21929. Bank of Winchester (Winchester, VA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
September 29, 1857
Location
Winchester, Virginia (39.186, -78.163)

Metadata

Model
gpt-5-mini
Short Digest
3f42b0c1

Response Measures

None

Description

Multiple contemporary newspapers report that the Bank of Winchester suspended specie payments (dispatch dated Sept. 29, 1857). Articles discuss a convention of suspended Virginia banks and gubernatorial efforts to facilitate redemption and resumption; no explicit newspaper report in the provided items states a definitive permanent closure or receivership. The suspension appears to be a response to the nationwide 1857 money crisis rather than a depositor run or bank-specific scandal. Classification chosen as suspension_reopening because the reporting frames the suspension as temporary and there is active coordination to resume specie payments, though an explicit reopening date is not given in the supplied articles.

Events (1)
1. September 29, 1857 Suspension
Cause
Macro News
Cause Details
Suspension occurred amid the nationwide financial panic/credit crisis of 1857; described as part of a general money crisis forcing a number of Virginia banks to suspend specie payments.
Newspaper Excerpt
a dispatch received here from Winchester, Va., announces the suspension of the following banks there :-Bank of Winchester, Bank of the Valley, and Branch of the Farmers' Bank.
Source
newspapers

Newspaper Articles (10)
1. September 30, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, September 30, 1857

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BY TELEGRAPH. MONEY MATTERS IN NEW YORK. NEW YORK, Sept. 29.-Money affairs are more cheerful, in consequence of a report that the banks are considering the expediency of expanding to the extent of several millions. The brokers are crying down Eastern and New Jersey money. Some of them refuse to touch the former at any price. No large failures are reported. Exchange very variable and unsettled. No rate quotable. THE RUN ON THE SAVINGS' BANKS AT ALBANY, NEW YORK. ALBANY; N. Y., Sept. 29.-The run on the Savings' Banks is suspended, and the gold drawn out in the panic of yesterday is being returned to-day. STATE OF AFFAIRS IN PHILADELPHIA. PHILADELPHIA, Sept. 29.-The city and Southwark banks are paying specie for small notes, despite the greement on a general suspension, entered into yesterday. They receive the notes of all the other banks on deposit, except those of the Bank of Pennsylvania. CONFIDENCE IN BOSTON. BOSTON, Sept. 29.-There is nothing new in financial matters. Full confidence is felt in the stability of our Banks. BANK DIRECTORS PLEDGING THEIR PRIVATE MEANS. PHILADELPHIA, Sept. 29.-The Directors of the Bank of Middleton, Pa., individually pledge their private fortune for the redemption of all its notes in circulation. Hou. Simon Cameron, the President, is very wealthy. FAILURES AND BANK SUSPENSIONS IN NEW JERSEY. TRENTON, N. J. Sept. 29.-H. H. Bottom & Co., paper dealers, and Bottom, Tiffany & Co., machinists, have suspended. The Camden, Burlington, Cumberland and Sae lem banks are reported failed. The rest of the New Jersey banks, including those of this city, will hold out while New York continues firm. SUSPENSION OF A NORTH CAROLINA BANK. NORFÖLK, VA., Sept. 29.-The Farmers' Bank, at Elizabeth city, North Carolina, has suspended. n The brokers are taking its notes at 50 per cent. discount. e The banks here are all right. SUSPENSION AT WHEELING, VA. ALEXANDRIA, V1, Sept. 29.-The banks in Wheeling, Va., have suspended. SUSPENSION AT WINCHESTER, VA. ALEXANDRIA, VA., Sept. 29.-A dispatch received here from Winchester, Va., announces the suspension of the following banks there :-Bank of Winchester, Bank of the Valley, and Branch of the Farmers' Bank. SUSPENSION IN GEORGETOWN, D. C. GEORGETOWN, D. C.-The Farmers' & Mechanics' and Commercial banks have suspended entirely.Everything is now settled down, but business is dull.

2. October 2, 1857 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, October 2, 1857

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SUSPENSION AT WINCHESTER VA. ALEXANDRIA. Va., Sept. 29.-A - despatch received here from Winchester, Va., announces theruspension of the following banks there:-Bank of Winchester, Bank ofthe Valley, and Branch of the Farmers' Bank.

