21931. Bank of the Valley (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
66d7b610

Response Measures

None

Description

Newspaper dispatches (late Sept. 1857) report the Bank of the Valley at Winchester suspended specie payments on Sept. 29, 1857 as part of the wider financial panic of 1857. The articles describe a statewide/national wave of suspensions; no article describes a depositor run specifically on this bank, nor a receivership or permanent closing. Later (Dec. 1857) legislative papers show the bank's cashier reporting on pre-suspension broker demands, suggesting the bank continued to exist administratively. There is no explicit article stating a formal reopening date; I classify as suspension_reopening because suspension occurred without reported failure or receiver and later institutional reports imply continued solvency/operation.

Events (1)
1. September 29, 1857 Suspension
Cause
Macro News
Cause Details
Suspension occurred during the broad financial panic of 1857 affecting many banks across states (reports of runs/suspensions in NY, NJ, Wheeling, etc.).
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 (6)
1. September 30, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, September 30, 1857

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Article Text

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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Article Text

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 30, 1857 Cooper's Clarksburg Register Clarksburg, WV
Article from Cooper's Clarksburg Register, October 30, 1857

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Article Text

THE VIRGINIA BANKS.-The following Banks in this State have suspended specie payments: The/Bank of the Valley at Winchester and all its branches at Staunton, Charleston, Christiansburg &c.; the independent Bank of Winchester and the branch of the Farmers' Bank at the same place; the Central Bank of Virginia, at Staunton, the Monticello Bank, at Char: Jottesville; the Bank of Rockbridge, at Lexington; the Bank of Rockingham, at Harrisonburg; the Banks Alexandria, Fredericksburg, Lynchburg, Wheeling, adidas and other places, The Banks at Richmond and Norfork, with most of their branches, including those at Petersburg, have stood out against the pressure.

4. January 1, 1858 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, January 1, 1858

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Article Text

HOUSE OF DELEGATES. TAURSDAY, Dec. 81, 1857. The House met at 12 o'clock. A report was received from the Cashier of the Bank of the Valley (at Winchester,) showing that but one demand from brokers was paid In specie during the 12 months preceding the suspension. and that was to a broker out of the State for $1,960 During the same period, however, $638,417 were paid to brokers by checks on Northern cities. No demand was paid during the same period to axy broker within the State. The speaker presented R petition from the mer chants of Fredericksburg, praying that all capital and property employed in inercantile pursuits, may be taxed in the same rate and manner with capital and property employed in manufactures and agriculture. A bill for the better government of the public square and springs in the town of Bath, Morgar county, was passed. Resolutions of Inqutry.-Among the resolutions of inquiry offered, were the following: Of exempting the firemen of Petersburg from service on juries; of making the presence of three magistrates sufficient to proside over a grand jury, or any criminal trial, except examining courts: of extending the jurisdiction of a magistrate to $100; of making all executions stayable before a justice for different lengths of time for different amounts; of providing for taking the census of Virgluia pursuant to the provisions of the Constitution; of increasing the compensation of the clerk of the Board of Directors of the Penitentiary; of publishing a digest of the laws of Virginia ; of establishing an independent bank called the "Southwestern Bank of Va.," in Goodson, Washington county: of reducing the license tax upon ordinaries and houses of entertainment, in cases where their yearly value is less than $200; of providing that forthcoming bonds taken by constables on an execution from the judgement of a justice when forfeited, shall be returned to such justice, and be shall issue exeeution thereon; of incorporating a company to construct a railroad bridge over the Ohio at Parkers burg, in the county of Wood, or, of authorizing the North Western Va. R. R. Co. to construct such bridge. On motion, the House adjourned.

