21928. Bank of Winchester (Winchester, VA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 22, 1816
Location
Winchester, Virginia (39.186, -78.163)

Metadata

Model
gpt-5-mini
Short Digest
ed98833d

Response Measures

None

Description

Articles (Nov 1816) report Virginia legislature suspending parts of the anti-unchartered-banks law as to a list of institutions including the Bank of Winchester so they could have additional time to 'close the transactions' and 'wind up their affairs.' This indicates a legislative suspension to permit voluntary winding-up (voluntary liquidation) rather than a depositor run. No run or reopening is described; banks intended to cease operations.

Events (1)

1. November 22, 1816 Suspension
Cause
Voluntary Liquidation
Cause Details
State legislature suspended enforcement of the anti-unchartered-banks act for the Bank of Winchester to allow the institution time to close transactions and wind up its affairs (i.e., voluntary liquidation).
Newspaper Excerpt
the Bank of Winchester, in Virginia, have proceeded with a bona fide intention of closing the transactions of those institutions ... but have found it necessary to ask more time ... the act ... be suspended, in relation to ... the Bank of Winchester ... until the 31st day of August next.
Source
newspapers

Newspaper Articles (3)

Article from Alexandria Gazette, Commercial and Political, November 19, 1816

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Article Text

VIRGINIA LEGISLATURE. HOUSE OF DELEGATES. Nov. 14 Mr. Lane moved for a new writ of Nottor ay-one lection for the county of Thomas members, of refused to take the ed by the certificate of having the returned duelling the act. To oath prescrib prove Mr. before Car this fact, he read of the executive council, the son, whom one Mr. Wells had refused to take oath, Doddridge enquired, whether these that Mr. be a resolution, stating ought Thomas not Wells to had disqualified himself, and declaring his seat vacant. journals of 1812 were consulted membe The case of John Tayler, a in for the Lunenburg 1 who was engaged in con from dispute about the war. and had felt some of what took place, sequence in taking the oath-he subsome the House how far the was with the genius consistent mitted scraples to and eath spirit being constitution. This memorial and E the to the committee of P. that the praver to be they morial submitted reported, ought rejected--a of declaring propesi- the me to amend this report. by take tion that it was not necessary for him to Noes oath, was negatived, ayes 19, then the 108-A new writ of election was that ordered, in his case on the ground to he had disqualified himself by refusing take the oath. case being read Mr. Doddridge to This reference of T. Well's case moved C. of a P. & E.Mr. Lane did not see the necessity f such a reference, all the facts the being before the house.-Mr-Dod course in wished the same as in Taylor's case. down dridge this only Why laid depart from the solemn precedent lost that instance ?-The motion was in 73, noes 86.-After which a pream ble ayes and resolution were agreed to, stating Thomas Wells having refused take that the oath prescribed by the act to of prevent duelling, therefore a new writ Notto lection issue for the county of way. Mr. Colston presented a petition from sundry citizens of Hampshi e county county praying that a certain part of that be added to Berkeley-The peti tioners may complain, that they have to tra 50 miles to their court house, large over vel bad roads, and almost cut off by a a and impa-sible stream, whereas, they only distant 20 miles from Berkley Court house-Referred. Unchartered Banks. Mr. Mercer (of L.) from the commit bill to to whom was re-committed the tee suspend in part the law of the last session the circulation uncharte ed banks, prohibiting reported of notes the bill the with one amendment viz. to add words Bank of Winchester in Virgi- the su as to entitle that bank to same nia," exemption with those of Waterford and Maitinsburg Mr. Wilson (of Monongalia) moved al amend he ame dment by adding Vir Farmers Bank of stated, that after the last session, this passed inia"-He Monongalia by the and bank law was has be to cortail its di counts, continued gan to curtail from 5 to 10 pe cell! en60 days, that they we for to wind up their they had not as SODE deavouring every as possible, affairs intended such make any new discounts, but to were payable en the 5th of this mouth-- void He hoped that this in tituti have the same indulgence as others--The had no statement, but expected one. shew the state of the bank, but he knew pa they had attempted to draw in their per, without ruining their dealers. Mr. Mercer suggested to the gentle that he had better make bis motio by man, way of a distinct amendment to the bill itself, as each of the banks ought stand on its proper basis - wished who that the gentlemen from Frederick, could give information about the bank the would rise and that this bank had house, Winchester, Wilson attempted satisfy comply with the law. Mr with drew his amendment Mr. Sexton rose consequence of Mr. Mercer's appeal. that and stated that he had evidence, the bank meant to curtail its discount and wind up its affairs. They had cur- had tailed ten per cent though they not adivanced 50 rapidly in their amend object the bank of Loudoun. The ment reported by the committee was then adopted. Mr. Wilson moved to add " The Mo nongaria Farmers' Company of Virgi- just after the word " Winchester" added, agreed to. Mr. Marshall moved to add The Warrerton Company" in the county conFauquier. He had no interest or he nection with that bank. and therefore situation could not positively state its but he had been told by its President,


Article from Alexandria Gazette, Commercial and Political, November 22, 1816

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Article Text

AN ACT. To suspend, in part. the Act, entitled, " An act more effectually to prevent the circulation of notes emitted by un. chartered banks." Whereas, it is represented to the general assembly, that the Loudoun Com. pany for the Encouragement of Agricul ure and Manufactures." the Bank of Martinsburg." the Monongalia Farmers' Company of Virginia," The Warrenton Company," the Sali e Company," the Leesburg Uuion Company." the Western Bank of Virginia." "the hagleston Manufacturing and Exporting Company," " the Ohio Company," and the Bank of Winchester," in Virginia, have pr ceeded with a bona fide intention of closing the transactions of those institutions, in conformity with the provisions of an act, entitled " An act more effect. ually to prevent the circulation of notes emitted by unchartered banks," but have found it necessary to ask more time for the same ; Be it enacted by the General Assembly, That the act entitled " An act more effectually to prevent the circulation of notes emitted by unchartered banks" which passed Feh. 24th 1816, with the exception of the 10th section. be suspend. ed, in relation 10 the Inst tutious denomi nated " the Loudeun Company for the' Encouragement of Agriculture and Ha. nufactures," the Bank of Martinsburg." the Monongalia Farmers Company of Virginia,' ' the Warrenton Company, the Saline Company," the Leeshire Union Company," the Western bank Virgina,' the Charleston Manufacturing and Export Company, 6 the Ohio comp RT, and " the Bank of Winchester in Virginia, until the 31st day of August ext. This act to commence and bein force from and after the passage thereof.


Article from The Alexandria Herald, November 27, 1816

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Article Text

more effectually 10 prevent the circuJotice of notes emitted by unchartered banks" which passed February 24th 1816, with the exception of the 10th section, be suspended, in relation to the Institutions denominated the Loudoun Company for the Encouragement of Agriculture & Manufactures," " the Bank of Martinsburg," "the MononBelta Farmers' Company of Virginia," "she Warrenton Company." "the Sa line Company" " the Leesburg Union Company," "the Western Bank of Virginia," the Charlesion Marufac turing and Exporting Company,, is the Ohio Company," a d " the Bank o Winchester." in Virginia, until the 31st day of August next. T his Act to commence and be in force from and after the passage there= 773