3. October 8, 1857 The New York Herald New York, NY
Article from The New York Herald, October 8, 1857

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VIRGINIA. THE CONDITION OF THE VIRGINIA BANKS. [from the Richmond Son n, Oct. 6] The following table. we believe, includes all the banks in the State, and are classified according to the information in our possession. One curious revelation will be 0 served, and that 18, that not a solitary branch of the Bank of Vir ginis, au far as heard from, has suspended specie payment :OLD BANKS PAYING -Farmers' Bank of Virginia, Charlotesville: Farmers Bank, Bank of Virginia, Danville: Farmers' Bank, Farmille: Farmers' Bank of Virgi nia. Bank of Virginia, Frederickabare; Farmers' Bank. Exchange Bank, Bank of Virginia, Lynchburg: Exchange Bank of Virginia, Farmers' Bank, Bank of Virginia Nor folk: Exchange 9ank Farmers' Bank, Bank of Virgina, Peteraburg: Bank of Virginia, Portsmouth; Farmers' Bank, Bank of Virginia. Exchange Bank, Richmond. INDEPENDENT BANKS PAYING SPECIS.-Fairmont Bank, Fairment; Bank of Secttavi Boostaville; Bonk of Rock bildge, Lexington: Merchants' Bank, Lynchburg. OLD BANKS SURPENDED-Exchange Bank of Virginia, Farmers' Bank of Virginia, Alexandria; Bank of the Val ley, Charlestown: Bank of Valley, Christiansburg: Bank of the Valey, Leesburg; Bank of Valley, MoorSeld; Merchanis' and Mechanics' Baok, Morgantown; North western Bank of Virginia, Parkersourg; Merchants' and Mechanics', Point Pleasant: Bank of Valley, Romney; Bank of Valley, Staunton; Northwestern Bank, Weltsburg; Merchanis' and Mechanic.', Northwestern Bank, Wheeling: Bank of Valley, Farmers' Bank, Winchester INDEPENDENT BANKS SUSPENDED.-Bank of the Old Do minion, Alexandria; Bank of Monticello, Charloitesville; Bank of Commerce, Fredericksburg; Bank of Howards ville, Howardsville: Bank of Rockingham, Harrisonburg; Bank of Berkely. Martineburg; Central Bank, Stauntoa; Bank of Wheeling, and Manufacturers' and Farmers' Batk, Wheeling: Bank of Wiechester, Winchester. OLD BARKS NOT HEARD FROM -Exchange Bank, Abing. don: Farmers' Bank, Blacksburg; Bank of Virginia. Ba chanan: Bank of Virginia, Charleston; Exchange Bank, Clarkaville: Northwestern Bank, Jeffersonville; Farmera' Bank, Lew isburg; Exchange Bank, Salem; Bank of Vir. Rinia, Union; Farmers' Bank, Wytheville; Exchange Bank, Weston. INDEPENDENT BANKS NOT HEARD FROM -Farme* Bank, Fincastle: Allegbany Bank, Jeffersonville; Bank of the Old Dominion. Pearisburg The K.pawhs Bank at Malden, in Kanswha county, was paying at last accounts. There are rumors that the Exchange Bank at Weston, and the Fairmont Bank, at Fairmon: have suspended. out the rumors are 20 vague that we preferred a different classification. The Trans Allegbany Bank has gone out of circulation, and probably should 00 dismissed from the list altogether. The Kanawha Bank at Malden has not been heard from since the general suspension. The banes classified ss " not heard from" were specie paying institutions when last heard from. It is fair to pre sume that some of them-indeed probably a majority-are still of that class. TENNESSEE. FINANCIAL EMBARRASSMENT-SUSPENSION OF THE BANK OF NASHVILLE. [From the washvi le Banner, dept. 29] We regret to have to announce that the embarrassments in financial and commercial circles which have prevailed in the Northern and Eastern cities for several weeks, have reached our own community, and that yesterday our citizens were electrified with the announcement that the Bank of Nashville, one of the oldest and largest of the free banks, had suspended. This announcement was confi-med by the posting of the following circular on the public and private door of that institution yesterday:BANK OF NASHVILLE Sept. 28, 1857. In consequence oprejudicial and "afounded reports relative to the solvency of this bank, causing a large number of depositors to withdraw their funds, besides A heavy d'mani for coin. we have been foreed to suspend payments for the present. We beg of our friends to take no action in the matter for a few days not we have had time for reflection as to the bent ceurse to be pursued Our assets are ample to pay all and they shall be faithfully applied N. HOBSON, President W HELESS Oashier To place creditors of the Bank of Nashville beyond add rubts we have actermined to convey our private property as addiЮВ a security to be used in the event of accessity reserving only enough to pay our private indebledness, which is small. N. HOBSON, W. WHELESS. The bank steps were crowded yesterday by depositors and note holders, and considerable excitement exis ed. At the same time we discovered among the better informed a great degree of confidence in the ability of the bank to pay out, and we most unhesitatingly vise all noteholders not to submit to any unnecessary secrifice. The high charas ser of the President and Cashier is ample guarantee, where they are known, that no unfair advantage will be waken of their creditors: and we have the assurance of a leading member or the bar in this city, and a gentleman of the highest standing, who has thoroughly investigated their affaire, that the assets are abundantly adequate to uld mately discharge every liability. MERTING OF MEBUHANTS. A meeting of and citizens was held yesterday