5. January 1, 1858 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, January 1, 1858

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Article Text

LEGISLATURE OF VIRGINIA. THURSDAY, Dec. 31, 1857. The Senate was not in session to-day. HOUSE OF DELEGATES The House met at 12 o'clock, pursuant to adjournment. The SPEAKER presented various communications from bank officers in this State, responsive to resolutions adoptedsome time since. The said communications were referred to the Committe on Banks. The cashier of the Bank of the Valley (Winchester) reports that but one demand by brokers was paid in specie, during the twelve months preceding the date of suspension. and that was to a broker without the State for $1,960. During the same period, however, 129 demands by brokers without the State, amounting in the aggregate to $638,417, were paid by checks on Northern cities. No demand was paid within the same period in specie or its equivalent, to any broker within the State. The SPEAKER also presented 8 petition of merchants ot Fredericksburg, praying that in any future revenue bill, property and capital employed in mercantile pur. suits may be taxed at the same rate, and in the same manner with property and capital employed in manufactures and agriculture. BILL PASSED. An engrossed bill for the better government of the Public Square and springs in the town of Batb, in the county of Morgan, was passed. RESOLUTIONS OF INQUIRY. The appropriate committees were instructed to enquire into the expediency of various propositions, viz: By Mr. incorporating 8 company to repair and manage the Huntersville and Warm Springs turnpike road. By Mr. KEMBLE-Of amending the act passed March 1st, 1857. increasing the capital stock of the Pennsylvania, Morgantown and Beverley turnpike road company. By Mr. BROWN of P.-Of exempting the firemen of the fire department of the city of Petersburg from service on juries. By Mr. BYRNE-Of establishing an election precinet at the house of Jacob P. Conrad, in the county of Braxton By Mr. COLTRANE-Of redistricting the county of Carroll, 80 as to make five districts in said county. By Mr. HAYMOND-Of making the presence of three magistrates sufficient to preside over a Grand Jury or any criminal trial, except examining courts. By Mr. SHEPARD-Of incorporating the Hunt's Creek Navigation Company, in the county of Buck. ingham. By Mr. HICKAM-Of extending the jurisdiction of & magistrate to the trial of warrants for $100. By Mr. MAGRUDER-Of authorizing the Staunton and James river turnpike company to sell, and the county courts of Albemarle and Augusta respectively, to buy the roadway, rights and franchises of said company, within the limits of said counties. By Mr. STURM-Of a turnpike road. on the two and three-tifths principle, from Geo. Golden's, on the Beverley and Fairmont turnpike road via Holsbury Mill, to Adam Hughes, in the county of Tucker. By Mr. HICKAM-Of making all executions staya. ble before 8 justice for different lengths of time for different amounts. By Mr. HICKAM-Of 8 road from the house of Chas. Quillen, in Scott county, to a point on the Abingdon and Russell Old Court House road, near David Hensen's. By Mr. WARD-Of providing for taking the cenaus of Virginia, pursuant to the provisions of the Constitution. By Mr. RICE-Of establishing an election precinet in the town of Goodson, in Washington county. By Mr. HEATH-Of increasing the compensation of the Clerk of the Board of Directors of the Penitentiary. By Mr. KEMPER-Of refunding to R. S. Thomas, the expense incurred by him in conveying certain lunatios to the Eastern Asylum. By Mr. Davis-Of publishing a digest of the laws of Virginia. By Mr. RICE-Of establishing an independent bank in the town of Goodson, in Washington county, to be entitled the "Bank of Southwestern Virginia." By Mr RUTHERFOORD-Of reducing the license tax upon ordinaries and houses of entertainment, in cases where their yearly value is less than $200. By Mr. COWAN-Of amending the Charter of the Rowlesburg Lumber and Iron Company, in the county of Preston. By Mr HICKAM-Of providing that forthcoming bonds, taken by constables on an execution from the judgment of 8 Justice, when forfeited, shall be returned to such Justice, and he shall issue execution thereon. By Mr. BOISSEAU-Of making warrants for small claims against internal improvement companies. re turnable to some place within the county or corpora. tion wherein the cause of the warrant, or some part thereof. arose. By Mr. BOREMAN-Of incorporating a company to construct a railroad bridge over the Ohio river, at Parksburg. in the county of Wood, or of authorizing the North-western Virginia Railroad Company to con struct such bridge. PETITIONS PRESENTED. By Mr. McKar-Of citizens of the counties of Pleasants, Tyler and Wetzel, for 8 turnpike from St. Mary's to New Martinsville, on the two and three fifths principle. By Mr. HACKLEY-Of citizens of Rappahannock in behalf of the Laurel Mill turnpike company. By Mr. STALNAKER-Of citizens of Calhoun coun ty, praying for 8 turnpike road from California to the North-Western rail road. By Mr. ALEXANDER-From Marshall county, for an alteration in the revenue laws, as regards mer chants' licenses. By Mr. ALEXANDER-For a repeal of the school law of Marshall county. By Mr. RICE Of citizens of Washington county

