Farmers Bank - Wilmington, DE

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: October 9, 1839
Location: Wilmington, Delaware (39.746, -75.547)

Metadata

Model: gpt-5-mini
Short Digest: 336e8018

Response Measures

None

Description

Article (Aug 23, 1894) recounts that on October 9, 1839 the Farmers Bank joined other Wilmington banks in suspending specie payments following banks in Philadelphia. The piece does not state a reopening date; suspension appears to be a temporary, citywide/specie suspension tied to Philadelphia. I classify as suspension_reopening because the suspension was described as a temporary following of Philadelphia's general suspension rather than a permanent failure.

Events (1)

1. October 9, 1839 Suspension

Cause: Local Banks
Cause Details: Banks of Wilmington suspended specie payments in consequence of the general suspension by banks of Philadelphia.
Newspaper Excerpt: Resolved, That in consequence of the general suspension of specie payments on the part of the banks of Philadelphia the banks of this city suspend the payment of their notes in specie for the present.
Source: newspapers

Newspaper Articles (1)

1. August 23, 1894 Delaware Gazette and State Journal Wilmington, DE

Article from Delaware Gazette and State Journal, August 23, 1894

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Article Text

SPECIE PAYMENT SUSPENDED. It Happened in 1839 When All the Wilmington Banks Followed Suit With Philadelphia. It is not known generally that specie payments were suspended in Wilmington at a certain time. It was on October 9th, 1839, when committees from all the city banks met in the directors' room of the Bank of Delaware. There were present from the Bank of Wilinington and Brandy wine William Seal and Jesso Mendinhall; from the Farmers Bank, James A. Bayard, David C. Wilson and Charles 1. du Pont; from the Bank of Delaware, Joseph Baily, Stephen Bonsall and Edward W. Gilpin, and from the Union Bank, James Price and John H. Price. Mr. Bayard was chairman and Mr. Gilpin secretary. The meeting adjourned to the evening at 7 o'clock at the same place when the following were present: William Seal, Jesse Mendinhall, James Price, James W. Thomson, Joseph Baily, Stephen Bonsall, Edward W. Gilpin, James A. Bayard, Alfred du Pont and Charles I. du Pont. The following resolution was then passed : Resolved, That in consequence of the general suspension of specie payments on the part of the banks of Philadelphia the banks of this city suspend the payment of their notes in specie for the present.