4. October 10, 1857 Republican Vindicator Staunton, VA
Article from Republican Vindicator, October 10, 1857

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[From the Predericksburg Herald ] The Condition of the Virginia Banks, Although little or no excitement prevails in the minds of the Virginia public in reference to the solvency of the several Banking Institutions in the State/there is nevertheless a good deal of feeling abroad, and much interest excited, as to which are, and which are not, redeeming their issues in specie. To meet this general demand, we have compiled the following table, which we believe includes all the Banks in the State, and classified them accordingly to the information in our possession. We have examined our exchanges closely, and obtained information in other quarters, and think the table reliable. Our purpose is to present facts. One curious revelation will be observed, and that is, that not a solitary Branch of the Bank of Virginia, as far as heard from, has suspended specie payment. Old Banks paying Specie Charlottesville-Farmers Bank of Virginia, Danville-Farmers Bank, Bank of Virginia, Farmville-Farmers Bank, Fredericksburg-Farmers Bank of Virginia, Bank of Virginia, Lynchlurg--Farmers Bank, Exchange Bank. Bank of Virginia, Norfolk--Exchange Bank of Virginia, Farmers Bank, Bank of Virginia, Petersburg--Exchange Bank, Farmers Bank, Bank of Virginia, Portsmouth--Bank of Virginia, Richmond- Farmers Bank. Bank of Virginia, Exchange Bank, Independent Banks paying Specie. Fairmount--Fairmount Bank, Scottsville-Bank of Scottsville, Lexington--Bank of Rockbridge, Lynehburg-Merchants Bank, Old Banks Suspended Alexandria--Exchange Bank of Virginia, Farmers Baok of Virginia, Charlestown-Bank of the Valley, Christiansburg--Bank of the Valley, Leesburg-Bank of the Valley, Moorefield-Bank of the Valley, Morgantown-Merchants & Mechanics Bank, Parkersburg-North Western Bank of Va. Point Pleasant-Merchant & Mechanic, Romney--Bank-of Nalley, Staunton--Bank of Valley, Wellsburg North Western Bank, Wheeling-North Western Bank, North Western Bank, Winchester-Bank of Valley, Farmers Bank. Independent Banks Suspended. Alexandria--Bank of the Old Dominion, Charlottesville-Bank of Monticella, Fredericksburg-Mank of Commerce, Howardsville--Bank of Howardsville, Harrisonburg-Bank of Rockingham, Martinsburg--Bank of Berkeley, Staunton-Central Bank, Wheeling-Manufacturers & Farmers Bank, Bank of Wheeling, Winchester Bank of Winchester. Old Banks not heard from Abingdon-Exchange Bank, Blacksburg--Farmers Bank, Buchanan-Bank of Virginia, Charleston Bank of Virginia, Clarkesville--Exchango Bank, Jeffersonville--North Western Bauk, Lewisburg-Farmers Bank, Salem-Exchange Bank, Union-Bank of Virginia, Wytheville--Farmers Bank, Westen-Exchange Bank. Independent Banks not heard form. Fincastle Farmers Bank, Jelfersonville--Trans-Alleghany Bank, Pearisburg-Bank of:01d Dominion The Kanawha Bank at Malden in Kanawha county, was paying at last recounts. There are rumors that the Exchange at Weston, and the Fairmount Bank at Fairmount, have suspended, but the rumors are SO vague that we proferred a different classification. The Trans-Alleghany Bank has gone out of circulation and probably should be dismissed from the list altogether. The Kanawha Bank at Malden has not been heard Promisince the general suspension. The Banks classified 38 "not heard from" were specie paying institutions when last heard from. It is fair to presume that some of them-indeed probably a majority-are still of that class.

