21934. Bank of the Valley in Virginia (Winchester, VA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 1, 1857*
Location
Winchester, Virginia (39.186, -78.163)

Metadata

Model
gpt-5-mini
Short Digest
1566296d

Response Measures

None

Description

Multiple papers (Oct 1857) list the Bank of the Valley in Virginia, at Winchester, as a represented member of a convention of suspended banks. Articles state it had 'suspended specie payments' during the general money crisis of 1857. There is discussion of measures to encourage redemption and resumption (Governor's letter proposing arrangements), but no explicit report of permanent closure or receivership in the provided clippings. Classified as suspension_reopening because officials were negotiating steps to enable banks to resume specie payments.

Events (1)
1. October 1, 1857* Suspension
Cause
Macro News
Cause Details
Suspended specie payments due to the general money crisis/panic of 1857 affecting many banks across the Commonwealth; governor's Sept. 30 letter references widespread suspensions and suggests remedies.
Newspaper Excerpt
Information ... 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.
Source
newspapers

Newspaper Articles (4)
1. October 10, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, October 10, 1857

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Article Text

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.

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

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Article Text

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.

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

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Article Text

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-

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

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Article Text

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.,