Union Bank - Richmond, VA

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: September 1, 1814
Location: Richmond, Virginia (37.554, -77.460)

Metadata

Model: gpt-5-mini
Short Digest: c54142ce

Response Measures

None

Description

Article (Virginia Argus, Jan 24, 1816) states Union Bank suspended specie payments on Sept 1, 1814 and will resume specie payments on Feb 1, 1816. No run is described. Suspension appears tied to prior severe losses (bank-specific adverse information) rather than rumor or government action.

Events (2)

1. September 1, 1814 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Suspension of specie payments beginning 1 September 1814 following earlier severe losses that had crippled the bank.
Newspaper Excerpt: all deposits which were in the Bank on the first day of September, 1814; (the bank was suspended) ...
Source: newspapers

2. February 1, 1816 Reopening

Newspaper Excerpt: Notice is hereby given, that on and after the first of February next ... will be paid at the Bank in GOLD or SILVER COIN, on demand. By order of the Board of Directors, JOHN LOW, Cashier.
Source: newspapers

Newspaper Articles (1)

1. January 24, 1816 Virginia Argus Richmond, VA

Article from Virginia Argus, January 24, 1816

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Article Text

before the day of next, resume specie payments, the holder of any of these notes may, on giving ten days previous notice, obtain a judgment against them for the principal and per cent. damages. Mr. Mercer presented a bil! for the establishment of certain Banks-read the 1st and 2d time, and committed to a committee of the whole; 230 copies, on the motion of Mr. Lewis, ordered to be printed. Mr. Doddridge presented a bill to e. qualize the representation in the Senate and for other purposes-read the 1st time on the question " shall the bill be read a second time P"-it was determined in the negative. Mr. Mercer moved a reconsideration, which motion Mr. Scott opposed, and assigned many reasons, among others that the provisions of the bill were not reciprocal-He was answered by Messrs. Mercer and Marshall-the motion prevailed-Ayes 74, Noes 74. New-Your, January 16. Specie Payments.-The public will remark, with great pleasure, that the Union Bank, in this city, has determined to resnme specie payments. We have long had an eye upon the operations of this Bank-some severe losses had, some years since, crippled it a little; but the directors have since been honest enough to suspend their divi dends. The consequence is, that their institu. tion is now healthy and vigorous. The kindness and patronage of capitalists, sre highly de. served by the Union Bank, and we trust will be extended to it, in such a degree at least as to make the others believe, that " honesty is the best policy," Courier. UNION BANK, Jan. 16, 1816. Notice is hereby given, that on and after the first of February next, all notes of the Union Bank, and all deposits which were in the Bank on 1814; the on payments were and the which first day specie of September, suspended) (being day shall have remained undrawn on the first day of February nexi, will be paid at the Bank in GOLD or SILVER COIN, on demand. The Bank will continue to receive (as heretofore) in payment and on deposit, the notes of the Incorporated Banks in the city of New York, and the notes of such other Incorporated Banks as may be current at the Banks in this city; and all drafts made on such deposits, or credits arising from notes discounted, OF on deposits made since the first day of September, 1814, will be paid in like Cur ent Bank Notes. The Bank will also receive on deposit GOLD and SILVER COIN, and place the same to the credit of the depositer, in an account separate from his current Bank Note account; and all drafts made on such deposits will be paid in SPECIE or in Notes of this Bank, at the option of the applicant. By order of the Board of Directors, JOHN LOW, Cashier.