5. October 10, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, October 10, 1857

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Highly Important Meeting of a Portion of the Suspended Banks. At a meeting of a portion of the Banks of this State, which have suspended specie payments, held in Charlottesvile on the 7th October, 1857, the following Banks were represented, to wit: The Bank of the Valley in Virginia, at Winchester, by H. M. Brent, Esq. The Monticello Bank, by Messrs. N. H. Massie, B. C. Flannagan, Val. W. Southall, E. A. Watson, R. W. Duke, and J. Wood, jr. The Bank of Commerce, by J. M. Herndon, Esq. The Bank of the Old Dominion, by Wm. N. McVeigh, Esq. The Bank of Winchester, by Robert Y. Conrad, Esq. The Bank of the Valley in Virginia, at Charlestown, by Andrew Kenuedy, Esq. The Bank of Rockingham, by W. G. Stevens, Esq. The Northwestern Bank of Virginia, at Wheeling. by Z. Jacobe, Esq. The Merchants' and Mechanics' Bank, at Wheeling. by R. Crangle. Esq. The Central Bank of Virginia, by Messrs. Wm. Kinney and W. H. Tams. On the motion of Mr. Massie, Mr. BRENT was appointed Chairman of the Convention, and Mr. TAMS Secretary. The object of the meeting was stated to be. to take into consideration the matters contained in the following communication. addressed by the Governor of Virginia to the First Auditor and Treasurer of Virginia, a copy of which communication had been forwarded to the suspended Banks: RICHMOND, VA., Sept. 30, 1857. GENTLEMEN: Information. received in the last few days. leaves no doubt that a number of the banks of the Commonwealth have, under the pressure of the general money crisis in the country, been compelled to suspend specie payments. The notes of some of these suspended banks have been refused to be received by the depositories of the public revenue. Among these are the Valley Bank and its branches. and the Northwestern Bank, and others. I have great confidence in the officers of these banks, and rest in the conclusion firmly that this suspension is but a means of protecting our own securities, public and private. This conviction makes me reluctant to exercise the executive discretion of prohibiting by proclamation the receipt of the notes of suspended banks in payment of public dues. To make proclamation now of such a prohibition would seem to threaten injury to the banks, individuals, and the State, by adding to the prevailing panic and destroying confidence. It should be the object of all to do nothing at such a moment to impair confidence in the alternate and early ability of our banks to redeem their credit and resume specie payments. The banks, doubtless, are anxious to aid the executive in protecting the State credit and collecting the public revenue. To that end I suggest that it would be well for you to correspond with the leading suspended banks immediately, and propose that if they will agree to meet their notes received for public dues, in fifteen days, with specie, at the public depositories, the depositories will receive their notes on State account, and the executive will not proclaim a prohibition of the receipt of their notes in payment of the revenue of the State. Respectfully, yours, &c., HENRY A. WISE.

6. October 10, 1857 Weekly National Intelligencer Washington, DC
Article from Weekly National Intelligencer, October 10, 1857

