felt in New Orleans. Heavy suspensions were anticipated. Money was extremely scarce. We learn that the Bank of Cape Fear has suspended specie payments. The Bank of the State of North-Carolina has not suspended. The impression, however, seems to be that all the banks in this State will be compelled to suspend.