Bank of Memphis (Memphis, TN)

Episode Information

Episode UID
2226782690694
Episode Type
Suspension → Reopening
Bank Type
state
Bank ID
222678269 hash
Start Date
October 1, 1857*
Location
Memphis, Tennessee (35.150, -90.049)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
eb04fe7fb3234b17

Response Measures

None

Events (1)
1. October 1, 1857* Suspension
Cause
Macro News
Cause Details
Part of the widespread 1857 financial panic causing a universal suspension of specie payments in Tennessee and elsewhere.
Newspaper Excerpt
There is, substantially, as in 1837, a universal suspension of specie payments.
Source
newspapers

Newspaper Articles (2)
1. October 8, 1857 Fayetteville Observer Fayetteville, TN
Article from Fayetteville Observer, October 8, 1857

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Article Text

The Old Banks refuse to Suspend. It was understood generally on the streets yesterday that the Bank of Tennessee, Planters' Bank and Union Bank would refuse to suspend, though no formal reply to the address of the meeting of the merchants had been reported last evening. All the other Banks in the city were kept open through the day yesterday, and paid out all calls. The following Banks were thrown out at the counters of the old Banks yesterday. The ground upon which their notes were refused, was that they had no agencies in Nashville to take them up. Some of them are believed to be entirely solvent. Here is the list: Bank of Tazewell, at Tazewell. Bank of Claiborne, at Tazewell. Exchange Bank, Murfreesboro. Bank of Lawrenceburg. Bank of Jefferson, Dandridge. Bank of Nashville. Bank of Memphis. River Bank, Memphis. Northern Bank of Tennessee, Clarksville.

2. October 29, 1857 Fayetteville Observer Fayetteville, TN
Article from Fayetteville Observer, October 29, 1857

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Article Text

# Bank Notes- Twenty years ago a member of the Massachusetts Legislature profanely observed, in a public speech:- "There is not a bank bill in this good commonwealth which, if it had a voice, could honestly exclaim-'I know that my redeemer liveth.'" Were we as unfastidious in our diction, we could with as much propriety, put the same words in the metaphorical mouth of every bank note in Tennessee--we might almost as well say the Union -at the present moment. There is, substantially, as in 1837, a universal suspension of specie payments. In this State, during the suspension, notes of the old Tennessee banks will be considered, we presume, as the standard, and all notes of other banks redeemable in these notes,and bankable, will pass at par. The following is a list of the banks, whose notes are taken on deposit and in payment of debts at the Bank of Tennessee: Bank of Chattanooga. Union Bank. Traders' Bank. Bank of America. Bank of Commerce. Bank of Memphis. Bank of Paris. Bank of the Union. Buck's Bank. Bank of Middle Tennessee. City Bank. Citizens' Bank. Plarters' Bank. Farmers' Bank. Merchants' Bank. Northern Bank. Southern Bank. Kentucky Banks. New Orleans Banks. Bank of Tennessee. Notes on the foregoing Banks will be received at the Observer office, at par, in payment of debts, or for new subscriptions, job-work, or advertising, until further notice. The notes of the following Banks are purchased by the Brokers of Nashville at from 60 to 80 cents on the dollar: Bank of Claiborne. " Tazewell. " Knoxville. " Trenton. " Shelbyville. " Lawrenceburg. " Ocoee. " Nashville. Seasonable Suggestion-