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CONDITION OF THE VIRGINIA BANKS. FROM THE FREDERICKSBURG HERALD. Although little or no excitement prevails in the minds of the Virginia public in reference to the solvency of the several banking institutions in the State, there is, nevertheless, a good deal of feeling abroad and much interest excited as to which are and which are not redeeming their issues in specie. To meet this general demand we have compiled the following list, which, we believe, includes all the banks in the State, and classified them according to the information in our possession: Old Banks paying specie.-Charlottesville, Farmers' Bank of Virginia; Danville, Farmers' Bank and Bank of Virginia; Farmville, Farmers' Bank; Fredericksburg, Farmers' Bank of Virginia and Bank of Virginia; Lynchburg, Farmers' Bank, Exchange Bank, and Bank of Virginia; Norfolk, Exchange Bank of Virginia, Farmers' Bank, and Bank of Virginia; Petersburg, Exchange Bank, Farmers' Bank, and Bank of Virginia; Portsmouth, Bank of Virginia; Richmond, Farmers' Bank, Bank of Virginia, and Exchange Bank. Independent Banks, paying specie.-Fairmount, Fairmount Bank; Scottsville, Bank of Scottsville; Lexington, Bank of Rockbridge; Lynchburg, Merchants' Bank. Old Banks ispended.-Alexandria, Exchange Bank of Virginia and Farmers' Bank of Virginia ; Charlestown, Bank of the Valley; Christiansburg, Bank of the Valley; Leesburg, Bank of the Valley; Moorefield, Bank of the Valley; Morgantown, Merchants' and Mechanics' Bank; Parkersburg, Northwestern Bank of Virginia; Point Pleasant, Merchants' and Mechanics' Bank; Romney, Bank of Valley; Staunton, Bank of Valley; Wellsburg, Northwestern Bank; Wheeling, Merchants' and Mechanics' Bank and Northwestern Bank; Winchester, Bank of Valley and Farmers' Bank. Independent Banks suspended-Alexandria. Bank of the Old Dominion; Charlottesville, Bank of Monticello; Fredericksburg, Bank of Commerce; Howardsville, Bank of Howardsville; Harrisonburg, Bank of Rockingham Martinsburg, Bank of Berkeley; Staunton, Central Bank; Wheeling, Manufacturers' and Farmers' Bank and Bank of Wheeling; Winchester, Bank of Winchester. Old Banks not heard from.-Abingdon, Exchange Bank; Blacksburg, Farmers' Bank; Buchanan, Bank of Virginia; Charlestown, Bank of Virginia; Clarkesville, Exchange Bank; Jeffersonville, Northwestern Bank; Lewisburg, Farmers' Bank; Salem, Exchange Bank; Union, Bank of Virginia; Wytheville, Farmers' Bank; Weston, Exchange Bank. Independent Banks not heard from.-Fincastle, Farmers' Bank; Jeffersonville, Trans-Alleghany Bank; Pearisburg, Bank of the Old Dominion. The Kanawha Bank, at Malden, in Kanawha county, was paying at last accounts. There are rumors that the Exchange Bank, at Weston, and the Fairmount Bank, at Fairmount, have suspended, but the rumors are so vague that we preferred a different classification. The Trans-Alleghany Bank has gone out of circulation, and probably should be dismissed from the list altogether. The Kanawha Bank, at Malden, has not been heard from since the general suspension. The banks classified as 'not heard from" were speciepaying institutions when last heard from. It is fair to presume that some of them, indeed probably a majority, are still of that class.

