Bank of Rutland - Rutland, VT

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: May 15, 1837
Location: Rutland, Vermont (43.611, -72.973)

Metadata

Model: gpt-5-mini
Short Digest: 0217ee5a

Response Measures

None

Description

Article describes that the Bank of Rutland, in common with the banks throughout the country, specie payment was suspended on May 15, 1837 — a suspension associated with the Panic of 1837 (a macroeconomic shock). The article does not explicitly state the bank's later reopening; historically such suspensions were typically temporary, so I classify as suspension_reopening but note the reopening is not explicitly documented in this excerpt.

Events (1)

1. May 15, 1837 Suspension

Cause: Macro News
Cause Details: Suspension of specie payments as part of the nationwide suspension during the Panic of 1837 (macroeconomic banking panic).
Newspaper Excerpt: On the fifteenth day of May, 1837, in common with the banks throughout the country, specie payment was suspended
Source: newspapers

Newspaper Articles (1)

1. September 1, 1873 The Rutland Daily Globe Rutland, VT

Article from The Rutland Daily Globe, September 1, 1873

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Article Text

$232,111 03 They have the following property on hand, to wit Discounted notes $117,262 99 or which is doubtful the sum of 1,815 00 115,447 99 294 34 Due from depositors 1 747 66 Real estate at cost Specie on hand, bills of other solve at banks end deposits in Boston and Troy, applicable to the redemption of the bills 119,058 81 $236,558 80 Profit $4,447 71, or nearly nine per cent. June 11, 1827. - Stock paid in, $50,000,00; bills in circulation, $125,003 00; profit, $2,552 29, or four per cent. In April, 1830, the whole amount of bank and insurance stock in the state was reported to be-as valued by the listers$311,095.00. July 6th, 1832. Capital stock of Bank of Rutland paid in $80,000. Profit $34, 924.12, or over 44 per cent.. In the report, under date of August 20th, 1836, it appears for the first time that the authorized capital of one hundred thousand dollars was fully paid in. On the fifteenth day of May, 1837, in common with the banks throughout the country, specie payment was suspended, although the specie on hand was about the same in amount as at any time within the