6. January 2, 1858 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, January 2, 1858

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Article Text

By Yesterday Evening's Mails. # VIRGINIA LEGISLATURE In the House of Delegates, on Thursday, the Speaker presented various communications from bank officers, in this State, responsive to resolutions adopted some time since. The cashier of the Bank of the Valley (Winchester) reports that but one demand iy brokers was paid in specie during the twelve months preceding the date of suspension, and that was to a broker without the State, for $1,960. During the same period, however, 129 demands of brokers without the State, amounting in the aggregate to $638,417, were paid by checks on Northern cities. No demand was paid within the same period, in specie or its equivalent to any broker within the State. The Speaker also presented a petition of merchants of Fredericksburg, praying that in any future revenue bill, property and capital employed in mercantile pursuits may be taxed at the same rate, and in the same manner with property and capital employed in manufactures and agriculture. The appropriate committees were instructed to enquire into the expediency Of making the presence of three magistrates sufficient to preside over a grand jury or any criminal trial, except examining courts. Providing for taking of the census of Virginia, pursuant to the provisions of the Constitution. Of publishing a digest of the laws of Virginia. Of reducing the license tax upon ordinaries and houses of entertainment, in cases where their yearly value is less than $200. Of incorporating a company to construct a railroad bridge over the Ohio River, at Parkersburg, in the county of Wood, or of authorizing the Northwestern Virginia Railroad Company to construct such bridge. # REVOLTING MURDER SUSSEX C. H., Va., Dec. 30th. Our community has been startled by one of the most revolting and cold blooded murders that has ever been committed in this section. It occurred Christmas morning—the victim was a husband, and the perpetrator his own wife. From her confession, the particulars seem to be briefly these: On Christmas morning, Josiah Freeman the husband of the woman, threatened to kill her; so after reflection, she thought she would get the better of it, and kill him. While he was asleep, she seized a gun, and fearing the springing of the hammer would arouse him, she opened the pan, and applying a coal of fire the powder exploded, the whole charge grazing his forehead. He raised up, and remarked, that she had done wrong, when she instantly struck him over the head with the gun, knocking him senseless. The blow was given with such force, that the barrel of the gun was badly bent. While in this insensible condition, she seized a knife and cut his throat. Still fearing, as she says, "that the wind might again blow breath in his body," she took an axe and butchered the body in a shocking manner. She has been duly committed to jail for trial. Cor. Petersburg Exp. # PAINFUL ACCIDENT L. V. Shearer, of this county, whilst engaged in butchering, last week, met with a painful accident. He was assisting in pulling a hog out of the hot water, when, by some mishap, the tub containing the heated liquid was overturned, and in its fall threw him from the platform, and the water running over him scalded him very seriously. So severe was the pain that apprehensions of lockjaw were entertained by his physician. - Winchester Rep. The Norfolk Herald announces the death of Fortescue Whittle, esq., which occured at his residence in the county of Mecklerburg, Va., on the 26th of December. He embarked in commercial pursuits in Norfolk in 1803, and was largely engaged in commerce during the trying times incident to the war of 1812. Zack Owers, the unfortunate man who cut his throat, in Norfolk, on Saturday last, died Tuesday night. Geo. Rhodes, a respected citizen of Rockingham County, died suddenly of paralysis, on Wednesday last. COMMUNICATED. Trojan Horse.