7. October 12, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 12, 1857

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VIRGINIA BANK CONVENTION. WASHINGTON, Oct. 11, 1857. The Richmond Dispatch says that on the 30th ult. Gov. Wise instructed the First Auditor and State Treasurer to correspond with the leading suspended banks, and propose that if they would redeem in fifteen days with specie such of their notes as have been received for State dues, a proclamation of prohibition against the future receipt of their notes will be withheld. The representatives of & portion of the banks met at Charlottesville on the 7th, and resolved that the course indicated by the Governor was impracticable and injurious; but that the object would be attained if the banks would contribute 21 per cent by the 1st December, to meet the interest on the State debt due 1st January. Also, that all the banks in the Commonwealth holding demands against the State be requested to notify the Treasurer that such demands may be satisfied by payment in the issue of the creditor banks. The resolutions were presented to the Governors who did not give & decided opinion, but intimated that he had LO intention of prohibiting the receipt of suspended bank issues for the State revenue as long as the banks acted in good faith; but he said he had no power to compel the banks of deposit to receive the notes of suspended banks; but as far as practicable, he would receive and pay out their issues, trusting to their integrity to redeem as fast as possible. The Convention approved of these sentiments, and pledged the faith of the respective banks to carry out his views. The following banks were represented: The Bank of the Valley in Virginia, at Winchester; the Monticello Bank: the Bank of Commerce: the Bank of the Old Dominion; the Bank of Winchester; the Bank of the Valley in Virginia, at Charlestown; the Bank of Rockingham; the North. western Bank of Virginia, at Wheeling; the Merchants' and Mechanics' Bank, at Wheeling; the Central Bank of Virginia WASHINGTON, Saturday, Oct. 10, 1857. The Navy Department to-day received dispatches from Commodore Armstrong, dated Shanghae, July 15. On arriving off Woosung, Commodore Armstrong found the Levant ashore on North Bank, but by aid from the San Jacinto she was got off without having sustained any apperentinjury. The Levant left on the 26th for Hong Kong. The ship Portsmouth arrived on the 13th of July at Woosung from Hong Kong. Commodore Armstrong states that the principal reason for leaving Hong Kong was that a portion of the senior officers of the San Jacinto, himself among the number, were suffering very severely from the disease incidental to that climate, and it was deemed absolutely necessary that they should seek & colder climate. The change had already been beneficial. Late advices have been received from Ningpo, to the effect that the Chinese (Cantonese) and Portuguese were former the which have had an engagement, in victorious and destroyed the vessels of the latter, but committed no outrage or depredation upon foreign residents or shipping, Quiet is now completely restored there, and our citizens have no apprehension of any further disturbances in that quarter. tShanghae all is tranquil. Our citizens pursue their commercial enterprises without any difficulty or molestation on the part of the Chinese people or authorities. $180,000 of Government stock. including interest and premium, was redeemed at the Treasury to-day. WASHINGTON, Oct. 11, 1857. The Southern mail from all points as late as due has been received. The Tallahasse Sentinel states that Governor Perry was inaugurated there on the 5th inst. The inaugural was short, and contained pledges of official influence for the advancement of the cause of education and the completion of railroads inaugurated by the State. The portion of the address commenting on the Federal relations and Gov. Walker's Kansas policy was greeted with applause. The inaugural was not published, and consequently a synopsis of this part of it cannot be given.

8. October 14, 1857 Staunton Spectator Staunton, VA
Article from Staunton Spectator, October 14, 1857

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South or C. M. Firman is President. Convention of Suspended Banks. A meeting of officers of a portion of the Banks of this State, which have suspended specie payments, was held in Charlottesville on the 7tb inst. The Banks in Winchester, Charlottesville, Fredericksburg, Alexandria, Charlestown, sonburg, Wheeling and Staunton, were represented. H. M. Brent, of Winchester, acted as Chairman, and W. H. Tams, of Staunton, as Secretary. The object of the meeting was to take into consideration a letter addressed by Gov. Wise to the Auditor and Treasurer of the Commonwealth, and forwarded to the suspended Banks. After stating his belief that the Banks are anxious to aid the Executive in protecting the State credit and collecting the revenue, the Governor says: "To that end I suggest that it would be well for you to correspond with the leading suspended banks immediately, and propose that if they will agree to meet their notes received for public dues, in fifteen days, with specie, at the public depositories, the depositories will receive their notes on State account, and the executive will not proclaim a prohibition of the receipt of their notes in payment of the revenue of the State." A business Committee was appointed, and the Convention took a recess. At the evening session, the Committee reported the following resolutions : 1. That we regard the maintenance of the credit of the commonwealth as the first duty of the banking institutions as well as the citizens of Virginia, and therefore assent heartily to the spirit of the letter of Gov. Wise to the auditor and treasurer, which has been read. 2. That, with all respect to the source from which it comes, we feel bound to say that in the opinion of this meeting the specific remedy suggested in the letter is unnecessary, impracticable, and unequal as between the depositories and the other banks of the State, and also calculated to excite an injurious competition between the banks in regard to the funds sent on in payment of the revenue by the collectors. 3. That a provision for the amount of the State payments to be made abroad for interest on her bonds on the 1st January next, amounting, as we are informed, to the sum of $850,000 in the aggregate, will fully protect her credit. 4. That a contribution of specie or New York funds by each bank of 2 1-2 per centum on its capital, will make such provision. 5. That in our opinion, the spirit of the governor's letter will be complied with, if each bank, for itself, shall undertake with the deposit banks to redeem, to the extent just mentioned, by the 1st day of December next, its paper which may have been received in payment of the public revenue, in Richmond, in specie or New York funds. 6. That the suspension of the banks in Virginia, SO far as it has gone, was without fault on their part, for the public good as well as their own, under the circumstances that whenever the eastern cities resume, our banks should be prepared to resume with them and, in the mean time, the paper of our banks should be maintained, without exception, current in the State. 7. That when this convention adjourn, it adjourn to meet to-morrow at Richmond, to confer personally with the governor on the subject of his letter and these resolutions. Which resolutions were, after discussion, adopted unanimously. Mr. Conrad offered the following resolution, which was also adopted unanimously, to wit: Resolved, That this meeting recommend to the banks in the commonwealth, holding demands upon the State for interest or treasury notes, to notify the treasurer of the State at once, that all such demands will be satisfied by a payment in Richmond by the deposit banks in the issues of such creditor banks respectively, received by said deposit banks in payment of the revenue. The Convention then adjourned to meet in Richmond on the following day, when a personal interview was obtained with the Governor.Without expressing a decided opinion upon the suggestions contained in the resolutions adopted at Charlottesville, Gov. Wise assured the delegates that it was not his intention to issue a proclamation prohibiting the receipt of notes of suspended Banks in payment of public dues, so long as he remained convinced that they were acting with a bona fide intent to protect the State credit and the communities in which they are located. As yet he reposed the greatest confidence in all the Banks of the Commonwealth. Should the deposit Banks in Richmond continue to refuse the notes of suspended Banks, the Treasurer would provide a place of deposit, and would receive and pay out the rejected notes in discharge of demands upon the State as far as he could.And for such amount of them as he could notso pay out, the Governor would rely upon the integrity and public spirit of the Banks issuing them, to redeem them at the treasury as rapidly as may be required by the necessities of the Commonwealth,and as in the power of the Banks, in specia or snch funds bankable in Richmond,

9. October 16, 1857 American Union Morgantown, WV
Article from American Union, October 16, 1857

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NIORGANTOWN: FRIDAY, OCTOBER 16, 1857. Important Bank Convention-The Governor's Decision. Says the Wheeling Daily Times, we publish the following proceedings of a highly important meeting of the Directors of the suspended Banks, held in Charlottesville last week. It will be seen that the Governor has very wisely determined, that if the Banks at Richmond refuse to receive the notes of the suspended Banks on deposite, he will authorize the State Treasurer to withdraw the deposites from the Richmond Banks, and to create a deposite else. where. We like this move of the Governor's. It shows that he is willing to do justice to all the Banks of the State, and not to lend the weight of his official influence to the propping up of the old Banks of Richmond to the exclusion of others, equally meritorious at least, in other portions of the State.The proceedings of the Convention are as follows: At a meeting of a portion of the Banks of this State, which have suspended specie payments, held in Charlottosville on the 7th of October, 1857, the following Banks were represented, to wit: The Bank of the Valley in Virginia, at Winchester, by H. M. Brent, Esq. The Monticello Bank, by Messrs. N. H. Massie, B. C. Flannagan, Valentine W. Southall, E. A. Watson, R. W. Duke, and J. Wood, jr. The Bank of Commerce, by J. M. Herndon, Esq. The Bank of the Old Dominion, by Wm. N. McVeigh, Esq. The Bank of Winchester, by Robert Y. Conrad, Esq. The Bank of the Valley in Virginia, at Charlestown, by Andrew Kennedy, Esq. The Bank of Rockingham, by W. G. Stevens, Esq. The Northwestern Bank of Virginia, at Wheeling, by Z. Jacobs, Esq. The Merchants' & Mechanics' Bank, at Wheeling, by R. Crangle, Esq. The Central Bank of Virginia, by Messrs. Wm. Kinney and W. H. Tams. On the motion of Mr. Massie, Mr. Brent was appointed Chairman of the Convention, and Mr. Tams Secretary. The object of the meeting was stated to bc, to take into consideration the matters contained in the following com+ munication, addressed by the Governor of Virginia to the First Auditor and Treasurer of Virginia, a copy of which communication had been forwarded to the suspended Banks: RICHMOND, VA. Sept. 30, 1857. GENTLEMEN: Information, received in the last few days, leaves no doubt that a number of the banks of the Commonwealth have, under the pressure of the general money erisis in the country, been compelled to suspend specie payments. The notes of some of these suspended banks have been refused to be received by the depositories of the public revenue. Among these are the Valley Bank and its branches, and the Northwestern Bank, and others. I have great confidence in the officers of these banks, and rest in the conclusion firmly, that this suspension is but a means of protecting our own securities, public and private. This conviction makes me reluctant to exercise the executive discretion of prohibiting by proclamation the receipt of the notes of suspended banks in payment of publio dues. To make proclamation now of such a prohibition would seem to threaten injury to the banks, individuals, and the State, by adding to the prevailing destroying confidence. It should be the object of all to do nothing at such a moment to impair confidence in the alternate and early ability of our banks to redeem their credit and resume specie payments. The banks, doubtless, are anxious to aid the executive in protecting the State credit and collecting the public revenue. To that end I suggest that it would be well for you to correspond with the leading suspended banks immediately, and propose that if they will agree to meet their notes received for public dues, in fifteen days, with specie, at the public depositories, the depositories will receive their notes on State account, and the executive will not proclaim a pro-

10. October 17, 1857 Republican Vindicator Staunton, VA
Article from Republican Vindicator, October 17, 1857

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Highly Important Meeting of a Portion of the Suspended Banks. At 2 meeting of a anortion of the Banks of this State, which have suspended specie payments, held in Charlottesville on the 7th October, 1857, the following Banks were represented, to wit: The Bank of the Valley in Virginia, at Winchester, by H M. Brent, Esq., The Monticello Bank, by Messrs. N. H. Massie, B C. Flannagan, Val. W. Southall, E. A. Watson, R: W. Duke, and J. Wood, jr. The Bank of Commerce, by J. M. Herndon, Esq. The Bank of the Old Dominion, by Wm. N. McVeigh, Esq. The Bank of Winchester, by Robert Y. Conrad, Esq. The Bank of the Valley in Virginia, at Charlestown, by Andrew Kennedy, Esq. The Bank of Rockingham, by W. G. Stevens, Esq. The Northwestern Bank of Virginia, at Wheeling, by Z. Jacobs, Esq. The Merchants' and Mechanics' Bank, at Wheeling, by R. Grangle, Esq. The Central Bank of Virginia, by Messrs. Wm. Kinney and W. H. Tams. On the motion of Mr. Massie, Mr. BRENT was appointed Chairman of the Convention, and Mr. TAMS Secretary. The object of the meeting was stated to be, to take into consideration the matters contained in the following communication, addressed by the Governor of Virginia to the First Auditor and Treasurer of Virginla, a copy of which communication had been forwarded to the suspended Banks: RICHMOND, Va., Sept. 30, 1857. GENTLEMEN :-Information, received in the last few days, leaves no doubt that a number of the banks of the Commonwealth have, under the pressure of the general money crisis in the country, been compelled to suspend specie payments. The notes of some of these suspended banks have been refused to be received by the depositories of the public revenue. Among these are the Valley Bank and its branches, and the Northwostern Bank, and others. I have great confidence in the officers of these banks, and rest in the conclusion firmly that this suspension is but a means of protecting our own securities, public and private. This conviction makes me reluctant to exercise the executive discretion of prohibiting by proclamation the receipt of the notes of suspended banks in payment of public dues To make proclamation now of such a prohibition would seem to threaten injury to the banks, individuals, and the State, by adding to the provailing panic and destroying confidence. It should be the object of all to do nothing nt such a moment to impair confidence in the alternate and carly ability of our banks to redoom their credit and resume speelo payments. The banks, doubtless, are anxious to aid the executive in protecting the State credit and collecting the public revenue. To that end I suggest that it would be well for you to correspond with the leading suspended banks immediately, and propose that if they will agree to meet their notes received for public dues, in fifteen days, with specie, at the public depositories, the depositories will receive their notes on State account, and the executive will not proclaim a prohibition of the receipt of their notes in payment of the revenue of the State. Respectfully, yours, do.,